Wednesday Morning Comments - 02/22/2012 - Christine Poole, Co-Alliance Grain Merchandiser
The USDA has confirmed the sale of another 6.4 mb of new crop soybeans to China this morning. Export inspections on soybeans hit 38.4 mb , topping trade estimates. Southern Brazil and Northern Argentina saw good rainfall in the past 24 hours with more showers forecast into next week. Rainfall in South American combined with light profit taking hit the soy complex overnight. March Soybean futures support comes in at $12.46 today. CIF basis on the Gulf is down 11 cents from last week's high, river basis began to ease yesterday dropping 3-5 cents. Export inspections on corn came in at 34.8 mb, near the top of trade estimates. The USDA also announced a sale of 4.4 mb of old crop corn to unknown destinations. Yesterday the Dow moved above 13,000. Currently the Dow is up 4 points at 12,969 and Crude Oil is down .39 at 105.86.
Opening Call: Corn 2-4 Lower, Soybeans: 3-5 Lower.
Tuesday Morning Comments - 02/21/2012 - Christine Poole, Co-Alliance Grain Merchandiser
Soybeans hang onto overnight gains on the close this morning. March Soybeans closed up 1-3/4 at $12.69-1/4 after trading to an overnight high of $12.76. On Friday, Chinese trade delegation signed a deal to buy another 176.4 million bushels of U.S. Soybeans, bringing the total to 492.5 million bushels. Private Exporters have reported the sale of 250,000 mt of soybeans to China for 2012/13 crop year and the sale of 110,744 mt of Corn to unknown destinations this morning. Corn looks ready to open lower this morning. Traders appear to be waiting for word from the USDA's annual outlook conference which should come on Thursday or Friday. Export sales data will be released on Friday, February 24th. The Dow Jones Index is currently 45 points higher at 12,949.87 and Crude Oil is up 1.36 at $104.60.
Opening Call: Corn 4-6 Lower, Soybeans: 1-3 Higher.
Friday Morning Comments - 02/17/2012 - Christine Poole, Co-Alliance Grain Merchandiser
Grains look for a stronger open this morning after overnight markets were higher. Exporters in the Ukraine has agreed with the government to limit the wheat exports through July over concerns of the 2012 production. Egypt purchased 180 tmt of Soft Red Wheat from the U.S. Argentina's Ag Ministry estimates the corn production to be at 20.5 to 22 mmt and soybean production to be at 43.5 to 45 mmt, both lower than USDA estimates. Forecasts for South America show widespread rain for much of Argentina in the next few days and Brazil should receive some by mid week. Currently the Dollar Index is down .09 at $79.36.
Opening Call: Corn 3-5 Higher, Soybeans: 8-12 Higher.