- In front of tomorrow’s USDA report we have seen Chicago wheat drive higher to the tune of $0.20 plus/bu (4.5%) which gave MATIF the “excuse” to bounce €2.50/mt all on the back of another dry week in the US Plains. Consequently we have seen the 50 day moving average (CBOT May ’15) breached to the upside which has triggered short covering. Seems like another round of “here we go again”!
- Regardless we still have to await tomorrows stocks and seeding report and our previously suggested volatility appears to be here and in operation!
- Other news is scarce so we will take an early night and await tomorrow’s report.