Thursday, September 8, 2011
Markets are called weaker this morning behind a weaker overnight session and mixed outside markets.
In the overnight session corn was off about 3 cents, beans where off about 8 cents, KC wheat was down 7, MPLS wheat was 4 lower, and CBOT wheat was down 4. As of 9:20 outside markets have European wheat near unchanged, equities are slightly softer with the DOW off 30 points, crude is up about 20 cents a barrel, and the US dollar is bouncing with the cash index at 75.819 up 353.
Not tons of new news out there this morning. Outside markets and consolidation into next week’s USDA report are leading the headlines. Basis is steady on most of the commodities but the trend over the past month or so has been weaker for corn, beans, and spring wheat. Spreads are showing signs of bear markets lately as the carries widen out or inverses become less.
Here is a run down of idea’s for report.
DJ SURVEY: US Grain, Soybean Carryout
Average Range USDA
Corn (19) 0.636 0.497-0.757 0.714
Soybeans (19) 0.152 0.110-0.188 0.155
Wheat (17) 0.667 0.628-0.705 0.671
DJ SURVEY: USDA September Corn, Soybean Production Report
Average Range USDA Production
Corn (24) 12.505 11.913-12.913 12.914 12.447
Soybeans (24) 3.025 2.924-3.085 3.056 3.329
Yield August 2010
Average Range USDA Yield
Corn (24) 148.8 145.0-153.0 153.0 152.8
Soybeans (24) 41.0 40.0-41.8 41.4 43.5
Yesterday we did have one of our Marketing Hour Round Table meetings.
Below are notes and attached are some of the charts we went over.
You can find the post on this at http://grainmarketingplans.blogspot.com/2011/09/mock-trades-for-mwc-marketing-hour.html
Please give us a call if there is anything we can do for you.
Labels: Beans, charts, Charts and Strategies, commodity price risk management tools strategies grains futures options money cash flow, crop conditions, Delta Neautral Trading, Leverage Optoins Futures, Marketing Tools, MWC Marketing Hour Round Table, opening grain comments, option selling, Price Management, USDA Crop Report Supply and Demand