Good afternoon friends,
Dec Corn – 329’0 (-2’6)
Nov Beans – 946’0 (-6’4)
Dec KC Wheat – 420’6 (+1’4)
Dec Chi Wheat – 402’6 (-1’4)
Dec Cotton – 68.68 (-1.06)
Nov WTI – 46.40 (+1.72 as of 1:18 pm)
Grains were boring as ever today, with corn, wheat and soybeans trading near opening ranges. Corn, beans and Chi wheat closed near their lows while the KC and Minny contracts closed near highs. There is an obvious bid for quality going on with the Minny and KC blowing out to near term highs vs the Chicago contract in December.
In the pod today:
- The OPEC meeting in Algeria appears to have ended in an agreement. Crude is up 2.00 (!) since the news was released.
- There is a bid for protein going on in the wheat markets. KC vs Chi trades up to 1 year highs on the Dec contract
- DEMAND! Mexico buys 1.6 MMT of corn, China buys 350 KMT of beans. US port offers for corn is right above where Russia is offering feed wheat, which is supportive.
- Cotton gets stepped on as conditions appear more friendly for the weeks ahead.
We have trade recs out in corn and cotton, call the desk with questions 866-825-8561
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.