Futures market continues to slide into new lows. Fresh lows posted overnight in beans, meal, oil corn, and wheat. Modest bounce off these lows, but in reality, there is little to no change in attitude towards the futures markets. Length remains on the Fund side in Bean, meal, and corn, and those are the sellers when the prices move to new lows. Weather has been good and continued forecast seems to keep the market very comfortable with the development of the crop. Corn silking stage of development on pace to the 5 year avg. Conditions this week show unchanged ratings from the good to excellent category that is at 70%. This compares to 73% last week. Bean good to excellent is a touch better, 63% good to excellent, up 1% vs last week. This compares to 71% last year. The market remains significantly longer at this time of year than last year. A cumulative Ag long by the Funds is 367th contracts, this compares to last year same time, long just 7th contracts. A much larger corn long, beans long, and last year a large wheat short vs virtually even now. Prices keep touching into new low to greet the new week and then hold. The market length seems to be an issue still.WTI crude contract rebounded because investors buying speculation After falling for several consecutive days, rates the previous nights. Due to concerns about oil supply market deficiencies Especially if the Cancel command to boycott Iran measures effective, Iran would be able to produce and export crude oil.
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