Craig’s Closing Comments
September 19, 2015
Tomorrow is International Talk like a Pirate Day and since I will not be sending out comments then I wanted to take this opportunity to write today’s comments using my best pirate talk.
Corn:
Twernt no drinkin of the grog or blowin of the hornpipe today as a mood more somber than Davey Jones locker settled over the corn market.
Rumors were running that those dirty bilge rats in Brazil were going to ship corn into the southeastern USA. Nothing confirmed but is so me thinks we need to scuttle their ships. Argh.
When you’ve sailed the seven seas you will spot problems from time to time and it appears Ukraine has issues as they believe their 2015 corn crop will be down 20% to 23 MMT due to hot and dry weather.
China’s government considering around a 10% cut their reserve price. That will cause their $9.00/bu corn plummet all the way down to $8.10/bu. Those scurvy dogs have some real problems.
Two of my three technical indicators are currently bearish the December corn futures.
Soybean:
Aye matey. Twas an ugly day in the bean market as the bears had the bulls walkin the plank. The scurvy rats acted like someone had fired a canon through their porthole and at the end of the session the market had been keelhauled.
Brazil’s Safras raise the soybean crop to 100.5 million tons and the corn crop up to 88.6 million tons. They don’t keep it in a treasure chest but their booty seems to keep increasing. Not good for prices.
At the current time two of my three technical indicators are bearish the November futures.
Wheat:
Shiver me timbers, twas good to see one market step lively today. Compared to corn and beans the wheat market moved smartly as the bearish land lubbers were kept at bay.
We won’t be needin to load our schooners with wheat as the Egyptians bought wheat from Russia and Ukraine. I think we need to tie them all to the yardarm and whip them with a cat o’ nine tails for that.
Informa is estimating the final USA 2015 wheat crop at 2.106 billion bushels versus the USDA’s estimate of 2.136 billion bushels. Most of the decrease was in soft red wheat.
Two of my three technical indicators are now bearish both the Minneapolis and Kansas City December futures.
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