There appears to be old crop quality concerns with the wheat market yet, new crop looks good in both Europe and the U.S.. Funds are short with an edge but if anyone wants to get out there's a lot of room to the upside as producers/farmers need to see a massive rally and/or get to harvest before considering selling. Funds have made their bed this past month and they're right, right now. Now let's see them get out!
Corn and beans are participating in the short covering bounce and there's little enthusiasm in the country to get into the field. The weather may be getting a little more cooperative as it appears that we will be a little drier in the Heartland next week. We plant the majority of the corn crop from April 20 to May 10 and we typically get past our frost free date by May 10 in Northern Illinois. Beans are the last thing the ground. Wheat traditionally gets a little jumpy when we lose snow cover and start some heaving scares and cold weather at different stages of development. What's good is that there's ample top soil and sub soil in the heart of wheat country as well as Europe. But, weather is something to monitor every day. Any perceived problem might spark a sharp rally.
The information contained on this site is the opinion of the writer and obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in current market prices.
Join My Mailing List
312 985 0156
888 391 7894 toll free
312 256 0109 fax
53 W Jackson Suite 750
Chicago, Il 60604
Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (WTI) shall be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.