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October 2011 Archive for Market Watch

RSS By: Alan Brugler, AgWeb.com

Alan Brugler is the President of Brugler Marketing & Management, and the primary analyst and advisor.

The Euro and Dollar Connection

Oct 28, 2011

Brugler

Market Watch

October 28, 2011

The Euro and Dollar Connection

 

The dollar dropped hard this week vs. most of the major currencies. The European crisis abated with some decisions made on how to handle Greek sovereign debt, allowing a huge pop in the euro. Even the Chinese yuan was allowed to rise against the dollar to levels matching those of early October. Dollar weakness is always ‘compared to what?’ but the focus was shifting at least temporarily back to the Congressional super committee and its lack of progress in debt reduction talks. Higher oil prices also argued for a bigger US trade deficit next month despite declining gasoline consumption.

Corn was up another 5 ¾ cents for the week. Ethanol production rose for the most recent week, which of course means a greater need for cash corn to grind. Ethanol plants need to run flat out through the end of the year, and are bidding aggressively in the cash corn market to get late harvest bushels coming out of the field to come to the plant rather than the farm storage. Their task has been made easier by a drop in export sales last week. The livestock feed use picture is mixed, with the broiler industry still cutting back egg sets and chick placements until it can force chicken breast prices higher (to something north of the cost of production). Cattle numbers are up, and so are hogs, but they are using more DDGS than a year ago, and maybe a little more wheat.

 

 

Commodity

 

 

 

 

Weekly

Weekly

Month

10/07/11

10/14/11

10/21/11

10/28/11

Change

% Change

Dec

Corn

6

6.4

6.4925

6.55

0.0575

0.89%

Dec

CBOT Wheat

6.075

6.2275

6.32

6.445

0.1250

1.98%

Dec

KCBT Wheat

6.845

7.075

7.23

7.38

0.1500

2.07%

Dec

MGEX Wheat

9.195

8.925

9.1925

9.205

0.0125

0.14%

Nov

Soybeans

11.5825

12.7

12.1225

12.17

0.0475

0.39%

Dec

Soybean Meal

304.3

327.6

316.5

317.5

1.0000

0.32%

Dec

Soybean Oil

49.32

53.54

51.25

51.77

0.5200

1.01%

Oct

Live Cattle

121.975

121.65

121.925

120.95

0.9750

0.80%

Nov

Feeder Cattle

142.35

144.425

142.725

141.1

1.6250

1.14%

Dec

Lean Hogs

89.4

90.075

89.65

86.675

2.9750

3.32%

Dec

Cotton

101.98

101.94

97.1

104.37

7.2700

7.49%

Dec

Oats

3.21

3.4

3.37

3.3625

0.0075

0.22%

Nov

Rice

15.625

16.625

16.405

16.74

0.3350

2.04%

 

All three wheat exchanges were higher for the week. Minneapolis was the weakest after being the strongest last week, due to inter-market spreading. KC posted the largest gain at 2.07%, due to ongoing drought in the Plains. Chicago was also firmer due to likely permanent planting delays in Ohio.  Egypt continues to buy Russian wheat, with this week’s purchase $6.50/MT cheaper as the Ukrainians came back into the market. US wheat was not offered in that tender, as it is not competitive.  Winter wheat crop condition ratings in the States are poor, but there is also not a very good correlation between fall ratings and spring final yields.

Soybeans eked out a 0.39% gain in the November contract. Liquidation of positions was the name of the game, with November going into delivery notices on Monday. OI had declined to 35,000 contracts as of Friday morning. USDA Weekly Export Sales were a low 254.6 MT, the lowest weekly number since June. China appears to still be buying Brazilian cargos on dips. They need to buy 40 million bushels per week from somebody, but the overhang of Brazilian supplies is limiting US bookings. So is the lack of berth space in the PNW, where the US has a freight advantage.

Cotton had a huge up week, gaining 7.49% for the week. Stronger weekly export sales get a lot of the credit, with December futures up the 400 point limit on Thursday. A sharp drop in the dollar aided the bounce in cotton prices, and rising equity markets suggested a little more wealth effect spending by consumers. Actually, retail sales haven’t been that bad, but retailers are also being very cautious about inventory for the holiday season. . Pakistan trimmed its production estimate to 12.22 million 170kg bales, down about 6% from previous estimates. Egypt issued a temporary import ban on cotton until it uses up local stocks.

