October 22, 2010

Soybean Complex, Corn and Wheat Market Recap for 06-18-2010

By Planet Wealth

pstrongCorn Market Recap for 6/18/2010 /strong/p
pJuly Corn endednbsp;up 3 1/4 at 360 3/4, 3 1/2 off the high and 5 up from the low.nbsp; December Corn closed up 2 1/4 at 380 1/2. This was 4 1/4 up from the low and 4 1/4 off the high./p
pIn conjunction with rallies in soybeans, wheat and gold, December corn went higher today.nbsp;nbsp;The early surgenbsp;was credited to ideasnbsp;that weather in the Midwest may be hotter than previouslynbsp;expectednbsp;over the next week and that the 90-degree plus coverage may extend farther north than previouslynbsp;expected. But, this system is expected to trigger many thunderstorms in the Upper Midwest into next week with somewhat more general rains again hitting the western Corn Belt. Todays gains took the December contract to its highest level since May 28th, although the market fell small of the 100-day moving average. Traders will be watching crop weather in the US and in China over the weekend. One analyst noted that the recentnbsp;rally has also been buoyednbsp;by a series of strong weekly export sales totals. Weekly sales have been above 1 million tonne mark on 9 out of the past 11 weekly reports. Argentinas Ministry of Agriculture raised its projectionnbsp;of 2009/10 corn production to 22.7 million tonnes from its previous projectionnbsp;of 21.0 million./p
pstrongWheat MarketCommentarynbsp;for 6/18/2010 /strong/p
pJuly Wheatnbsp;closed down 1 at 461 3/4, 8 1/4 off the high and 3 up from the low. December Wheatnbsp;finished unchanged at 508 3/4. This was 2 3/4 up from the low and 8 1/4 off the high./p
pDecember wheat traded mostly lower overnight before rallying to higher on the day into early mid session and again into late morning. Traders said that fund buying and small covering by other specs ahead of the weekend helped to spark todays rally along with the continued supportive effect from wet weather and lost acreage in Canada. Today Argentinas Agriculture Ministry released various crop datanbsp; including its planted area for the 2010/11 wheat crop. It raised its initialnbsp;wheat area to 4.4 million hectares from a priornbsp;projectionnbsp; of 3.52 million. KC and Minneapolis wheat gained on Chicago today with traders crediting gains to the wet weather in Canada along with a surge in export sales for spring and hard red winterwheat on the USDAs latest Export Sales report. A recent slowdown in the hard red winter wheat harvest may have also lent some background support according to one analyst, although harvest is resuming in Kansas today./p
pnbsp;/p
pstrongSoybean Complex Market Commentarynbsp;for 6/18/2010 /strong/p
pJuly Soybeansnbsp;closed up 9 at 961, 8 1/2 up from the low and 1/4 off the high. November Soybeans finishednbsp; up 5 1/2 at 930 1/2. This was 5 1/2 up from the low and 4 1/2 off the high./p
pNovember soybeans went higher overnight and then extended its gains to start the day session. This took the November contract above the 100-day moving average for the second day in a row with the November contract trading at the highest level since May 24th this morning in the process. Traders credited the gains to weather, evening-up ahead of the weekendnbsp;and a go to a new all-time highs by gold. The weather tale revolves mainly around heat, with 90 degree plus temperatures pushing well into the north central Corn Belt today as expected. The hottest weather is expected to linger over most of the Midwest over the next week, with the 90-degree temperatures occasionally retreating from the northern Midwest. That is expected to spark regular thunderstorm activity, which could help to mitigate the high temperatures. One analyst noted that soybeans are still far from their critical flowering stage and they have an ability to recuperate from a excellent deal of early heat stress. Argentinas Agriculture Ministry raised its estimate of its 2009/10 soybean crop to a new record of 54.0 million tonnes, up from their previous estimate of 53.5 million./p
pJuly Soybean Oil finished down 0.13 at 37.92, 0.38 off the high and 0.06 up from the low./p
pJuly Soymeal closed up 3.4 at 289.4. This was 3.5 up from the low and 0.1 off the high./p
pJuly Rice finished down 0.03 at 11.005, equal to the high and 0.035 up from the low./p
pJuly Oats closed up 1 3/4 at 263. This was 5 1/2 off the high and 10 3/4 up from the low./p
pa href=https://www.commodityandderivativeadv.com/ target=_blankAndynbsp;Waldocknbsp;/acirculates this blog.nbsp;nbsp;Andy Waldock is a asset manager, trader, analyst and broker.nbsp; Therefore, Andy Waldock may have positions for himself, his family, or his clients in any market discussed.nbsp;The blog is meant to develop a dialoguenbsp;and educatenbsp;those with an interest in the commodity markets. The a href=http://www.futuresmarkethours.com/ target=_blankcommodity markets /amay not be appropriatenbsp;for all investors due to the high degree of leverage.nbsp;Investing in the futures could result in considerable risk./p
pThe daily commentaries provide a recapnbsp;of any reports released that day, a recap of each a href=http://www.cotsignals.com/ target=_blankcommoditys traded price activity/a, an analysis of the factors that influenced price activity, and a look ahead at the schdule for the next day.nbsp;nbsp;CME Group provides market commentaries for wheat, soybeans, corn,nbsp;gold and silver./p
pnbsp;/p

Topics: Uncategorized | No Comments »

Comments

« | Home | »