Daily Comments (Public)

  • Nov 22, 2021
    Wheat led the parade today Matif hit new all time highs overnight. Russian prices are still climbing Rain on Australia's wheat crop that is ready to harvest Russia lining up troops on the Ukraine border isn't helping either. Managed money types talking about re-balancing more money into commodities to handle inflation. KC and Chi wheat made new contract highs all the way out to Dec 22. MPLS is lagging as funds are already long. haven't heard any talk of it but we could be seeing some shake up in the inter market spread activity as KC ended last week at a 176 discount, mar to mar. I don't see much to set the market back at the moment. Crush margins are positive on the industrial side. Bearish trades and traders have been getting run out of the market. I still think Corn is lagging and will pick up and clear the 6 dollar level in the front month. This is not the run away demand led market of a year ago. But on the other hand, supplies are tight enough and processors and end users are still making a good margin. The biggest problem I see is the US dollar making new highs today after Fed chairman Powell retaining his position. No recap for the rest of the week. I will be out looking for elk. First notice day is next Monday night for any long positions in the Dec. Option expiration in the dec contracts is this Friday after Thanksgiving. Trade volume and activity will slow down as the week goes on, leaving the possibility of some surprises. The only one I see on the horizon is the Dec corn 600 call strike. Market is 23 1/4 cents away. You can reach me tomorrow and Weds. Have a good thanksgiving and a peaceful holiday. Marc Chiodo This is not a solicitation. Any statements derived herein are derived from sources believed to be reliable but are not guaranteed as to accuracy or completeness. No responsibility is assumed with respect to any such statement, nor with respect to any expression of opinion contained herein. past performance is not indicative of future results. trading in commodity futures or options involves substantial risk of loss and is not suitable for everyone.