A volatile session that saw a 20 cent trading range with corn shaking off a sharply lower overnight market. Overnight commodity markets were sharply lower on concerns about financial concerns in Dubai which in turn rallied the US dollar. As today’s session wore on there was a calm that returned to the stock and currency markets. The US dollar index gave up over 300 points of its 500 point rally from last night which in turn caused traders that sold commodities overnight and early this morning to cover in their shorts.
Spot gold tumbled more than 2 percent on Friday after hitting an all-time high near $1,195 an ounce the previous day, as the dollar bounced from 15-month lows against major currencies and worries about debt problems in Dubai prompted investors to trim their positions. The Dubai worries also pushed Asian equities and commodities
lower across the board.
Have a good Holiday Weekend
Chris Spurlock
Friday, November 27, 2009
Wednesday, November 25, 2009
Wednesday, November 25, 2009
Happy Thanksgiving! Our offices and elevators will be closed for Thanksgiving and will re-open Friday morning at 7:00 am.
Corn futures were firm overnight and this strength carried on throughout the day session. The corn market was able to snap a six day losing streak, as oversold condition and trend line support worked in concert with the lower dollar to boost prices. The US dollar index broke below recent lows to close at the lowest level since August of 2008, this action helped lead to another record high for Gold futures as they approach the $1,200 level.
Soybeans traded on both sides of unchanged, and the market did find support at $10.32-10.35 area for the second day in a row. It was strange to see beans struggle while corn and wheat were the upside leaders today but that may be attributed to traders taking profits on the long soybean-short corn trades that have been profitable so far this month. Volume was light in pre-holiday trade and sharp early losses were quickly erased. Volume overall was very light, leading to a choppy trade that had a hard time figuring out which direction to go.
Phil Farrell
Corn futures were firm overnight and this strength carried on throughout the day session. The corn market was able to snap a six day losing streak, as oversold condition and trend line support worked in concert with the lower dollar to boost prices. The US dollar index broke below recent lows to close at the lowest level since August of 2008, this action helped lead to another record high for Gold futures as they approach the $1,200 level.
Soybeans traded on both sides of unchanged, and the market did find support at $10.32-10.35 area for the second day in a row. It was strange to see beans struggle while corn and wheat were the upside leaders today but that may be attributed to traders taking profits on the long soybean-short corn trades that have been profitable so far this month. Volume was light in pre-holiday trade and sharp early losses were quickly erased. Volume overall was very light, leading to a choppy trade that had a hard time figuring out which direction to go.
Phil Farrell
Tuesday, November 24, 2009
Tuesday November 24th, 2009
A mixed bag for the grain markets today as corn and wheat were down hard on fund selling and weak fundamentals, while soybeans ended slightly higher on light fund buying and strong demand fundamentals.
Corn closed down 11 cents with Dec 09 at $3.76. Funds were estimated sellers of 9,000 contracts as a slightly stronger US Dollar and profit taking dominated the scene. With the upcoming holiday, traders looked to clean up positions for end of the month reports as many view Monday Nov 30th as the first of December. Harvest progress looks to be hampered over the next 2-3 days by wet weather, although total precip amounts don't look to be that great. A reminder to those producers with December basis contracts or December Hedge To Arrives, both contracts will need to be priced or rolled to the Mar 2010 futures month by Monday.
Soybeans managed to buck the trend set by virtually every other commodity and finish 4 cents higher today with Jan 2010 at $10.46. Soybean support continues to stem from an impressive export demand and domestic crush margins. With harvest basically wrapped up and the shortened holiday trading schedule, traders look for choppy sideways trade into the end of the week.
Scott Meyer
Corn closed down 11 cents with Dec 09 at $3.76. Funds were estimated sellers of 9,000 contracts as a slightly stronger US Dollar and profit taking dominated the scene. With the upcoming holiday, traders looked to clean up positions for end of the month reports as many view Monday Nov 30th as the first of December. Harvest progress looks to be hampered over the next 2-3 days by wet weather, although total precip amounts don't look to be that great. A reminder to those producers with December basis contracts or December Hedge To Arrives, both contracts will need to be priced or rolled to the Mar 2010 futures month by Monday.
Soybeans managed to buck the trend set by virtually every other commodity and finish 4 cents higher today with Jan 2010 at $10.46. Soybean support continues to stem from an impressive export demand and domestic crush margins. With harvest basically wrapped up and the shortened holiday trading schedule, traders look for choppy sideways trade into the end of the week.
Scott Meyer
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