Thursday Morning - 11/20/2008 12:00 AM - Luke Minich, lukem@co-alliance.com, 800-439-1390
Grain fell hard last night taking direction from yesterday's late plunge in equity prices, a stark reminder that were not out of the woods yet. March corn futures need to hold $3.78 while Jan beans need to hold $8.72 or both will face additional selling pressure from trend followers. I'm trying not to panic but the outside markets are making in tough.
Early Call, Corn - 5 to 10, Beans - 10 to 20.
Wednesday Morning - 11/19/2008 12:00 AM - Luke Minich, lukem@co-alliance.com, 800-439-1390
Corn and Beans had a quite night graining 1 and 5 respectively. As we get closer to the open the US$ is under severe pressure and that could be enough to propel us to a very good day.
Late Call, Corn +7-12, Beans +10-20.
Tuesday Morning - 11/18/2008 12:00 AM - Luke Minich, lukem@co-alliance.com, 800-439-1390
Corn gave back 5 cents last night of the 6 we gained yesterday, even still we are 12 cents higher over the last 5 days. This slow crawl higher is like watching paint dry, but it's better than the alternative. Export inspections released yesterday (a very lagging indicator) confirm what the market fears most, demand for corn has not resurfaced. We have only had two weeks this marketing year that have been above what we need to average on a weekly basis to make the USDA's target.
Beans gave back 9 of the 10 cents we gain yesterday and are effectively unchanged over the past 5 days. Soybean demand (crush and exports) look impressive but with the macro-economy under pressure beans are having trouble gaining traction.
Early Call, Corn -2 to 4, Beans -6 to 8.
Monday Morning - 11/17/2008 12:00 AM - Luke Minich, lukem@co-alliance.com, 800-439-1390
Corn trade up 5 and down 5 last night before settling at unchanged. Beans trade a dime to both side but closed down 4. There's not much news and it really feels like we're stuck in a rut. Informa Economics issued their latest forecast for next years acres, looking for a small increase in corn, a good increase in beans and cuts to wheat and cotton.
Early Call, Corn +/-5, Beans +/-10.
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