With the blizzard in Washington D.C. over the weekend, harvest progress as of Sunday was delayed until today, below is a chart with estimates by the USDA of what acres are left in the field:
Colorado 19,000
Illinois 590,000
Indiana 109,000
Iowa 267,000
Kansas 77,000
Michigan 119,000
Nebraska 623,000
North Dakota 560,000
Ohio 31,000
Pennsylvania 62,000
South Dakota 552,000
Wisconsin 348,000
Total Acres 3,912,000 or 621,000,000 bushels!
Grain markets are being played around by technical traders as volume remains very light with moving averages being looked at to either find support or provide further fuel to selling opportunities. South America weather continues to be great which is pressuring soybeans as of late. I would like to wish everyone out there a Very Merry Christmas!
Scott Meyer
Tuesday, December 22, 2009
Monday, December 21, 2009
Monday, December 21, 2009
The season of low volume is upon us with two holiday shortened weeks to end the year. The corn market seemed to have some pretty good support for a while today with commodity fund orders pushing the market up $.07 at one time today. Once the round of buying was done however the market slowly gave up the gains before closing up $.02 for the day. The snowstorm that impacted the East coast closed all government offices today so the export inspections report and the crop progress reports have been delayed until Tuesday.
The soybean market spent most of the day weaker as weather in South America appears ideal and there are concerns that the a key Bio-diesel $1.00 per gallon tax credit will expire December 31 without renewal. Needless to say the credit in some form is needed for that particular industry to compete. Most traders expect it to either be extended or renewed after the first of the year with retroactive credits but there is concern nonetheless. The recent acres estimates by Informa for next year bean production have been a negative influence on beans in the past several days as it indicates a growth in acres that coupled with good growing conditions in South America could indicate that equilibrium prices for soybeans could start with a 9 instead of a 10.... There seems to be macro-economic influences that continue to support soybeans however so the ability to predict price direction from here continues to be difficult at best.
Phil Farrell
The soybean market spent most of the day weaker as weather in South America appears ideal and there are concerns that the a key Bio-diesel $1.00 per gallon tax credit will expire December 31 without renewal. Needless to say the credit in some form is needed for that particular industry to compete. Most traders expect it to either be extended or renewed after the first of the year with retroactive credits but there is concern nonetheless. The recent acres estimates by Informa for next year bean production have been a negative influence on beans in the past several days as it indicates a growth in acres that coupled with good growing conditions in South America could indicate that equilibrium prices for soybeans could start with a 9 instead of a 10.... There seems to be macro-economic influences that continue to support soybeans however so the ability to predict price direction from here continues to be difficult at best.
Phil Farrell
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