It's a tough time in the growing season to be too bearish yet, the funds are short with a large edge and if we hit on all cylinders over the next few months they'll be able to exit with a profit when the producer surrenders his crop during harvest. Forecasts of a little warmer than normal as well as drier than normal for the majority of the Heartland in the most recent 6 to 10 day forecast might be seen as cooperative to plantings for corn and development for wheat. Additional selling might be generated from a negative macro outlook as there continues to be concerns over central banks, Brexit as well as social unrest in Venezuela and other hot spots.
Spreads are still indicating that there's no urgency to own corn nor beans while wheat is still showing that we need decent quality regardless of quantity in both the domestic and international markets. The market will be sensitive to weather stories the next few months yet, as of this writing, things look good in Europe, Black Sea region, India as well as the Heartland.
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.