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:
|
2-12-09
|
|
Headline:
|
Closing Grain Comments
|
|
Comments:
|
Outside markets turmoil again provided a headwind for CBOT futures on Thursday, muting grain's response to yet another strong weekly export sales report. As equities & crude oil futures sagged towards months-old lows & the dollar jumped on speculation the US economy will recover before others, grains initially sagged. A low quickly formed. Grains rallied until shortly after 10 am when a Reuters' newswire article quoted unnamed grain traders as saying this week's huge corn export sales were due to a "book-keeping error." Markets stalled & then traded sideways/lower for the balance of the session. Chart-based selling accelerated just ahead the close. This afternoon, USDA explained a firm had indeed switched a big "Japan" sale to "unknown destination," but the switch had no impact on total sales. Traders speculated a Japanese firm with different divisions did an internal shift, & that "unknown" corn would eventually still land in "Japan."
This morning's USDA Weekly Export Sales report was a monster for corn, above expectations for soybeans, & within hefty expectations for wheat & soy products. Total corn sales--a marketing-year high 60.776 mb--raised traders eyebrows both because of a 6.6 mb "cancellation" by Japan & a 25.2 mb "purchase" by "unknown." After having lagged badly thru the fall, the US has sold 193 mb of corn in the past 4 weeks. Soybeans export sales were 39.285 mb last week with China accounting for 26.6 mb of total. Soybean sales AND shipments still are the BEST EVER thru marketing week # 23. Wheat sales were a respectable 15.127 mb of old- & .822 mb of new-crop last week. Egypt--which bought up to 4.41 mb of Russia-only wheat in an overnight snap tender--bought 4.23 mb of US soft red winter wheat last week. Total SRW wheat sales now total 173.7 mb--91.4% of the 190 mb USDA expects to be shipped by May 31. Weekly soymeal sales of 196,600 mt & soyoil sales of 45,900 mt were also near the top of trade expectations.
A late afternoon rebound in stocks & the USDA corn export affirmation gave grains an early bounce in early overnight trading. Markets often top or bottom around 3-day holiday weekends, so traders will be watchful for signs of a turn in coming days.
Gulf corn values slid, soybean & wheat basis firmed, & barge freight eased to its lowest level since early 2008 this afternoon. Locally, corn basis lost 3c but bean & wheat basis rebounded 6c today. A major snowstorm is forecast starting Friday in the northern Corn Belt, & that should again limit movement there into the weekend.
Our flotation equipment can help minimize compaction on soggy wheat fields that need nitrogen top-dressing. Give us call & let our professional staff help get the job done right. Your local Top Ag Agronomy Center has pre-season price opportunities you'll want to take advantage of. 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.
|
|
|
