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Archived Market Commentaries:
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Date:
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1-05-09
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Headline:
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Closing Grain Comments
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Comments:
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Pressured by strength in the US dollar & early-year hedge selling, corn & soybean futures opened lower on Monday morning, bottomed within the first minute, & then rallied to day session highs during the next 15 minutes. A rebound in crude oil futures & rebalancing of portfolios by trading funds provided that initial spark. Corn & beans then traded within their early price range for the balance of the session. Wheat also opened weaker & set its lows in the opening moment of trading. After trading in negative territory for much of the day, wheat charged higher in the waning minutes of the session as market-on-close buying by trading funds lifted wheat futures to solid gains. March corn futures settled 1c lower, March beans closed 10c higher, & March CBOT wheat settled 5.75c higher.
Demand news was limited today. Weekly Grain Inspections for the week ending Jan 1st were within trade expectations for corn (23.36 mb), soybeans (28.713 mb) & wheat (10.595 mb) with China was the destination for 20.905 mb (72.8%) of the beans. With the corn & soybean marketing year now 18 weeks old, soybean inspections are 55.9 mb ahead of 2007, but corn shipments are a whopping 317.9 mb below last year. With 31 weeks now passed in its marketing year, wheat inspections are 137.3 mb behind last year. Saudi Arabia & Jordan both announced tenders for optional-origin high-protein bread wheat today, but Canada & Russia are thought to have the inside track for the business. This afternoon's Commitments of Traders report indicated trading funds trimmed the size of their short positions in grains in the latest week.
Corn & bean basis levels continued their gradual climb--climbing 2c higher this afternoon--as barge freight continued to slide lower. Wheat basis headed in the opposite direction, sliding 3c lower today on sagging Gulf demand. The US continues to get small orders from Mexico & other Latin countries, but recent big orders to Asia, Africa, & Mediterranean buyers have been filled by others.
All of us at Top Ag wish you a Safe, Prosperous, & Happy New Year!
"Closing Comments" are written by David Marshall, Toay Commodities Futures Group LLC, Nashville, IL. To learn more about his services, contact him at dmarshall@tcfg-llc.com or call (618) 327-4370 (voice/fax) or (618) 314-0918 (cell). This commentary is not intended for specific trading strategies. We strive to insure this information is reliable, but we cannot guarantee its accuracy or completeness. Commodity trading involves risks. You should fully understand those risks before trading.
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