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
Saturday, November 21, 2009
Steward Announcement
A note for all of our customers:
On Wednesday November 25th our elevator in Steward will be joining our local area farmers in supporting a harvest event for the Govig family. Members of the community have come together to harvest the families crop in one day. Elburn Cooperative will be cooperating to be sure we get this volume of corn dumped in a timely manner. Please be aware we will be placing a priority on getting this corn elevated in our facility.
On Wednesday November 25th our elevator in Steward will be joining our local area farmers in supporting a harvest event for the Govig family. Members of the community have come together to harvest the families crop in one day. Elburn Cooperative will be cooperating to be sure we get this volume of corn dumped in a timely manner. Please be aware we will be placing a priority on getting this corn elevated in our facility.
Friday, November 20, 2009
Friday, November 20, 2009
The corn market seemd to suffer from a lack of interest today. There was pressure from a firm dollar index which actually closer higher for the week for the first time in three weeks. The weak export sales report from yesterday didn't help matters despite the announcement today of a 480,000 ton sale of corn to Mexico for 2009/10 and 275,000 tons for next year. The expected clear weather for the next several days should allow for a good harvest window heading into the Thanksgiving window. We all seem to be waiting for the shoe to drop on the fundamental side with U.S. corn currently overpriced compared to competitors and livestock profitability continuing weak.
The bean market doesn't seem to care about the problems of the corn market, export sales are up 59% for the year, soybean meal sales are up 68% with Chinese demand continuing brisk so far this year. For the day commodity funds were good buyers of beans at 4,000 contracts helping to push beans up $.60 for the week with the January contract now at the highest level since August. Good prices? We certainly have seen a lot of interest near the $10.00 from local producers.
Phil Farrell
The bean market doesn't seem to care about the problems of the corn market, export sales are up 59% for the year, soybean meal sales are up 68% with Chinese demand continuing brisk so far this year. For the day commodity funds were good buyers of beans at 4,000 contracts helping to push beans up $.60 for the week with the January contract now at the highest level since August. Good prices? We certainly have seen a lot of interest near the $10.00 from local producers.
Phil Farrell
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