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Pat Hill DTN Markets Editor

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Thursday 07/29/10

Another Leg Up for Cash Bids

Merchandisers hiked bids again Wednesday, taking the DTN cash indexes up 11 to 19 cents, following big futures rallies in all three commodities.

But basis weakened 1 to 2 cents as well.

The wheat indexes were led by SRW, up 19 cents to $5.55, making it even with the HRS index, which gained 17 cents. The HRW index added 14 cents to $4.86.

Where's it all going? Anyone who's ever followed wheat markets knows how quickly they can turn -- who was the first to say "Wheat takes no prisoners," anyway? But Reuters found a broker in Sydney, Australia who said a move to $8 in the futures market was possible. The same article pointed out wheat is on line to record its biggest monthly advance since 1973.

Less drama, but still sturdy advances on Wednesday in corn, up 13 cents to $3.33, and soybeans, up 11 cents to $9.79.

Overnight trade at 6 a.m. saw some renewed buying interest in DJIA futures, providing support for the grain markets, so the opening calls for Thursday's session are once again higher.

Posted at 6:27AM CDT 07/29/10 by Pat Hill

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