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| Grains lower across the board for first notice day.
Soybeans lead the way lower, hammered -19 cents as they were pressured with a few negative demand headlines, as well as a negative first notice day to go along with lower action in soymeal and soy oil. Planting also came in faster than normal which added some slight additional pressure.
Wheat was lower due to rains in southern Russia leading to profit taking, as well as a slight negative first notice day.
Corn simply followed the rest of the markets lower.
First notice day was friendly for corn and winter wheat wheat, negative for beans, and slightly negative for Chicago wheat.
As for beans there were 533 contracts delivered against May futures. This had a pretty negative effect on beans.
Bean oil had 2,101 contracts delivered, this helped push bean oil to it's lowest levels since January 2021.
Chicago wheat saw a big 1,151 contracts delivered compared to the trade expecting just 250 to 500. Again a slight negative for that market.
For May corn there were 0 deliveries. There was also 0 for winter wheat. Friendly for both.
The is the first first notice day since September where the grain markets didn’t make new lows.
More deliveries = Negative for markets
Light deliveries = Friendly for markets
If there is a large number of deliveries that means that supplies nearby is abundant and is a bearish sign. If they are light, it means the physical owner of the commodity wants to hold on to the real product, which is a friendly sign.…..
Read the rest of todays market update where we go over targets for corn and beans, why funds could cover corn and more.
Read Here: https://txt.so/LK2VGQ | |
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First notice day sell off - market comments
