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RSS By: Dustin Johnson

Dustin works with a wide net of large producers throughout the Midwest. His analytical market approach and objective hedge strategy development is specific to the needs of every individual.

EHedger Closing Grain Commentary 4/6/2010

Apr 06, 2010
Market Settlement Change Low High 
May corn 346 1/2  3/4 344.25 349.75
May wheat 463 1/2 10    448.75 470
May beans 944 1/2 8 1/2 932.75 944.75
May soymeal 263.10 1.90 260.5 263.8
May soyoil 39.77 0.42 39.03 40
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Grains closed higher on the day. Today’s action looked to be the result of short covering, especially in the wheat market which led the gains. Winter wheat conditions were 65% good to excellent vs. 43 % last year in the first crop progress report. Also, Iraq purchased a large volume of wheat, but most of the sales were from Russian and Canadian sources. This shows that US wheat still remains uncompetitive on the world market and that our abundant supplies need to be worked through. However, with funds holding record amount of short positions futures will still be subject to short covering rallies. We continue to recommend storing wheat and selling forward into the premiums. 
The focus on corn and soybeans has turned to weather and this Friday’s USDA supply/demand report. The expectations are for increased corn ending stocks and soybean ending stocks of 20-50 mil bu.  This is due to the 60 mil bu of soybeans found on the March 1 stocks.  The latest weather forecasts call for showers midweek and early next week with precipitation increased in the northwest Midwest. Yet, there have been reports of field work and corn planting since last Thursday. While the Midwest still has concerns over wet spots it does appear that we are off to a good start this year. If prices continue lower it will provide us with a unique opportunity, especially in corn, to sell puts against our insurance levels and sold bushels. This will lock in revenue should insurance pay at year’s end or help pay for your initial insurance premiums. Please call us with questions regarding this outlook.
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Trading commodity futures and options involves substantial risk of loss and may not be suitable for all investors. The market information contained in this message has been obtained from sources believed to be reliable, but is not guaranteed as to its accuracy or completeness. Market information may not be consistent with current or future market positions of E Hedger, its affiliates, officers, directors, employees, or agents. Recipients assume the risk of reliance on and indemnify and hold E Hedger harmless for any and all losses, costs, or tax consequences incurred as a result of their use of market information.
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COMMENTS (1 Comments)

Some comments state commodities lower on drop in crude yesterday. Crude has went from 80-86 the last few weeks. Price of commodities didnt go up but down on this price increase in crude. The dow jones the same way. A little disheartening as a producer. We will always have grains in this country. Its just a matter of how low at any given year do we feel is a fair price to be doled out to producers. I think this year were at border line prices with costs of inputs. We can do better or turn it over to government and start doling out more and more deficiency payments to make up for lack of market prices. Fed by some miniscule sales tax or raw product tax on products made from grains and milk. No more miniscule profit margin years when population explosion and food demand is in the horizon.
10:28 AM Apr 7th


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