Cattle futures lost 97 cents for the week in the nearby October, which expires on Monday but also tracks the cash market the closest. Cash cattle prices were $1-2 higher than the previous week, with the bulk of the trade at $121-123. The market ignored the bearish cattle on feed report for the most part, although the lower close for the week fit the fundamentals we knew at the start of the week. Prices were supported by a strong weekly beef export sales total of 20,900 MT. That came after a series of weeks with 13 thousand tonne bookings. Wholesale prices reacted to the export interest, and that ultimately allowed packers to pay up. Weekly slaughter was 3,000 head larger than last year for the same week.  Due to lower estimated carcass weights, beef production was up 0.2%.

Lean Hog futures sank 3.3% this past week. Traders bought the rumor and sold the fact of McDonald’s national roll out of the McRib sandwich, which will be available through November 14th. That explained some of the strength in pork prices during October, but also suggests less domestic demand once the program ends. Export interest remains strong, aided by the weakness of the US dollar. Pork carcass cutout values were down 2.39% for the week. Pork production for the year to date is up 1.1%, but this past week production was 1.7% smaller than in the equivalent week in 2010.  Estimated carcass weights were 3# lighter.

Call in consulting service with Alan is available for a limited number of new customers in our Ag Marketing Professional Premium package. Call our office for details on either service at 402-289-2330. 

Market Watch:  Monday will mark first notice day for November soybean, rice and canola futures. October cattle will also expire on Monday. The USDA Crop Progress report is declining in relevance, with the bulk of the US crops in the bin. There will be a focus on winter wheat planting progress and to a lesser degree the crop condition ratings for winter wheat. There will be a Fed FOMC meeting on Tuesday and Wednesday, which always has the potential for something market moving to come out of it. USDA will report the usual weekly Export Sales on Thursday morning.  Friday will mark the last trading day for November serial options in live cattle and the US dollar index. The USDA crop reports aren’t until the following Wednesday, November 9.

There is a risk of loss in futures and options trading.  Such trading is not appropriate for all individuals. Past performance is not necessarily indicative of future results.  Comments made in this article are in no way to be seen as an endorsement of futures and options trading. Reproduction or rebroadcast of any portion of this article without written consent of Brugler Marketing & Management LLC is strictly prohibited.  Call 402-697-3623 for information on our individualized subscription and consulting services.

 

 Copyright 2011 Brugler Marketing & Management, LLC

Whither Goest the Economy?

Oct 21, 2011

Brugler

Market Watch

October 21, 2011

Whither Goest the Economy?

 

The US stock market hit a 4 week high, and at mid-week 70% of the companies reporting earnings were beating the analyst estimates on profits. Companies important to ag, such as railroads and trucking companies were showing strong earnings and rising volumes. At times the media make it look like we’re in another recession, but the numbers don’t say that. They point to slow growth, which is a better environment for commodity consumption. The wild card is still Europe, the crisis that keeps on giving. Chinese growth is slowing, but of course that is exactly what they have been trying to accomplish! They were in a bubble, and they knew it. And if you are reading this, the world didn’t end on October 21st as predicted (again since he was wrong in May) by Mr. Camping. Thus, we better look at commodity prices!

Corn was up 9 ¼ cents for the week, a 1.45% gain and the third week in a row with a higher close. Prices continue to attract foreign buyers, with USDA reporting weekly export sales of more than 1.8 MMT on Thursday morning. This was the third week in a row with net new sales over 40 million bushels. Cumulative commitments are now 4.9% larger than they were a year ago at this time. The cash market continues to show very firm basis bids, with producers rejecting prices that are still more than $1.20 below where they were at the end of August. Ethanol production rose for the most recent week, which of course means a greater need for cash corn to grind. Ethanol margins have been squeezed a bit but are still positive for most if not all plants.

