The Weekender

June 23

Weekly Winners & Losers

What goes up must come down… and wheat came down hard again last week with Chicago losing another 58 cents (-9.4%) to wipe out all of its gains from its late May rally to $7.20.

Chicago futures were not alone though as KC was right there with it, down another 55 cents (8.7%) last week.

Wheat is such a fickle commodity.

If there is anything to remember here it is:

OPPORTUNITIES ARE FLEETING & WE PRICE THINGS FAST

Trade priced a reduction in Russia’s crop quickly & Black Sea markets have relaxed, sending futures down the path of least resistance which is lower for now.

If you are boo-hooing over wheat, stop. At least it did SOMETHING, unlike old crop corn which has presented very few “opportunities” year-to-date at all:

Same goes for new crop corn which continues its trek in the wrong direction, down another 23 cents (4.8%) last week and making a new low for the move.

This is becoming uncomfortably accurate:

(for now, anyway)

Nov beans didn’t fare much better, losing 40 cents on the week (3.5%) to close at 11.20 (Friday’s low tick of 11.13-1/4 was a new contract low for SX24).