The Sunday night markets were higher. Corn was called up 2-4 cents, beans up 10-13, and wheat up 3-5 cents. Price action mostly propelled by short covering as traders were evening up positions ahead of the Feb. USDA report that is released on Tuesday. Even with the USDA being shut down due to the snow storm on the East Coast, the weekly export inspections were released this morning. Bean exports were again good, however corn was below what is needed to meet USDA export projections. Corn prices were briefly up 10 cents and beans were up more than 25 until the buying frenzy subsided. There was also plenty of technical buying as prices continue to be oversold. Funds were big buyers of about 10,000 corn, 7000 beans, and 4000 wheat contracts. Higher bean oil prices also helped soybeans higher, as there are rumors that the government will re-instate the $1.00/gallon tax credit for bio-diesel. Outside markets were mixed. Gold was up about $10/oz. Crude oil was up about 50 cents/bbl, still trading under $72. The Dollar was lower, after last week's big rally. And, the Dow Jones was down about 105 points, closing under 10,000. There is talk of Brazilian bean harvest may already be 10% complete, compared to the average of only 2% complete on average for this week. Iraq bought a large amount of wheat, some from the US, as it was their first purchase of the year. Exports for beans should drop off for a week or two as the Chinese Lunar New Year celebration starts next week. We are expected to see 4-6 inches of snow over the next day or so. The longer term forecasts are slightly warmer than they were last week, but still colder than normal.
This data and these comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. The risk of loss in trading futures and/or options is substantial. Each investor must consider whether this is a suitable investment. When trading futures and/or options, it is possible to lose more than the full value of your account.
Make us your homepage
Follow the steps below to make Farmers Coop Grain Co of Dalton automatically appear when you launch your browser and when you click the Home button:
Open the Edit menu and choose Preferences.
Select the Navigator category.
Choose Home page under Navigator starts with.
In the Home page section, type http://www.heritagegrain.com in the Location box.