CF will be kissing 155 again by thursday. Weather isn't so bad as reported for corn and Dollar getting stronger. Euro is in trouble. I can't wait to see what dollar/euro par will do for these stocks. My hunch is very bad!
Ag.com news today:
Jack Scoville, PRICE Futures Group vice president, says weather and macronews keeps pushing farm markets lower.
"We are dumping out with lots of default talk from China around. I saw it for coal and iron, but not beans. But, I suppose there is talk about it with the government ready to auction off 600,000 tons on Thursday there," Scoville says.
Other than that, no demand news, a stronger US Dollar, and good condition and progress ratings have people negative, he says.
"A bearish day here in Chicago, but we seem to be trying to find a place to hold now. Charts suggest that downside should be limited from here.
Although weather is not perfect, the market perceives it as not bad. "Here to the north is ok, but could stand a drink, drier and warmer south and they could definitely use a rain, but still time and rain in the forecast for next week, some showers this weekend but better chances next week," Scoville says
For a day trade, it was sweet. Bought around 157 and sold around 160 is my guess, thats good profit. But I agree, think we will see it dip lower this week. The Bottom will be soon, maybe around greece June election as a political marker. You know the market loves that stuff lol