Can Corn Sustain the Rally?
Corn had a good week overall, but keep in mind the fundamentals still do not seem to be favoring a rally says Scott Shellady.
Shellady… “Between April 21st and April 23rd we saw $3.09 to a high tick of $3.31. We need to see some follow through buying after that move yesterday. We're going to need to see probably some more fund covering. That's going to really be the what really kind of sustains this market. I guess if you're a producer, mother nature gave you a little bit of a jolt and you got some support yesterday from some of the funds covering, but you know, you're going to need to feed the bull every day, as they say. And we didn't get anything really to the feed the bull today. And that's why things have kind of backed off a little bit too here. So markets taking yesterday's weather report, and seeing what it might do to the crop, having had all the moisture that it's had, and there isn't as much fear out there.”
In closing markets:
July Corn closed down a penny and a half to $3.25 ½.
Chicago July Wheat futures closed up $0.06 ¼ to $5.20 ½.
Kansas City Hard Red Winter Wheat up $0.06 ½ to $4.70 ½.
Live Cattle futures were down $1.57 ½ on the August board to $99.60. Feeder Cattle for August down $0.15 to $135.75.
Class III milk for June rallied $0.60 on Friday to $18.50.