The trading day started with a notable lack of deliveries against March corn and Chicago wheat futures, while the soy complex received a moderate number of deliveries. Deliveries in soymeal and soyoil helped take off some of the pressure from bull spreading, while strong basis and no deliveries for corn and wheat created the opposite effect. A weaker U.S dollar and the Federal Reserve’s announcement that it would cut interest rates by 50 basis points helped support CBOT values after the open. The rate-cut helped weaken the U.S. dollar and further support commodity values, especially wheat. Short covering was another feature of the day and CBOT markets were mostly higher by the day’s close.
The coronavirus situation cont...
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
Key Takeaways: The CME Group is launching new 90 percent Lean Beef and 50 percent Lean Beef futures and options contracts in July. There are five key factors that must be present in physical markets and futures contract specifications for futures contracts to become successful. The two l...
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