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EHedger Report

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 Afternoon Grain Commentary 11-8-2011

Nov 08, 2011

Grains finished strong with wheat leading the way.  December corn settled 7 ¼ cents higher at $6.60 ½, January soybeans up 3 ¼ cents at $12.05, and December wheat up 18 ¼ cents at $6.57.

Just like the day before the October Supply and Demand report we found some pre-report buying.  Chicago wheat had quite a bit of volume throughout the day, outpacing soybean volume.  We did see supportive outside markets to add to the strength as well.  Crude oil was up over $1.40 and the dollar down over 300.

Our report estimates are listed in the spreadsheet below.  We still think the market may be overestimating demand, and underestimating supply for corn.  We are still going with a 41.5 soybean yield which would be unchanged from the latest USDA report.  With such a large world wheat stocks number we expect it will continue to weigh on feed grain prices, especially the most expensive one-US corn.

At this point we will just have wait and see what the report says tomorrow morning.  We will have the results in the morning grain letter and automated morning phone call.  Please call in if you have any questions.

Chart 11.8.11

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EHedger

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Trading commodity futures and options involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources. 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 EHedger LLC, its affiliates, officers, directors, employees or agents.

 
 
 
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