Wednesday, January 4, 2016 Today’s Futures Closes

[Pages:1]Today's Futures Closes:

Wednesday, January 4, 2016

Mar 17 Corn May 17 Corn July 17 Corn Sep 17 Corn Dec 17 Corn Mar 17 Oats Mar 17 Meal Mar 17 SB Oil Feb 16 Cattle Mar 17 Feeder Feb 16 Hogs

$3.5975 $3.6575 $3.7225

$3.79 $3.8675 $2.3775 $319.1 $35.21 115.675 123.750 64.600

+4.0 +4.25 +4.0 +4.0 +3.25 +2.25 +7.0 +0.40 +0.800 -1.275 +1.100

Jan 17 Soybeans Mar 17 Soybeans May 17 Soybeans Nov 17 Soybeans Jan 18 Soybeans Mar 17 Rapeseed

Mar 17 Cotton May 17 Cotton Dec 17 Cotton

Jan 17 Rice Nov 17 Rice

$10.0625 $10.1525 $10.235 $9.9875 $10.025

$503.6 $74.08 $74.22 $71.59 $973.0 $1044.0

+19.5 +20.25 +20.0 +15.5 +14.75

+3.5 +2.30 +2.10 +1.22 +12.5 +11.5

Mar 17 CH Wheat July 17 CH Wheat Mar 17 KC Wheat July 17 KC Wheat Mar 17 MN Wheat Sep 17 MN Wheat Mar Dollar Index

Feb Crude Oil Apr Gold

March S&P Mar Dow Jones

$4.185 $4.42 $4.265 $4.4925 $5.445 $5.4825 102.455 $54.30 $1166.7 2264.20 19856

+12.0 +10.5 +12.5 +12.75 +7.0 +6.0 -0.746 +1.01 +1.9 +11.60 +58

(Futures contracts highlighted in green were the bull leaders today; futures prices highlighted in red were the bear leaders today.)

The screen was green for most commodities today, partly driven by another round of beginning of the year buying, and partly driven by a step back in the US dollar after it traded to a 14-year high yesterday. Funds were buyers of 8,500 contracts of soybeans, 6,500 contracts of corn, & 4,000 contracts of wheat on the day. There's been plenty written in recent days about investment funds "rebalancing" positions to begin the new year, which would include buying large amounts of wheat & corn. So maybe some of today's buying was related to that.

At any rate, I'm hoping this will provide us an opportunity to do some marketing for both old & new crop. March cotton exceeded its fall high today, and also filled the chart gap left back during the August spike rally. With the RSI tonight pushing the 70 level, this market could quickly achieve "overbought" status, so defending price here makes a lot of sense, either with a straight hedge, a put option, or possibly a put/call (floor & ceiling) combination. March corn posted its highest close since December 14, closing above its 5/8th retracement from its December low ($3.41 ?) back to its October high ($3.69). CHI March wheat posted its highest close since November 23, & KC March wheat posted its highest close since November 28. The RSI's (Relative Strength Indexes) on corn and both wheat contracts are still below 60, which leaves room for both crop markets to have more upside. I'm willing to be patient for now on both markets, and see if there's more fund rebalance buying that could push them a little higher.

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