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:
|
12-15-09
|
|
Headline:
|
Closing Grain Comments
|
|
Comments:
|
Two-month highs in the dollar prompted overnight "Turnaround Tuesday" profit-taking in grain futures, but Chinese demand softened those influences after today's day-session start. USDA reported a 10.655 mb soybean sale to China this morning that lifted beans from opening lows. As beans rallied, corn tried to follow. Reports that Taiwan had bought 4.724 mb of US corn & that S Korea was seeking up to 6.496 mb of optional-origin corn helped underpin corn, but sagging wheat futures eventually anchored both corn & soybeans. Markets took in stride news that 92% of the US corn crop has now been harvested. Although nearly a billion bushels of corn remained "stored" in the field as of Sunday, traders assume that up to 400 mb of corn will get shelled this week as cold but mostly dry weather gets many producers get back into the combine. After two-sided trading on Tuesday, March corn futures settled with an upper-range 1c loss. Jan soybeans closed unchanged, but 13.5c below mid-morning highs. March CBOT wheat dropped to a bottom-range 6.75c loss.
In addition to the bean sales to China & Taiwan & S Korean interest in corn, Japan announced it will seek on Thursday 3.16 mb of US wheat & 1.47 mb of Australian wheat for Feb shipment. Other wheat news provided a reminder of big supplies. Private analyst UkrAgroConsult increased its Ukraine grain output forecast by 1.4 mmt to 44.4 mmt this morning. It also boosted that nation's grain export forecast by 1.20 mmt to 20.19 mmt--including 9.1 mmt of wheat, 6.1 mmt of barley, & 4.7 mmt of corn. European analysts report that good sowing conditions & government support program changes have prompted farmers in France, Germany & Britain to increase their fall seeded wheat acreage & cut their barley sowing. Western Europe crop conditions have been nearly ideal so far. By contrast, weather forecasters note it has been very dry in portions of Russia & the Ukraine lately. Both need better snow cover to protect wheat from cold weather that will bring single-digit high temps the next few days.
Locally, grain basis was steady on soybeans & wheat this afternoon, but corn basis edged a penny lower. Late harvest pressure continues keep supplies at the Gulf plentiful, weighing on corn basis amid shaky corn export demand. Current corn basis levels are about 15c below average for this time of year.
Would you like CBOT futures prices reported to your phone? Top Ag can send you nearby & harvest futures prices for corn, soybeans & wheat at 9:45 am, 11:15 am & 1:45 pm each day. We provide the service for free, but you may have to pay for text messages--depending upon your phone plan. Give Scott, Mike or Seth a call at the Okawville elevator at 243-5293 & we'll get you set up!
"Closing Comments" are written by David Marshall, Toay Commodities Futures Group LLC, Nashville, IL. To learn more about his farm marketing advisory or commodity brokerage 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.
|
|
|