 

 

Commodity

 

 

 

 

Weekly

Weekly

Month

09/30/11

10/07/11

10/14/11

10/21/11

Change

% Change

Dec

Corn

5.925

6

6.4

6.4925

0.0925

1.45%

Dec

CBOT Wheat

6.0925

6.075

6.2275

6.32

0.0925

1.49%

Dec

KCBT Wheat

7.04

6.845

7.075

7.23

0.1550

2.19%

Dec

MGEX Wheat

8.9225

9.195

8.925

9.1925

0.2675

3.00%

Nov

Soybeans

11.79

11.5825

12.7

12.1225

0.5775

4.55%

Dec

Soybean Meal

308.6

304.3

327.6

316.5

11.1000

3.39%

Dec

Soybean Oil

50.21

49.32

53.54

51.25

2.2900

4.28%

Oct

Live Cattle

122.15

121.975

121.65

121.925

0.2750

0.23%

Oct

Feeder Cattle

140.525

139.625

139.9

139.4

0.5000

0.36%

Dec

Lean Hogs

87.8

89.4

90.075

89.65

0.4250

0.47%

Dec

Cotton

100.19

101.98

101.94

97.1

4.8400

4.75%

Dec

Oats

3.28

3.21

3.4

3.37

0.0300

0.88%

Nov

Rice

15.95

15.625

16.625

16.405

0.2200

1.32%

 

All three wheat exchanges were higher for the week. Minneapolis was the strongest, up 3%. Export sales have slowed, and cumulative shipments are now lagging last year. That’s to be expected, with Black Sea wheat crowding out US wheat in the Egyptian tenders. Last year the US was getting some of that business because Russia was out of the export market. The US is still making sales, and in fact SRW is doing well compared to year ago. KC wheat rallied due to dry weather forecasts and HRW planting delays. Some areas have seen welcome moisture, but not enough to break the drought in the Plains. SRW plantings are also being delayed in the ECB. The problem there is too much moisture, with producers having a slow time getting the soybeans out of the field. While some producers plant wheat after corn, most plant after soybeans so that they don’t have to deal with the cornstalk trash.

Soybeans lost 4.5% for the week, giving back a big chunk of their rally out of the harvest low. It is tough to rally the beans when both the meal and oil products created from those beans were losing ground. Soybean meal dropped 3.4% for the week, due to competition from DDGS supplies as ethanol plants ramped up production. Soy oil was also lower. South American soybean planting is underway, under mostly favorable conditions at the moment. La Nina concerns are hovering over the market. US soybeans are competitive to the key Chinese market out of the PNW, but berthing space appears to be maxed out until the end of November. The US is less competitive out of the Gulf (vs. Paranagua), needing basis or futures to back off.

Cotton was down a huge 4.75% for the week. So much for the quiet week preceding this one! Exports are still the problem. While weekly export bookings are now consistently positive they’re not huge. The good news is that total export commitments through October 13 are 61% of USDA’s revised estimate for the year, while the 5 year average is only 47%. There is a little room for coasting before sales need to pick up in order to meet USDA forecasts for the year. Many end users don’t need to buy because they are already covered. Higher global stocks are also limiting buying interest at the moment.

Cattle futures were up a sparse 27 cents for the week, just about erasing the loss from the previous week. Cash cattle prices were $2 higher than the previous week, with the bulk of the trade at $120-121 although a few transactions were as high as $122.50. The Friday afternoon USDA Cattle on Feed report showed a few more cattle in the feedlot than the trade had expected. The October 1 On Feed number was the second largest since 1996, at 104.86% of last year. Placements were 100.6% of last year, with light cattle continuing to flow into the feedlots because of the lack of grass and high cost of hay. September marketings were 100.6% of last year.

Lean Hog futures were down 42 cents for the week. Wholesale prices saw the pork carcass cutout value top the $100 mark, a contra-seasonal move higher that likely caught some retailers short on inventory. Weekly export sales reporting for pork is still at least 4 months away, and likely longer. Strong export interest appears to be behind the strength in the pork, and in what packers can pay for the hogs. Domestic consumers are buying less pork, but paying higher money for it, so demand is still solid. Estimated pork production for the week was 2.3% smaller than last year for the same week. The main reason is that estimated weights are about 3 pounds lighter.

Looking to enhance your existing Ag Marketing Professional subscription? Add free futures market quotes sent to your cell phone via our Market Monitor service.  Call in consulting service with Alan is also available for a limited number of new customers in our Ag Marketing Professional Premium package. Call our office for details on either service at 402-289-2330. 

