Thursday Opening call - 03/11/2010 12:00 AM - Christine Poole, Co-Alliance Grain
Export sales were dismal this week with corn exports at 338.6 TMT compared to last week’s total of 761.4 TMT. Soybeans were much worse this morning with exports at -115.8 TMT reported on exports due to China and Unknown destinations cancelling over 260 TMT. Yesterday’s USDA report is still foremost in trader’s minds as the open looms this morning. Corn was reported to have a larger domestic and world supply than previously thought. Domestic Carryout for corn was reported at 1.799 Billion Bushels and World Corn Carryout came in at 140.20 Million Tonnes. Chart support for the May Corn contract comes in at $3.51. South American Soybean harvest is reported at 25% harvested. Argentina and Brazil are expected to have some light rain next week. Opening Call: Corn 3-6 Lower, Soybeans 2 to 4 Lower.
Wednesday Morning Comments - 03/10/2010 12:00 AM - Christine Poole, Co-Alliance Grain
USDA report released this morning is negative on Corn and Wheat. Corn is showing a larger domestic carryout, 1.799 billion bushels in comparison with average trade guess of 1.720 bb. World supply on Corn has also increased from 134.04 million tones on the February report to 140.20 million tones. Soybeans are showing a tigher supply than originally thought. The U.S. Soybean Carryout came in at .190 billion bushels vs trade estimates of .194 billion bushels. Opening Call: Corn 3 to 5 Lower, Soybeans: mixed to 3 higher.
Tuesday, Opening Call - 03/09/2010 12:00 AM - Christine Poole, Co-Alliance Grain
Outside markets are weighing heavily on Corn this morning as the Dollar is firmer and Crude oil is lower. Overnight May corn traded lower finishing at $3.71-1/4. May Soybeans ended at $9.41-1/4, down 6-3/4. Traders are focused on consolidation ahead of tomorrow’s USDA report. A poll of industry analysts expects the USDA to cut the size of the 2009 corn crop by 70 million bushels after resurveying growers in some states where corn harvest was delayed. The average trade guess for tomorrows Soybean carryout is projected at 195 million bushels, vs. the current estimate of 210 million bushels. Argentina’s soybean production has increased by 1.0 million tones which would make Argentina’s total production 53.0 million tones vs. last year’s crop of 32.0 million tones. Opening Call: Corn 3-4 Lower, Soybeans 5 – 6 Lower
Monday's Opening Call - 03/08/2010 12:00 AM - Christine Poole, Co-Alliance Grain
Expect to see short covering today ahead of Wednesday’s USDA report. Corn volume was better on Friday, reaching 195,000. According to the Commitment of Traders report, Hedge funds added approximately 25,000 contracts to their net long position in corn. Soybeans may open a little stronger this morning, as outside markets are supportive this morning. Opening Call: Corn 1-2 Higher, Soybeans 3-5 Higher.
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