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:
|
2/04/09
|
|
Headline:
|
Closing Grain Comments
|
|
Comments:
|
Grain futures edged higher in overnight e-trade & briefly extended those gains early this morning on drier S American weather forecasts & export demand from S Korea. Soybeans strength led corn higher. Beans ran up about 20c, stalled, & ultimately gave back most of their gains by the close. Corn gave back early 7c gains to sag to new 2009 lows by the close. Wheat struggled from the open after Egypt bypassed US wheat & bought 6.61 mb of French wheat & 1.03 mb of Russian wheat instead. Outside markets also weighed on grains. The US dollar recovered more than half of Tuesday's setback, & crude oil reversed early morning gains to modest afternoon losses. New York equities drifted downward on private data showing the US lost 522,000 jobs in January & on recession-impaired quarterly profit reports. Chicago & New York both need some sunny, warm days to brighten their embedded gloom! March corn futures settled 3.5c lower, March beans closed 3.5c higher, & March CBOT wheat lost 10.25c today.
USDA reported this morning that S Korea bought 4.57 mb of US corn. Overnight, traders said they also purchased .77 mb of US wheat, 2.17 mb of US or S American origin corn, & 6.06 mb of optional-origin feed wheat. This afternoon USDA reported that poultry producers placed 5% fewer broiler chicks last week, & trimmed broiler chick placement 6% during January. Livestock producers, corn ethanol crushers, & soybean processors have all curtailed corn & soybean usage since summer--struggling to match output with consumer demand. Looking ahead to Thursday's weekly export data, analysts expect USDA to report corn sales at 20.2-39.4 mb, bean sales at 14.7-25.7 mb, wheat sales at 7.3-16.5 mb, soymeal at 75-220,000 tonnes, & soyoil sales at 0-20,000 tonnes. The fact that China was on holiday all last week makes this week's data more uncertain.
Isolated thunderstorms have brought moisture to some Argentine crops recently, but their pampas region still needs sustained precipitation to recover from severe drought. Weathercasters see .25 to 1.00" of potential rainfall with 60-75% coverage tomorrow & similar potential by early next week. Argentine officials insist rains have so far failed to break drought's grip.
Basis levels continued to firm this afternoon as barge freight again ebbed lower amid steady/weak Gulf values. Locally, corn & wheat basis rose 2c & bean basis gained 3c. Considering a basis contract? Give us a call!
Your Top Ag Agronomy Center has the supplies & services you need as you get ready for wheat top-dressing & spring planting. Be sure to check with us for pre-season discount opportunities. 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.
|
|
|