Market Watch:  We start the week reacting to surprise positions inherited by traders as part of the November options expiration on Friday. The most intense fight was for the Nov 650 corn strike price. The 650 calls ended up being worthless, but were worth 15 cents at one point during the day on Friday. You gotta know when to hold ‘em and known when to fold ‘em! This will be a fairly tame week, report wise. We have the usual USDA weekly reports, such as the Export Inspections, Crop Progress (Monday) and Export Sales (Thursday). October feeder cattle expire on the 27th, but October live cattle don’t go off until the following Monday, October 31.

There is a risk of loss in futures and options trading.  Such trading is not appropriate for all individuals. Past performance is not necessarily indicative of future results.  Comments made in this article are in no way to be seen as an endorsement of futures and options trading. Reproduction or rebroadcast of any portion of this article without written consent of Brugler Marketing & Management LLC is strictly prohibited.  Call 402-697-3623 for information on our individualized subscription and consulting services.

 

 Copyright 2011 Brugler Marketing & Management, LLC

Volatility Is Still here

Oct 14, 2011

Brugler

Market Watch

October 14, 2011

Volatility Is Still Here

 

Traditionally, price volatility in the ag commodities peaks in the summer and declines in the fall and winter. The crop sizes become better known, and demand components tend to shift more slowly. It sure doesn’t look like the market is any hurry to go to sleep this fall. We had the first ever 40 cent limit up move in corn on Tuesday, and it was even the day BEFORE the USDA report. Soybeans were up more than 50 cents per bushel. The markets are still on pins and needles about demand, and rumors of big Chinese or other international buying get things moving. You can’t overlook the impact of the big speculative traders, either. Asset allocation selling at the end of the third quarter pressured prices, but buying since the beginning of the 4th quarter has boosted a wide variety of markets.

Corn was up 6.7% this week, a 40 cent gain that basically all occurred on Tuesday. The USDA crop report on Wednesday morning was bull friendly in the production side, with reduced harvested acres as USDA incorporated the prevent planting data from FSA into their surveys. The ending stocks estimate rose, however, due to yet another cut in projected 2011/12 exports and the residual effects of old crop carryover being revised upward to 1.128 billion bushels. Projected exports are now 1.6 billion bushels, the lowest since 2002 if realized. On the bullish side, weekly export sales the past two weeks have responded quite nicely to the price decline. Sales in the week ending October 6 were 1.344 MMT, about 300 thousand tonnes above the trade estimates.

 

 

Commodity

 

 

 

 

Weekly

Weekly

Month

09/23/11

09/30/11

10/07/11

10/14/11

Change

% Change

Dec

Corn

6.385

5.925

6

6.4

0.4000

6.67%

Dec

CBOT Wheat

6.4075

6.0925

6.075

6.2275

0.1525

2.51%

Dec

KCBT Wheat

7.3125

7.04

6.845

7.075

0.2300

3.36%

Dec

MGEX Wheat

8.51

8.9225

9.195

8.925

0.2700

2.94%

Nov

Soybeans

12.58

11.79

11.5825

12.7

1.1175

9.65%

Oct

Soybean Meal

326

304.7

300.1

328.4

28.3000

9.43%

Oct

Soybean Oil

52.4

49.95

49.07

53.2

4.1300

8.42%

Oct

Live Cattle

116.825

122.15

121.975

121.65

0.3250

0.27%

Oct

Feeder Cattle

134.825

140.525

139.625

139.9

0.2750

0.20%

Oct

Lean Hogs

88.8

93.375

94.675

93.575

1.1000

1.16%

Dec

Cotton

101.24

100.19

101.98

101.94

0.0400

0.04%

Dec

Oats

3.315

3.28

3.21

3.4

0.1900

5.92%

Nov

Rice

16.485

15.95

15.625

16.625

1.0000

6.40%

 

The spreads reversed in the wheat complex, with MPLS dropping this week while KC and Chicago were higher. The spring wheat market had been anticipating a USDA cut in production, which it got. However, USDA sees ending stocks at 157 million bushels for spring wheat, and traders had convinced themselves that something in the 125 million range was doable. Minneapolis December sold off sharply after the crop reports were out on Wednesday morning. Export sales have slowed dramatically, and total commitments are 17% smaller than last year at this time. Of course, last year the Russians were out of the market because of drought, but it has changed the game. USDA is also showing big production increases for Ukraine and Kazakhstan.

