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April 7 AM Grains Commentary: Scott Shellady

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[Scott Shellady] Good morning. I'm Scott Shellady with Bull Reef Brokerage here on the CME Group floors. If we take a look, a quick scan across the grain markets, we've got corn down 1, we've got the wheat market up about 4 to 5 and that's really based on the fact that we still don't have— or at least the expectations for heavy rain to come through haven't really panned out, and it looks as though they might be actually less than expected. So we still have some weather concerns in that wheat market. We've got beans that have tried to make a run at that $15 level but kind of petered out. If you really look at it, a billion bushels lying around is going to be something hard to get through here, so that $15 level looks to be some temporary resistance. Right now we're only up a couple, maybe 2, 2½. Again, we've got the wheat market up 4 to 5 and corn just languishing there, maybe unchanged on the day. Really kind of another quiet one, and I think that these markets, if they're quiet, tend to rally. And that's what the old traders do say is, "Never short a quiet market." We need to have somebody come in and sell their shorts to let them out of the market, and that's just not happening today. We've seen just a little bit of a short squeeze in the equity market as well. Again, corn down maybe ½ to 1, we've got wheat up about 4 to 5 and that's all on the weather concerns about maybe not getting as much rain as we thought we'd get, and if you look over at the beans, we're about 15, 20, 25 cents away from that $15 level. That's pending resistance. I think it will continue to be so with that 1 billion bushels laying out there right now.

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Duration: 1 minute and 29 seconds
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Language: English
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Posted by: cmegroup on Apr 7, 2014

April 7 AM Grains Commentary: Scott Shellady

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