Holidays often seem to mark turning points in the commodity market, and as the nation celebrates Memorial Day bulls wonder if their day in the sun has finally arrived.
While soybeans and even wheat boiled over to new highs last week, corn simmered. Though all the ingredients seem to be in place for a rally, the necessary spark was so far lacking. Indeed, volume last week was relatively light as buyers and sellers waited.
Friday's expiration of June options on July futures suggests a bearish start to the week is possible: Some 1,867 in- the-money June $4.30 calls were abandoned, with 255 $4.30 puts exercised.
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