Soybeans were the biggest bull in our commodity pasture this week. Nearby November beans were up 9.65%. USDA caught the bears leaning the wrong way, cutting projected US average yield by 0.3 bushels per acre when "the market" had been expecting an increase based on the anecdotal yield reports circulating on Twitter and various web sites. USDA cut projected old crop ending stocks to match the September 30 number, and trimmed new crop to 160 million bushels. The cash average price for the year is seen above $13, which means current prices are below the expected average for the year.

Cotton was down 0.04% for the week, essentially UNCH. Exports are the problem. USDA is showing total commitments for upland cotton are down 32% from last year at this time. There were a lot of canceled sales back in August and September, and while weekly bookings are now positive they’re not huge. Commitments through October 6 are 61% of USDA’s revised estimate for the year, while the 5 year average is only 46%. Thus, USDA is betting on further relative underperformance in exports. USDA also found a few more bales of production than had been previously projected, and raised expected ending stocks to a very comfortable 3.9 million bales.

Cattle futures were down 32 cents for the week, or 0.27%.  Cash cattle prices were $1 to $2 lower than the previous week, with the bulk of the trade at $119 although a few transactions were as low as $115-117.  Beef production for the week was estimated at 501.5 million pounds, 2.4% smaller than the previous week and 3.7% smaller than the same week a year ago. Wholesale prices were mixed, with choice boxed beef up 59 cents for the week, but select quoted $2.60 lower on a Friday/Friday basis.

Lean Hog futures were down $1.10 for the week, with October expiring on Friday. Futures had been up $1.30 the previous week.  Estimated pork production this week was down 0.6% from last week, but 1% larger than the same week in 2010. Estimated carcass weights are running 3 pounds below last year. The estimated pork cutout value responded to the smaller weekly production, up 1.06% for the week. Ribs had the biggest percentage gain for the week.

Looking to enhance your existing Ag Marketing Professional subscription? Add free futures market quotes sent to your cell phone via our Market Monitor service. Or "push" the daily recommendations out to your phone as they happen with Market Messenger 2. Call in consulting service with Alan is also available for a limited number of new customers in our Ag Marketing Professional Premium package. Call our office for details on either service at 402-289-2330. 

Market Watch: We get back to the regular USDA schedule this week, with Export Inspections on Monday morning and the Crop Progress and condition reports on Monday afternoon. Weekly Export Sales will be out on Thursday morning. The main "big" reports from USDA will be the Cattle on Feed and monthly Cold Storage reports on Friday afternoon. Friday will also mark the expiration of the November grain options.

There is a risk of loss in futures and options trading.  Such trading is not appropriate for all individuals. Past performance is not necessarily indicative of future results.  Comments made in this article are in no way to be seen as an endorsement of futures and options trading. Reproduction or rebroadcast of any portion of this article without written consent of Brugler Marketing & Management LLC is strictly prohibited.  Call 402-697-3623 for information on our individualized subscription and consulting services.

 

 Copyright 2011 Brugler Marketing & Management, LLC

A Change in the Weather

Oct 07, 2011

 

 

brulogomed

Marketwatch

October 7, 2011

A Change in the Weather 

We’re now officially in Autumn, and in the 4th calendar quarter, and in the new federal fiscal year for the United States. On top of the calendar changes, the US weather pattern changed. Persistent rains in the ECB finally ended (we had 7" on our family farm in NE Ohio during September), and at least for the weekend rainfall chances looked the best in months for the Plains and the winter wheat growing areas. Ill winds were still blowing out of Europe and out of Washington, but for this week at least things seemed a little calmer. 

Corn was up this week, with some shorts buying back positions as we began the 4th quarter and looked ahead to the October 12 crop reports. Weekly export sales for the last week of September were the largest in 6 months at 50.8 million bushels, showing that low prices do in fact still attract buyers of the cash commodity. Feed users were also sounding more positive this week, with the hog crush margins going positive by $10-15 per head out into  next summer and a few of the cattle crush spreads also offering the opportunity to hedge cattle at a profit. These changes mean more corn will be fed in 2011/12 than might have been the case without the price break. Weekly ethanol production also recovered modestly from the previous week as plants came back on line following maintenance and the switchover to winter gasoline formulations. Bears are still focused on outside market risk, i.e. funds potentially liquidating more futures and ETF positions if the banking problems in Europe intensify again.

