Wednesday Opening Comments - 07/28/2010 12:00 AM - Christine Poole, Co-Alliance Grain Merchandiser
Reports that the Russian wheat exports could be cut in half due to severe drought have triggered a rally in the wheat market. Overseas European markets hit new highs in wheat overnight. The Mississippi River reopened to one way traffic overnight after a barge accident caused a toxic spill north of Memphis. The delay is not forecasted to have any major effect on Corn and Soybean movement unless the cleanup efforts last a while. NOAA 6-10 day weather outlook still shows above normal rainfall and temperatures for much of the Midwest. Opening Call: Corn 4-6 Higher, Soybeans: 4-7 Higher.
Tuesday Morning Comments - 07/27/2010 12:00 AM - Christine Poole, Co-Alliance Grain Merchandiser
Corn should open stronger this morning finding support from upbeat outside markets. Export inspections for Corn were good at 42.4 million bushels. Yesterday’s crop progress report shows corn at 84% silking compared to 70% on average. The report also showed soybeans at 75% of the crop blooming and 35% setting pods, a slight deterioration of crop ratings were noted in Missouri and Illinois due to excessive rain and heat. The USDA has announced an 8.3 million bushel new crop bean sale to China. Weather outlook shows heat and rain for much of the Midwest in the 6-10 day forecast. Opening Call: Corn: 3-6 Higher, Soybeans: 5-7 Higher
Monday Opening Comments - 07/26/2010 12:00 AM - Christine Poole, Co-Alliance Grain Merchandiser
Grains should open lower this morning on favorable crop weather. Overnight Corn and Soybeans were unable to hold last week’s rally, December Corn closed down 2 this morning at $3.82-1/2 and November Soybeans were 7-1/4 lower at $9.74-1/4. Traders expect today’s crop progress report to be unchanged from last week’s report on corn and beans. Outside markets are lower this morning with Crude down .80 at $78.17 and the Dollar index .12 lower at $82.50. Opening Call: Corn 2-4 Lower, Soybeans: 6-10 Lower.
Friday Opening Call - 07/23/2010 12:00 AM - Christine Poole, Co-Alliance Grain Merchandiser
Grains should try for a steady open this morning after yesterday’s rally attempt failed on the close. The USDA has confirmed that private exporters have reported a sale of 175,500 tons of soybeans to China for the 2010/11 crop year. Overseas wheat is fairly flat this morning with London .25 higher. The official 6-10 day outlook calls for more warm, wet weather for much of the Midwest. Some heavy rain has been noted north of I-80 with localized flooding. Housing data was better than expected yesterday and gave confidence to Wall Street investors. Crude oil is lower this morning on profit taking. Opening Call: Corn steady to 1 higher, Soybeans: 1-2 Lower.
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