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Posts Tagged ‘Wheat Market’

9-20-10 – Corn Market Recap Report

December Corn finished 5 lower at 508 1/4, 15 1/2 off the high and 3/4 up from the low. March Corn settled down 4 1/2 at 521 1/4. This was 14 1/4 off the high and 3/4 up from the low.

December corn rose to a near 2-year high overnight before easing to start the day session and then selling off again to lower on the day into early afternoon. Traders said that support from funds was less in evidence today after heavy buying by funds late last week. They also noted that harvest continues to advance at a ahead-of-normal pace in the US despite recent rains in the western Corn Belt and that this is bringing some cash selling to the market due to attractive price levels. Early support was tied to inflationary fears that have impacted a number of major agricultural markets in recent days, along with weather issues in Canada and overseas that were seen as supportive to wheat and soybeans this morning. The USDA announced a sale of 165,000 tones of US corn sold to South Korea for delivery in 2010/11. In addition, traders indicate that 110,000 tonnes of optional origin corn was sold to South Korea. This week’s export inspections for corn were just 28.4 million bushels, down from 42.9 million last week. To reach the USDA’s export projection for the 2010/11 crop marketing year, inspections need to average 40.2 million bushels each week. Weather forecasts call for dry conditions into at least mid week in the eastern and southern Corn Belt with a surge of warm air coming into the region today. Scattered mostly light showers are possible in the west-central Midwest over the course of the week with heavier rains moving across the northern Great Lakes. Some forecasts also call for light showers across northern Illinois and northern Indiana during mid week.

November Rice closed 0.175 higher at 12.255, 0.035 off the high and 0.205 up from the low.

Wheat Market  Review Report for 9-20-10

After rallying overnight, December wheat sold off to start the day session and then again in early afternoon. Traders said that early and overnight support came from dry conditions in parts of Western Australia, parts of Argentina and a majority of winter wheat areas in Russia, along with crop damaging frost in Canada and a lower dollar. Selling early in the day session was tied to improved moisture levels in some winter wheat growing areas of the Plains as well as profit taking and technical selling as wheat lagged the gains in soybeans and corninto the day session. This week’s export inspections for wheat were 29.9 million bushels, down from 32.3 million last week. Cumulative inspections stand at 26.1% of the USDA’s projected exports for 2010/11 versus a 5-year average of 32.2%. Inspections need to average 25.1 million bushels each week to reach the USDA’s projection.

December Wheat ended 7 1/2 lower at 731 3/4, 25 1/4 off the high and 2 3/4 up from the low. March Wheat closed 7 1/4 lower at 761. This was 3 up from the low and 24 off the high.

December Oats closed 3 higher  at 359. This was 4 1/2 up from the low and 9 1/2 off the high.

9-20-10 – Soybean Complex Market Recap Report

November soybeans saw two sided trade at higher levels during the day session. The soybean complex managed to maintain most of its overnight gains despite sell offs to lower on the day in corn and wheat. Traders said that soybeans gained on buying by spreaders versus corn, along with other buying tied to near 2-year highs on Friday and overnight. Traders noted that fundamental support came from an array of factors including dry weather ahead of planting season in Brazil, a crop-damaging frost in canola-growing areas in Canada late last week, a frost in China’s important NE growing areas, a lower dollar and concern that soybeans will lose acreage to corn and other crops next spring if prices do not rise. In addition, the USDA announced a sale of 225,000 tonnes of US soybeans to China this morning and that was also viewed as supportive. This week’s export inspections for soybeans were 12.078 million bushels, up from 7.28 million last week. Inspections need to average 29.25 million bushels each week to reach the USDA’s current export projection.

December Soymeal closed up 1.7 at 310.2. This was 3.3 up from the low and 7.2 off the high.

December Soybean Oil finished 0.75 higher at 43.05, 0.25 off the high and 0.75 up from the low.

November Soybeans ended 15 1/2 higher at 1084 1/2, 16 1/4 up from the low and 15 off the high. January Soybeans ended up 16 1/4 at 1094 1/2. This was 16 1/2 up from the low and 15 off the high.  

After reading ï»¿today’s analysis,traders might want to take a peek at the commercial traders  momentum.  The Commercial Trader momentum can be tracked by using the Commodity Futures Trading Commission Commitment of Traders reports.  Our idea is that, in a value driven commodity futures market no one knows fair value like the people who produce it or, have to use it.  In fact, it is precisely their sense of value that provides the commodity market’s rhythmic meanderings that swing traders love so much.  Let’s face it, producers know when their product is overvalue and it should be sold just as well as end line users know when they should be stocking up at low prices.  Therefore, trader should be able to incorporate this valuable information into their future market education.

The daily commentaries provide an analysis of the factors that influenced price activity, a recap of any reports released that day, a review of each commodity’s traded price activity, and a look ahead at the next day’s schedule.  Market commentaries for soybeans, corn, wheat, silver and gold are provided by CME Group.   The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.

Andy Waldock publishes this blog.  Andy Waldock is a financial advisor, analyst, broker, asset manager and traderfor Commodity & Derivative Advisors, located in Sandusky, Ohio.  For that reason, Andy Waldock may have positions for himself, his clients, or his family in any commodity future market discussed. The blog is meant for educational purposes and to develop a discussion among those with an interest in the commodity future markets. The commodity markets employ a high degree of leverage and commodity trading  may not be suitable for all investors.  There is substantial risk in investing in commodity futures.  If you are interested in reading other circulated articles, commenting  on his publications or subscribing to Andy’s blog, please visit http://blog.commodityandderivativeadv.com, or if you have any questions, please call 1-866-990-0777.

