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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.
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Archived Market Commentaries:
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Date:
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12-21-09
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Headline:
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Closing Grain Comments
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Comments:
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Top Ag elevators will be open Tuesday & Wednesday, Dec 22-23 from 8 am-4:30 pm & on Thursday, Dec 24 from 8:00 am-noon. We will be closed this Friday, Dec 25 for the Holiday. We wish you & your family a Joyous Christmas!
With the US dollar & interest rates trending higher, crude oil & gold heading lower, & many traders on the sidelines for the next two holiday-shortened weeks, grain markets were choppy amid thin trading on Monday. Fears that the Wednesday-Friday winter storm would lead to additional yield loss helped buoy corn futures today, but speculative liquidation on big South American crop expectations weighed on beans. Burdensome world supplies & meager US export prospects kept wheat on the defensive. The dollar's gradual climb during the day provided steady pressure to grains. March corn futures settled 2.25c higher, but 6.5c below early morning highs. Jan beans dropped to a low-range 11c loss. Bean weakness accelerated when prices could not hold above weekly chart support. March CBOT wheat dropped to a bottom-range 8.5c loss.
Egypt--the world's largest wheat importer--indicated overnight it is seeking a long-term trade pact with Russia for wheat imports. Egypt said it has a 5-month supply of wheat on hand, but its recent purchases have been for Feb shipment. Turkey has sold 3.674 mb of white wheat, 1.837 mb of hard red wheat, & 1.837 mb of durum wheat for Jan-March export. Both reports were seen as negative to any short-term recovery in US wheat sales.
Today's USDA Weekly Export Inspections & Weekly Crop Progress reports were both delayed as a winter storm shut-down Federal offices in Washington DC. When those reports are released on Tuesday, trade analysts foresee USDA reporting weekly grain export inspections for corn at 28-32 mb, soybeans at 45-50 mb, & wheat at 13-17 mb. The trade expects corn harvest to be reported at 95-96% completed. Grain markets will close at noon on Thursday & not reopen until Sunday at 6 pm. That schedule will also apply next week.
Local corn basis was declined 2c today, wheat basis dropped 5c as local mills weakened bids, but bean basis was stable today. Gulf elevators are still struggling to unload the glut of late corn harvest & that is keeping basis levels weak. Markets continue to offer a substantial premium for January shipment.
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.
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