Grain Markets Rally Following a Not So Bearish WASDE Report.

Oh, get these up 26 points to 7191. All right, let's get back to our guest analysts. And that's gonna be Mr. Oliver sloup. He's with blue line futures in Chicago. Thanks for coming on. All right, Oliver, anything jump out together?

Well, we got through yesterday's report, which you know, going into that we were like, okay, Mark, it's probably getting to trade this thing for 10 minutes. And then it's on to the next one, which is arguably and historically the more important one that comes at the end of the month, which is the quarterly report, and it'll be on the 28th. And yesterday's report was basically just the definition of a punt the USDA kind of punting and kicking the can down the road. But ultimately, I think the no new news is really good news for the grain markets for the next couple of weeks, bonds have established and re established a pretty sizable net short position. So with no new news to feed the bear, I think you're seeing a little bit of short covering ahead of the end of the month report in a couple of weeks. And on top of that, there still is some uncertainty regarding you know, what we're going to be able to produce with the crop that's in the ground right now. So again, a heavy fun short name, probably taking some some skin out of off the table, so to speak, and we're seeing the market rise a little bit. Yeah, I tend to agree with you. I mean, I think that maybe I mean, it could be the case that the only real big seller in that market has been the funds. I mean, I don't see a lot of corn moving. And so if the funds are stopped selling, it doesn't take much much to rally the market, but only a couple of guys are on it at the same time. And all of a sudden you're up three cents, you know what I mean? So it's like, and I agree that the the news the bad news is in the market now. So when you lose your seller, and you don't have any more negative news? I know the answer is I think you're right. I think that these markets tend to what I would say call levitate are slowly but surely just kind of squeeze higher, right? Yeah, that's right. And we're testing some big levels looking at that December corn contract for 75. That's a 50% retracement, from the end of the May highs to where we sold off of and early June lows. And so we're retesting that it's also the 50 day moving average. And if we're able to get out above there, maybe it becomes more of a self fulfilling prophecy. And see we see a little bit more short covering here into next week's trade. Yeah, you got to believe that getting closer to 12 We're getting closer to five. There's gotta be some orders up there that could slow things down a little bit.

110% Yeah, I think and I'm thinking we can get a little bit of relief here in the next couple of weeks. But I've been telling guys that are producers that we get a rally from these levels. If you weren't as active as you wish you would have been? You might get another shot at it, but I wouldn't be holding my breath for any any sort of significant breakout move above $5 or $12. For soybeans. Like that's very precious advice. All right. Thanks for that stare right there though. We gotta go away. We're gonna pay some bills. We're going to come back and talk more about lumber slope line features in Chicago with right back after this. Let's bring it back in that's all over slope Blue Line futures in Chicago, Oliver, anything.

Anything jump on any of them. We've talked about the livestock market. Well, we've been pretty optimistic on the cattle markets here as of late. Monday's trade was fabulous. Had a nice move to the upside but Tuesday, Wednesday, and then this morning, really I'd be lying if I said I wasn't disappointed in the price action just couldn't really get anything going. Especially when you see some of the outside markets rally to new all time highs. You'd think that'd be a nice tailwind, you'd think the seasonality aspect would be a tailwind. A firm cash market would be a tailwind but it hasn't really turned into any momentum to the upside. Until here mid afternoon. Hopefully we see some follow through to the upside. I still think all those catalysts combined can provide some upside potential in the capital complex, but it certainly seems like maybe the funds just aren't really willing to participate in a way that they have in the past with the potential concern over future headlines regarding bird flu or even the economy for that matter.

Great stuff as usual. Thank you very much for bringing it all up to as your bed and clean up today. Did a great job Oliver Sloup Blue Line future season Chicago. Bring it back here to Nashville one more time.

#bearish #WASDA #CORN #WHEAT #CATTLE #LIVESTOCK 

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