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After the Report: Almost April Fool

Published on: 15:08PM Mar 31, 2011

Seems traders were more focused on what wasn't in the grain bins than on what might go into the ground. Corn opened limit up, and nary a tick down was seen all day. That will expand the limit tomorrow. Good thing, too, if May expects to reach its 764 target. 693, today's open, high, low and close, leaves a pretty good trot remaining. But, a big day again tomorrow will halve the distance, with two or three weeks remaining before the July contract dominates trading.

Beans and wheat didn't fare quite so well, but neither was, shall we say, badly wounded. Wheat had a good day, up 35¢ leaving only 50¢ to go to manage its $8 target. Beans looked really lovely for a few minutes, but finished at 1408, well off the 1432 high. That is well on the way to the 1456 target.

I will do the CoT over the weekend, as usual. My 2¢ view is they are pretty much meaningless this time around, since the cut off day was Tuesday and the action was today, and there will more activity tomorrow. I'll be surprised if there is not a good bit of buying by funds these last two days of the week.