Apr 23, 2014
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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 8-30-2011

Aug 30, 2011

Corn and beans finished stronger while wheat was lower.  December corn didn’t make new contract highs but finished up 5 ¼ cents at $7.75 ¼. November soybeans finished 10 cents higher at $14.57, and December wheat down 4 ¼ cents at $7.90 ¾. 

Despite yesterday’s bullish crop ratings data the market came into the day sharply lower.  We did have headlines talking about Ukraine expecting a record maize production this year of 18-20 Mill MTs, but this should have already been somewhat discounted in the market.  Despite starting out weak grains eventually found support starting with the beans and towards the end of the session corn made its way back higher.  Corn’s trendline resistance remains at about the $7.87 level for December.

Yield is still the major question and there is a wide difference of opinion still.  Yesterday crop progress lowered the corn rating by 3 percent, and the bean rating by 2%.  Until we get more definitive information from harvest the market could remain supported on production fears.  If corn yields are lowered from current guesses obviously we can still see this market take out the highs.  We like remaining in sustainable hedges and are cautious at these levels.

Chart 8.30.11

Best Regards,

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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