Corn Market  Analysis  for 8-30-10

September Corn finished up 4 1/2 at 425 1/2, 2 /34 up from the low and 3 3/4 off the high. December Corn closed up 5 1/2 at 441 1/2. This was 3 1/2 up from the low and 3 3/4 off the high.

December corn traded higher overnight and into the day session with prices remaining in a narrow range on the day amid light volume. Export sales activity was limited today with a sugar processor in Taiwan looking to buy 23,000 tonnes of US corn. The early gains took the December contract to its highest level since January 11th with support credited to recent strong export demand for corn and concern over the possibility of yields below the 165 bushels per acre that was forecast by the USDA in early August. The high for January (and the year) in the December contract was 449 3/4. This week’s export inspections for corn were 45.3 million bushels, up from 43.7 million last week. As we head into the last week of the 2009/10 crop marketing year, inspections need to hit 138.840 million bushels to reach the USDA’s export projection.

November Rice closed up 0.01 at 11.495, 0.055 off the high and equal to the low.

Wheat Market  Analysis Report for 8-30-10

December wheat began the day session with a surge following a rally to a new 28-month high in wheat in Germany this morning. Traders said that further support came from dry conditions in Western Australia and in the western areas of the wheat growing belt in Argentina. However, the market sold off into late morning and again into early afternoon. This left December wheat higher on the day into the close, but back down near the overnight lows. Weather reports from Australia during the session called for rains this week that could cut the dry area in the western wheat belt in half. Rains in Northern Europe have extended over into northern winter wheat growing areas in Russia. This has brought some relief, with areas that need to be planted by mid September said to have enough moisture for planting and germination. However, continued dryness in other areas and forecasts for more dryness into next week has left half of the winter wheat area with too little moisture for planting at this point according to sources in Russia. This week’s export inspections for wheat were 25.5 million bushels, up from 24.6 million last week. Soft red wheat exports nearly tripled in volume from last week’s 402,000 bushels to 1.14 million. Despite the recent surge in exports, the total wheat inspections to date stand at just 19.8% of the USDA’s export forecast for 2010/11 versus a 5-year average of 25.1%. Inspections need to average 24.1 million bushels each week to reach the USDA’s forecast.

September Wheat ended 8 3/4 higher at 671 1/4, 24 off the high and 5 3/4 up from the low. December Wheat closed up 9 1/2 at 704 1/2. This was 5 1/4 up from the low and 24 1/2 off the high.

December Oats ended 1/4 lower at 278 1/4. This was equal to the low and 6 3/4 off the high.

8-30-10 – Soybean Complex Market Recap Report

November soybeans traded sideways at a moderately higher level overnight before seeing its gains erased early in the day session. A recovery rally into mid session fell short and the November contract pushed to a modest loss on the day into the close. Meal and oil were also both lower in the December contracts into the close. This week’s weather forecasts call for generally dry conditions in the Midwest to start the week, followed by showers during the middle of the week and a return of dry weather to end the week. Analysts indicate that this may result in some stress to late developing soybeans in drier areas. Some traders have expressed concern over a possible deterioration in US yields from the 44 bushels per acre projected by the USDA in early August. However, a minor drop in yield would still leave the US and the world with ample stocks through the end of 2010/11 based on current usage projections. This week’s export inspections for soybeans were 7.17 million bushels, down from 11.8 million last week. Inspections need to average 25 million bushels each week to reach the USDA’s current export projection for 2009/10 with about one week to go. In China, heavy rains have caused significant flooding in southern Manchurian soybean growing areas (the NE) and in the northern and eastern North China Plain. Other areas are seeing more favorable weather.

November Soybeans ended 3 1/2 lower at 1022 1/2, 2 up from the low and 11 1/2 off the high.

December Soybean Oil ended 0.27 lower at 40.53, 0.16 up from the low and 0.57 off the high.

December Soymeal closed 0.8 lower at 298.7. This was 4.3 off the high and 0.7 up from the low.  

After reading ï»¿today’s review,traders might want to take a peek at the commercial traders  momentum.  The Commercial Trader momentum can be tracked by using the Commodity Futures Trading Commission Commitment of Traders reports.  Our idea is that, in a value driven commodity futures market no one knows fair value like the people who produce it or, have to use it.  In fact, it is precisely their sense of value that provides the commodity market’s rhythmic meanderings that swing traders love so much.  Let’s face it, producers know when their product is overvalue and it should be sold just as well as end line users know when they should be stocking up at low prices.  Therefore, trader should be able to incorporate this valuable information into their future market education.

Andy Waldock circulates this blog.  Andy Waldock is a financial advisor, broker, asset manager, trader, and analystfor Commodity & Derivative Advisors, located in Sandusky, Ohio.  Therefore, Andy Waldock may have positions for himself, his relatives, or his customers in any commodity future market discussed. The blog is meant to develop a discussion and educate those with an interest in the commodity future markets. The commodity markets may not be suitable for all investors due to the high degree of leverage.  There is considerable risk in investing in commodity futures.  If you are interested in reading other published articles, commenting  on his writings or subscribing to Andy’s blog, please visit http://blog.commodityandderivativeadv.com, or if you have any questions, please call 1-866-990-0777.

The daily commentaries provide a recap of each commodity’s traded price activity, an analysis of the factors that influenced price activity, a review of any reports released that day, and a look ahead at the schedule for the next day.  CME Group provides market commentaries for wheat, soybeans, corn, gold and silver.   The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.