Up Overnight on EU Fund Hopes
Nov 28, 2011
· Grains sharply higher overnight in sympathy with strong outside markets; Major commodities including crude, gold, silver up sharply; Equities sharply higher with $US down
· Major financial markets clearly anticipating some progress towards a euro zone bail-out fund this week
· State Grain Admin in China has confirmed that the country has started stockpiling soybeans from farmers to last through April
· E. Australian wheat growers have been hit by almost 8 inches of rain during the last 7 days, with forecasts for more this week, threatening what had looked to be a very good crop
· CFTC COT report delayed until this afternoon; Export Sales this morning at 10am CST; Crop Progress today at 3pm CST
· Harvest still dragging in the eastern Corn Belt; Many corn growers in Ohio still have 20% or more of their crop in the field due to wet conditions
Grains up overnight due mainly to outside markets. Today and tomorrow will be a good test to see if the markets can hold up without any news specific to ag markets. Keep an eye on the COT report this afternoon. Keeping track of fund movement is an important piece to the puzzle.
Straits Financial does futures/options business for farms, feedlots, elevators and processors. Call Joe Vaclavik today at (312) 462-4438 for more information.