Exports: China cancels cargo of U.S. corn.
Comments: China found some variety of GMO it didn’t like apparently yesterday. Nonetheless, I learned another valuable lesson even though I taught the class: don’t mess with ‘old school’ technicals and I did with the reversal I deemed a “key reversal”…..however good the reasons it failed anyway. Granted the EPA mandate change hurt but no excuses. Now we see if the real contract lows at $4.01 will be tested. Harvest wrapping up at 91% complete. Open interest rose 19,200 amid heavy volume as funds renew their assault. Now we need to see where the commercials find ‘value’ after their major short selling as mentioned.
Just for fun: the Philippines Supreme Court says the political “pork barrel system” is unconstitutional (using public funds for political discretion). How Un-American is that?
Exports: None Visible.
Comments: Soybeans trying to re-find its legs after the recent crash. While technically they are in a range, bulls are a bit gun shy in here and with good reason as South American planting weather
is nearly ideal so far. Export demand still likely good but it has been. Asian CPO falls with its competitor soyoil. Open interest rose 4,000 amid light volume. Trading affair. Harvest 95%.
Exports: Japan in 133,488t from U.S./Can./Aust.
Comments: Winter wheat 63% gd./excel. vs. 34% yr. (Ks. 65% vs. 30%), avg. 52%; open interest rose 2,800 amid moderate volume. That’s about all that’s new. Big time oversold but need a trigger to make for a meaningful correction. Holding above major support about the only near term plus.