Grains were expected to open lower and grind around all session with negative fundamental momentum countered by upside macro momentum. This did not happen. Crude got all markets up and running but as we closed crude still had not eclipsed the $60.00/barrell level. A lower start was quickly reversed with wheat leading the way higher in a thin trade there. Big interest in selling wheat corn basis July at 200 with this representing profit taking.

Crop progress is due out at 3PM CST offering us insight as well as momentum for tonight;s trade.

Following the small pullback on the close I ahve to lean lower tonight in a consolidating trade.

This entry was posted on Monday, May 18th, 2009 at 2:54 pm and is filed under Grains. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.