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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.

Strong week for grains!

Oct 14, 2011

Grains closed higher with beans leading the way. December corn finished 1 ¾ cents higher at $6.40, November soybeans up 13 cents at $12.70, and December wheat up 4 ¾ cents at $6.22 ¾.

The weekly export sales data was favorable for corn today but beans have held the most support after the Supply and Demand report this week. With the US Dollar sharply lower and equity indices and energies sharply higher, grains had a lot of help from outside markets.

 

Export sales were as follows: 

                                                                         This year                                  Next year

Wheat                                                             483,600 MTs                            17,000 MTs

Corn                                                                1,258,900 MTs                         85,400 MTs

Soybeans                                                         672,400 MTs                           0.0 MTs

Informa released their acreage estimates this morning and are as follows:

Corn 93.1 million acres, down 1.2mil from Sept estimate, up 1.3 mil from 2011

Soybeans 77 million acres, up 1.2 mil from Sept estimate, up 2 mil from 2011

All wheat 57 million acres, up 385,000 from Sept estimate, up 2.6 mil from 2011

All cotton 12 million acres, unchanged from Sept estimate, down 2.8 mil from 2011


The commitment of traders report this afternoon shows the "Managed Money" slightly reducing their net short wheat position, and slightly reducing their net long corn and soybean positions. With demand picking up in corn this week we could see the liquidation slow down from the funds.

We still like reownership strategies in the January soybean options. Please call in for specific strike/prices. Have a great weekend!

 

Chart: December corn (keeps settling below the 200 day Moving Average)

Chart: November soybeans (coming well of oversold levels with major moving averages still well above these levels)

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Best Regards,

EHedger

866-433-4371

www.EHedger.com.

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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