Outside Markets: Weekly jobless claims were released this morning, that came in at 3,283,000. Expectations were for roughly half of that. The stock market is under “moderate” pressure in the early morning, trading 2.25% lower. Oil is down, over a dollar at the time of writing this.
May corn continue to grind higher yesterday, despite news that two more ethanol plants will be closing, due to negative margins. Export sales this morning came in at a whopping 1,814,300 for old crop corn, 81% above the 4-week average. Assuming the world is still in one piece come Monday, attention will turn towards the Quarterly Stocks and Prospective Plantings report, out on Tuesday morning. We will have estimates available over the weekend.
The market came within a stone’s throw of our pivot pocket, 354-356 ¾,but failed to attract new buyers. If the bulls were able to chew through this pocket, we could see an extension towards … Please sign up at Blue Line Futures to have 1 or all 6 of our daily commodity reports emailed directly.
May soybeans made a run at the psychologically and technically significant $9.00 handle but fell short as profit taking from recent buying halted the rally. Weekly export sales this morning came in at 904,300 metric tons for old crop beans, 43% higher than last week. As mentioned with corn, assuming the world is still in one piece come Monday, attention will turn towards the Quarterly Stocks and Prospective Plantings report, out on Tuesday morning. We will have estimates available over the weekend.
The market fell just shy of printing $9.00, this is not only a psychologically significant level, but also technically as it represents … Please sign up at Blue Line Futures to have 1 or all 6 of our daily commodity reports emailed directly.
Chicago Wheat (May)
Chicago wheat continued to scream higher yesterday, approaching the January highs, 590 ¾. Weekly export sales came in at 740,000 metric tons, 73% higher than the 4-week average. Some of this optimism likely priced into the market. There were some concerns that Russia would be closing ports, as of now they are keeping the food supply chain open, which includes exports.
We will be looking to be on the … Please sign up at Blue Line Futures to have 1 or all 6 of our daily commodity reports emailed directly.
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