The trade today was interesting in the grains. All three contracts sold off early with the news of the 3 month high in the dollar index. We were sharply lower through the morning, then watched as all three made nice afternoon comebacks. The beans, however, could not hold onto their afternoon gains, and instead moved lower through the afternoon to settle down 10 cents at 1012, 3 cents above the low of the day.
Corn and wheat managed to sustain their afternoon rallies, however. CH settled at 397 3/4, up 3/4 cent, after testing the waters this morning down at the low of 391. Now we are looking at the 400 strike price as resistance for next week’s trade.
WH was the star of the three, rallying 9 1/2 cents to settle at 528, 12 1/2 cents higher than its low session tick at 515 1/2.
We saw beans taking the brunt of the spread trade as traders bought the wheat and corn while selling the beans against it for the intra market spread.
