Tidbits, Price Trends, NOPA Crush, Call Option Spread 5/16/26
- Wright team
- 44 minutes ago
- 5 min read
Tidbits
In hindsight, it is obvious the market was way too optimistic about what Trump’s visit to China was going to produce in the way of good news for corn and soybeans. Too many AI traders have no experience in doing business with China!
What we do not like is yesterday’s low in December corn was lower than the previous correction low, which negates the higher high made earlier in the week. Officially, the price trend is now sideways, not up. The low yesterday on November beans was 2¼¢ above the recent correction low. Officially, November beans are still in an uptrend. The same holds true for all three classes of wheat.
NOPA crush for April was released late yesterday morning. NOPA crushed 211.856 million bushels of soybeans last month, up 21.63 million bushels (11.4%) from a year ago, but less than the 214 million bushels the market expected. To learn about the NOPA, go to: https://www.wrightonthemarket.com/post/about-the-nopa
Soy oil stocks held by NOPA members as of 30 April fell to a three-month low of 1.947 billion pounds, down 4.5% from March, but up 27.5% from the 1.527 billion pounds in stocks a year earlier.
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