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Closing prices & market overview It was a wild start to the week, after a weekend of uncertainty surrounding the collapse of the Silicon Valley bank. Well, risk off was the attitude in early morning trading, but nerves settled a bit by the end of the day. May corn ended today’s session 3 ¾ cents lower, settling at 613 ½. The new harvest contract for December was ½ cent lower at 557 ¼. may beans was also under pressure, settling 15 ¾ cents lower at 1491 ¼, the first close below $15 since the 1st of the month. The new crop November contract was under slightly more pressure at 1339 ¼, which was 18 ¼ lower and puts the market within a stone’s throw of multi-month lows. Wheat was the bright spot (not including cotton), with the May Chicago contract ending 5 ¼ cents higher, falling to 684 ½. Assuming that funds are still aggressively short wheat, a risk-off trade would be for funds to buy back those short positions, which may be why such depressed markets as wheat, cotton, natural gas, among others, were best. |
Below is a snapshot of this morning’s weekly export inspection report. |
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