I still feel that protein premiums will recover as we move into the summer, particularly as we start harvest in the southern plains of what is likely to be a low protein crop. Technically, wheat appears to have made another minor spike high with the higher trade on Friday followed by a weak close. Downside support for Chicago July is 2.73 and KC July is 3.24, then 3.18. Upside targets are still the 2.94 area on Chicago July and 3.40 basis KC July. This publication is strictly the opinion of its writer and is intended solely for informative purposes and is not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named.
Information is obtained from sources believed to be reliable, but is in no way guaranteed.
No guarantee on any kind is implied or possible where projections of future conditions are attempted. Futures trading involves risk. In no event, should the content of this market letter be construed as an express or an implied promise, guarantee or implication by or from Spectrum Commodities, or Man Financial Inc. that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance.