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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!!
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Archived Market Commentaries:
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Date:
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12-23-09
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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 on Thursday, Dec 24 from 8:00 am-noon. We will be closed next Friday, Dec 25 for the holiday. We wish you & your family a Joyous Christmas!
After having traded steady/higher overnight, grains started & stayed higher on Wednesday, lifted by weakness in the US dollar & short-covering after recent losses. Corn once again derived support from worries about the nearly 600 mil.bu. of corn that still needs to be harvested. Of that total, over 100 mb remain in the field in each of Nebraska & Illinois—regions with strong ethanol demand. Soybeans got a boost after USDA reported sales of 13.485 mb of old- & new-crop beans & by Census Bureau data which showed 168.607 mb of beans were crushed in November—the highest crush ever for that month. Wheat continued to find follow-thru technical buying after chart support near $5.15 held this week. With index funds expected to commit new investments to commodities in the coming year, traders have been unwilling to press the downside. Wednesday, March corn futures posted a top-range 6c gain, beans recovered Tuesday’s losses to close 10.25c higher, & March CBOT wheat staged a late-session rebound to close with a top-range 6c gain.
USDA announced this morning that 7.055 mb of old-crop US beans were sold to Italy & unknown destinations & an additional 6.43 mb of new-crop beans were sold to China & unknown. S Korea also bought US corn overnight. Census Bureau data that showed US processors crushed 168.607 mb of soybeans during November—5.14 mb more than in October, 23.955 mb more than in Nov 2008, & slightly above trade expectations of 168.4 mb—kept crush on track to exceed USDA projections. Larger than expected end-month stocks of soymeal (633,706 tones) & soyoil (3.156 mil. lbs.) tempered the crush news, however. Exports continue to drive US crush as well as port demand for soybeans. This afternoon’s Weekly Hatchery report indicated that the nation’s poultry producers put about 1% more broiler-type eggs in incubators last week, & placed slightly more broiler chicks ion feed last week. Looking ahead to Thursday, trade analysts expect USDA to report last week’s export sales of corn at 21.7-29.5 mb, beans at 34.9-45.9 mb, & wheat at 12.9-20.2 mb. Markets close at noon tomorrow & don’t re-open until Sunday at 6 pm. Options on January soybean & soy product futures also complete their last trading day on Thursday.
Barge freight edged higher & Gulf corn basis was weaker, pressuring local corn basis by 2c this afternoon. Regional flour mill basis also softened today, pushing wheat basis 5c lower. Bean basis bucked those trends, gaining 2c today. The remaining unharvested US corn will come to market slowly—1 to 2% per week--& be absorbed by regular daily usage. St Louis corn & wheat basis will improve if & when exports show more signs of life.
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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