EHedger Afternoon Grain Commentary 12-30-2011
Dec 30, 2011
Corn, Soybeans, and Wheat all saw significant gains in today’s trading session with Soybeans leading the way. Dry weather conditions out of South America continue to support the grain markets heading into the long holiday weekend. March Corn settled 8 ½ higher at 6.46 ½. March Soybeans settled 10 ¾ higher at 12.07 ¾ . Wheat settled 7 ½ high at 6.52 ¾. Forecasts have reduced the amount of anticipated rainfall over the weekend for parts of Southern Brazil. Argentina’s near term forecast remains mild and dry. Argentina isn’t expected to receive significant precipitation for 12-15 days.
This morning's USDA Weekly Export sales were somewhat disappointing for corn at 318k MT. Soybean export sales were in line with most estimates at 662k MT. Wheat exports were in line as well at 431k MT.
The next major USDA report will be released January 12th at 7:30am. This report will involve grain stocks, supply/demand and production, and also winter wheat seedings. We will be releasing our estimates for this report in the next week or so. Our major suggestion is that everyone gets in touch with their broker to go over our current recommendations and also be sure that AMMO is updated so that we are well positioned for this critical report.
There will be no overnight trading session over the weekend. Trading hours will resume on Tuesday morning at 9:30 a.m. Please call your broker with any questions regarding the holiday trading schedule.
EHedger hopes you had a wonderful 2011 and looks forward to a great 2012. Happy New Year!
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