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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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12-28-09
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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 29-30 from 8 am-4:30 pm & on Thursday, Dec 31 from 8:00 am-noon. We will be closed Friday, Jan 1st for the holiday. We wish you & your family a Joyous Holiday Season!
Trader ranks may have been thinned by the Holidays, but the chart-based computers were in full force on Monday. After posting solid overnight gains as crude oil edged higher & the US dollar eased lower, grains extended those gains in early trading with wheat showing the most buoyancy. Markets stalled & settled into a sideways trading range after USDA released its Weekly Export Inspections data. A late burst of short-covering in soybeans sent that commodity soaring & lifted corn & wheat to top-range settlement as well. March corn futures closed 7.5c higher, Jan beans surged 29.5c higher, & March CBOT wheat blasted 26.25c higher.
Weather provided a mixed influence on grains today. Last week’s wintry weather provided supply-driven support to corn as traders debated how much of the 500 mb of unharvested corn may be lost to Old Man Winter. By contrast, excellent South American weather conditions weighed on soybeans at mid-day. Talk of shrinking snow cover in the Ukraine which would make the already drought-impaired wheat there more susceptible to winterkill underpinned wheat.
USDA’s Weekly Grain Export Inspections data was again modest for corn (27.081 mb vs 18-25 mb expected) & wheat (10.653 mb vs 12-16 mb forecast), but very strong for soybeans (51.915 mb vs 32-36 mb guessed). Although less than stellar, corn & wheat inspections did manage to exceed pre-Christmas Week 2008 shipments. Only 992,000 bu of soft red winter wheat were inspected last week. Soybean shipments to China (37.012 mb) again dwarfed shipments to other destinations.
Local basis levels were little changed despite today’s rebound. Grain movement off farmsteads in the upper Midwest is being limited, but so is late corn harvest in that region. Traveling 850 miles from eastern Colorado to St Louis on I-70 on Monday, we saw only 1 small corn field that was not yet harvested.
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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