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:
|
02-02-09
|
|
Headline:
|
Closing Grain Comments
|
|
Comments:
|
After Punxsutawney Phil proclaimed 6 more weeks of winter, investors burrowed back into their cave & sent crude oil, stock markets & most commodities lower today. Uncertain progress on the proposed US stimulus plan, a lightly wetter weather forecast for Argentina, & a general malaise among traders pushed grains into sell-stops below last week's lows early in today's trading session. Grains hit their intra-day lows in the first hour of trading, & then worked to trim those losses the balance of the session. South American weather was a drag on markets today. Forecasters see a frontal system stalling over north-central Argentina by Wednesday that increases chances for .25-.75" of moisture to north & eastern production areas. Another rain event is then possible over the weekend. March corn futures closed 8.5c lower, but 7.5c off its lows. March soybeans settled 20.5c weaker, but 16.25c above its bottom. March CBOT wheat closed 4.25c lower--12c above its mid-morning low.
Last week's USDA export inspections report was again solid for soybeans (33.542 mb vs 22-38 mb expected), but fell short of trade guesses for corn (25.288 mb vs 27-33) & wheat (11.95 mb vs 15-21). China was the destination for 24.31 mb (72.5%) of the US beans, while Japan, Mexico & S Korea combined for 68% of the corn shipments. After being on Lunar New Year holiday last week, Chinese traders are getting back to work. Pakistan was said to be finalizing a purchase of up to 9.19 mb of optional-origin wheat in addition to shopping for a like amount of US white wheat. Brazilian analyst Celeres lowered its estimate of that nations' soybean crop to 57.1 mmt today--down 1.7 mmt from its mid-January forecast & 4.4% below last year--noting yields have slipped in Mato Grosso due to reduced fertilizer use & in Parana because of dry weather woes.
Barge freight pushed lower, & river terminal basis once again firmed today. Locally, corn & wheat basis rose 1c & bean basis jumped 3c. Early February is often a time for basis recovery in St Louis area markets, & that has proven to be the case this year as well. Call us if you are interested in establishing basis contracts to the elevator or direct-to-terminal.
"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.
|
|
|
