Market News
Click here for the
Weather, Futures,
Real-Time Quotes,
Research, and more...
Home
Management Team
Mgmt Notes / News
Market Commentary
Daily Grain Prices
Locations
Services:
>Trucking
>Feed
>Agronomy
>Grain Dept.
>Lumber Dept.
Weather
Classifieds
History of Top-Ag
Board of Directors
Useful Links
Admin Page
Would you like market prices sent to your cell phone daily? We can text the markets to you 3 times a day to help keep you aware of market direction.
And it’s FREE!!
Contact Scott, Mike, or Seth at 618-243-5293 to get set up.
|
|
Archived Market Commentaries:
|
Date:
|
1-23-09
|
|
Headline:
|
Closing Grain Comments
|
|
Comments:
|
Reports of major crop losses in Argentina, strong export sales, a retreat from overnight highs in the dollar, resurgent crude oil prices, & recovery from early losses in New York stocks sent grain futures to a firm open & solid mid-Friday gains. Corn & wheat set session highs about 45 minutes into the session & beans peaked shortly before noon. Trade remained range-bound until pre-weekend positioning pushed beans into sell-stops that evaporated its early gains. Corn & wheat weakened along with beans, but stayed in positive territory. March corn futures settled 3c higher & at the mid-point of its 20.5c trading range. March soybean closed 3c lower--25.25c below its late morning high. March CBOT wheat settled 16c higher, but 16c off its mid-morning peak. For the week nearby corn futures closed 1/2c lower, soybeans declined 10.75c, & March CBOT wheat gained 4.5c.
Export news was bullish this morning. USDA announced exporters had sold 5.327 mb of beans to China & 4.04 mb of corn to Japan. They also reported that Nigeria--one of our most loyal wheat customers--had cancelled 13.079 mb of old- & new-crop hard red winter wheat purchases. Weekly export sales were unabashedly friendly. Corn sales for the week ending Jan 15th were a marketing-year high 43.800 mb--well above guesses than ranged 15.7-23.6 mb. Again fueled by big Chinese purchases, soybean sales totaled 48.835 mb--far above the 9.2-36.7 mb range of guesses. Soymeal (210,800 tonnes), soyoil (7,500 tonnes), & wheat sales (15.186 mb vs 5.5-18.4 mb guessed) also met or exceeded trade expectations.
Crop estimates for Argentina continue to dwindle. Buenos Aires Grain Exchange traders predicted this morning that severe drought may reduce the Argentine corn crop to just 12.6-14.1 mmt--down 33-40% from last year's 21.06 mmt. The exchange also estimated the soybean crop could fall to 36.0-39.9 mmt--down 17%-25% from last year's 48.02 mmt crop. We suspect the rain forecast for Sunday-Monday is needed to keep crops from deteriorating further.
Locally, corn basis declined 4c, bean basis lost 2c, & wheat basis dropped 6c on Friday. Freight charges for next week edged about 3c higher today, but Gulf basis slippage ahead of weekend weather risk has also been common recently. For the week January-delivery corn gained 11c, nearby soybean prices edged a penny lower, & spot wheat gained 13c.
As you make your pre-season plans, be sure to check with your local Top Ag Agronomy Center for price opportunities & the latest in production advances. Need financing? Give Lloyd a call at 243-5293 or contact your local Top Ag Agronomy Center at Okawville, Trenton, or Pierron.
"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.
|
|
|
