Thursday Opening Comments - 09/02/2010 12:00 AM - Christine Poole, Co-Alliance Grain Merchandiser
Corn is seen as consolidating today after yesterday’s rally. Exports on Corn came in at 1.405 mmt compared to trade estimates of 1.0-1.3 mmt. Wheat exports were also good this morning at 1.02 mmt compared to trade estimates of 750 – 950 tmt. Soybean exports were less than anticipated at 613.9 tmt, traders estimated 700-900 tmt. Soybeans should start the day a little firmer with ongoing concern over yields from hotter, drier weather. The Dollar is slightly lower this morning and the Dow is higher at 10,279, up 10 point currently. Opening Call: Corn 1-2 Lower, Soybeans: 3-5 Higher, Wheat: 5-8 Higher.
Wednesday Opening Comments - 09/01/2010 12:00 AM - Christine Poole, Co-Alliance Grain Merchandiser
Grain markets rose overnight with continued concern over tight supplies in soybeans and renewed fund buying. Outside markets are supportive this morning with the Dow currently up 119 points at 10,133 and Crude Oil at 72.92, 1 higher. 6-10 Day Weather shows above average temperatures and below average rainfall for much of the Midwest. Soybean basis levels are starting to widen as harvest starts to gain steam. Opening Call: Corn 3-6 Higher, Soybeans: 2-4 Higher, Wheat: 8-12 Higher.
Tuesday Morning Comments - 08/31/2010 12:00 AM - Christine Poole, Co-Alliance Grain Merchandiser
Overnight Soybean futures slipped after traders were surprised by the 3% increase in crop conditions. There were no deliveries of soybeans or soybean meal this morning. Soybeans should open lower again this morning after a bearish reversal on the charts yesterday. Corn was lower on the board overnight with lack of support from outside markets and lack of fund buying. 890 corn contracts were put out for delivery on first notice day. Corn conditions dropped 1% from excellent to good category in the crop condition report yesterday. The USDA just announced a 100,000 tonne sale of U.S. Corn to unknown destination for the new crop marketing year. Russian wheat sowing is noted at only half the usual planted acreage for this time of year with extreme dryness being a major factor. Opening Call: Corn 2-4 Lower, Soybeans: 5-8 Lower, Wheat: 2-4 Lower
Monday Morning Comments - 08/30/2010 12:00 AM - Christine Poole, Co-Alliance Grain Merchandiser
Weather concerns are pushing the market higher this morning with Soybean traders focusing on the excessive heat in the Midwest and Wheat traders watching the dryness in Argentina and wet weather in Europe. Corn continues to follow wheat as weather concerns still grip the market. Corn traders are anxiously awaiting more yield results as funds hold a 771,900 corn contracts. A recent Reuters poll of 16 grain analysts pegged the average yield at 163.7 bushels. Opening Call: Corn 4-7 Higher, Soybeans: 5-8 Higher, Wheat: 10-15 Higher.
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