Morning Comment – #Wheat #Corn #Soybeans – 21/05/2015

Funds kept selling corn (7,000 lots to reach a short of 140,000 lots), soybeans (5,000 contacts, they are now short 55,000 lots) but bought 5,000 lots of wheat, reducing their short to 94,000 contracts. Indeed, wheat has been pushed up on the same usual now weather concerns. Too wet, flooding, bugs, scab, sprout, lay over,… Especially in the southern part of the US, Kansas wheat rallied up with Chicago following. There are a few problems, locally, it should not be a worry so far. However, it needs to be obviously monitored. 

It is now clear FED won’t hike the rates is Q2. EURUSD went back above 1.11 but still playing with these levels, direction is unclear. A breakthrough could lead the market to 1.10/1.08. Greece is kind of blackmailing the IMF, redemption is due on 5th of June $339 millions. But next big redemptions are in July, several billions to the ECB are due. There will be big talks about big money this time.

 

Algeria Tender today! 10 am Algeria Time deadline to submit offers, valid until 9pm.

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