Weekly Winners & Losers
(note: Weekly Change is 5-day change)
I have to admit - I put these performance tables together in an old school fashion, by hand. It takes forever but it really helps put markets into perspective.
It is so easy to get caught up in the day to day moves that we often times end up missing the forest for the trees.
For instance, I was so caught up watching corn rocket higher then fall out of bed that I missed the fact Chicago wheat was up 75c with July hitting its highest level since February.
KC wheat had a strong showing as well, up more than 50 cents on the week, trading within a dime of $9 on Thursday.
Plus - Chicago’s recent strength (+18% in one month vs KC +2%) has collapsed the record high premium KC held over Chicago last month. Just a fuzz over one month ago, Jul KC futures were trading at a $2.60 premium over Chicago - compared with a $1.26 premium today.
This makes the 10th week in a row soft red wheat has outperformed hard red wheat.
Dec corn made big moves this past week, rallying 57 cents off last Friday’s lows to a high of 6.29-3/4 on Wednesday, before a massive collapse on Friday to end the week at 5.88.
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