CME Daily Trading Hours:
8:00 pm - 8:45 am Sun - Fri
9:30 am - 2:15 pm M-F
Yesterday I wrote; "It would appear the trade is walking a
"price tight rope" trying to balance the price impact of
tight stocks of old crop against the prospect of large
2013 production and ending stocks increases against a
background of historically slow planting progress and
uncertain weather forecasts. Added to the fundamental
delima, it appears that "investment money" would rather
trade the equity markets than the commodity markets.
Both bulls and bears can make valid arguments for grain
prices to move in either direction from this point forward."
Old crop corn futures closed higher today with the CN3CZ3
spread trading at $1.335 inverse (CN3 higher than CZ3.)
That spread changed 16 cents today. Tight old crop supplies
and slow movement helped support futures today. New crop
corn futures closed lower on what is expected to be the greatest
week-to-week increase in US corn planting progress EVER.
Soybean futures closed higher today on strength in old crop.
Again tight supplies and slow farmer movement were supportive
Informa estimated planted US corn acres at 96.827 mil acres,
soybeans at 78.286 mil acres in their report released today.
Traders and analysts will be focused on weekend weather events
and weather forecasts as they look forward to Monday's
Crop Progress Report.
Again, I'' repeat my comments from yesterday:
"I think we have in play a perfect scenario for continued and
increased price volatility. Here's what I'm recommending:
1. Review your market position for both old crop and new crop.
2. Take advantage of possible upward price volatility by having
FIRM OPEN OFFERS IN PLACE to capture your price should
that objective trade, NIGHT OR DAY.
3. Call me or your KG merchandiser to discuss strategies to
fit your situation."
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