|
|
|
| Daily Commentary |
Commentary for 5/29/2009 06/01/09 11:59:16 AM
FRIDAY 5/29/09 - A.M.
Wheat export sales were in line with analysts’ estimates. Weather forecast form a neutral market pattern while 'outside markets' work to churn futures higher. Everyday is a 'mixed bag' ( crude, dollar, credit, equities ) and driver weights are variable. Fund money is on an 'allocation mission' to secure the long side of the street. Don't step out in front of this bus as it fails to recognize traditional fundamental stops. CBOT futures look to be stronger out of the chute; could counter end-of-the-month consolidation theory.
SWW's weekly export column marked by yet another 50,000 Mt Yemen cargo. The 'can't get it in Australia' beat goes on to enlarge PNW off-shore targets.
Local cash bids have been on good run in May. Country old crop holders reinvigorated by the market's affirmative action. New crop strategies have expanded options.
FRIDAY 5/29/09 - P.M.
Funds bought 3,000 contracts and the US buck went limp. US SRW wheat crop damage also a supportive price factor. Put them all together and they spelled ' rally.' May trading comes to a close after a month accumulated gains. Cash white wheat values got onboard and rode the higher futures and extra swing biz to $6 and beyond. How long will the current trend of bids chasing bushels persist? That is the question.
Moderate country selling recorded as nearby bids hovered around the $6.20-$6.25 range.
|
|
