Chicago Board of Trade May and Jly wheat have been working unevenly higher since setting a market low on March 30. Victor pointed out that the stock market seems to have recovered from its malaise and officials appear to be getting FMD contained after slaughtering more than 2.0 million head of livestock. Movement controls are being lifted. However, annual exports are still projected to be greater than last year, Victor pointed out. Ethanol is gaining momentum in politics as a valuable commodity.
Conditions are ideal now, but the eastern corn belt needs rain.
This could be making the commodity funds vulnerable, so hedgers want to be in position to be one of the first in line to buy. Those with long positions will want to have orders in place to limit losses if prices should break out above resistance points, Biedermann said. Inc. All rights reserved. Any republishing of these pages, including electronic reproduction of the editorial archives or classified advertising, is strictly prohibited.