 

Commodity

 

 

 

 

Weekly

Weekly

Month

09/16/11

09/23/11

09/30/11

10/07/11

Change

% Change

Dec

Corn

6.92

6.385

5.925

6.000

0.0750

1.27%

Dec

CBOT Wheat

6.8825

6.4075

6.0925

6.075

0.0175

0.29%

Dec

KCBT Wheat

7.84

7.3125

7.04

6.845

0.1950

2.77%

Dec

MGEX Wheat

8.5625

8.51

8.9225

9.195

0.2725

3.05%

Nov

Soybeans

13.555

12.58

11.79

11.5825

0.2075

1.76%

Oct

Soybean Meal

348.7

326

304.7

300.1

4.6000

1.51%

Oct

Soybean Oil

56.55

52.4

49.95

49.07

0.8800

1.76%

Oct

Live Cattle

118.5

116.825

122.15

121.975

0.1750

0.14%

Oct

Feeder Cattle

137.475

134.825

140.525

139.625

0.9000

0.64%

Oct

Lean Hogs

87.35

88.8

93.375

94.675

1.3000

1.39%

Oct

Cotton

109.08

99.99

98.71

101.48

2.7700

2.81%

Dec

Oats

3.455

3.315

3.28

3.21

0.0700

2.13%

Nov

Rice

17.89

16.485

15.95

15.625

0.3250

2.04%

 

Wheat futures were down .29% in Chicago and 2.77% in KC for the week. They were up 3.05% in Minneapolis. Minneapolis was the strongest as USDA confirmed smaller spring wheat acreage and production in the Small Grains report and is expected to confirm smaller acreage on the 12th because of FSA acreage adjustments being incorporated in this report.  Weekly export sales were less than stellar, and the "lead" over year ago on shipments is down to 8 million bushels. USDA does of course see smaller exports for this year than last year, so this is not a real surprise.

Soybeans were 1.76% lower for the week, pulled by a drop in crude oil. Weekly Export Sales were healthy at 742 TMT. Bloomberg’s survey of analysts showed an average guess of 3.102 billion bushels of production on a yield of 42.06 BPA in the October WASDE. Spec longs were seen getting less long in the CFTC Disaggregated Futures & Options Report as of Tuesday.

Cotton was up 2.81% for the week, supported by a rally in the equities market and a lower dollar. Weekly export sales data on Thursday were net positive, but smaller than the previous week. Speculative liquidation is the biggest concern, with most commodity related spec funds and ETF’s losing money in the 3rd calendar quarter. Spec longs were seen adding to their long position in the CFTC Disaggregated Futures & Options Report as of Tuesday.

Cattle futures were down 17 1/2 cents for the week after the October contract posted new record highs on the weekly continuation chart. Cash cattle prices were $1 to $2 higher than last week with the majority of the cash business completed by Wednesday at $121 to $122 in the live and $190 in the dressed. Cattle supplies are expected to be tight through next spring. Packers have to be price competitive with other meats so it’s a balancing act to maintain a profit margin but with the recent $1.65 drop in corn feedlot profits are looking to improve. Choice beef prices were up about $1.50 from Thursday to Thursday while Select prices were up about $0.80. The Choice/Select spread is seasonally wide but is at the widest point since December of 2007. As of Tuesday Managed Money had increased their net cattle long positions by 17,693 contracts from the previous week.

Lean Hog futures were up $1.30 for the week with the spot month closing at $94.675. The CME Lean Hog Index was at $92.79 trying to converge before expiring next Friday. The December contract is lagging the October by $5.27. The Carcass cutout didn’t show much change from Thursday to Thursday with the cutout at 97.91 Thursday. Cutout values remain at record highs. U.S. pork export demand has been significant with China business competing with shifting domestic demand in the U.S. and Canada. U.S. pork producers have an opportunity to lock in some profits with the hog corn ratio at much better values than in August. As of Tuesday Managed Money had added 12,361 net longs to their Lean Hog position from the previous Tuesday. 

Looking to enhance your existing Ag Marketing Professional subscription? Add free futures market quotes sent to your cell phone via our Market Monitor service. Or "push" the daily recommendations out to your phone as they happen with Market Messenger 2. Call in consulting service with Alan is also available for a limited number of new customers in our Ag Marketing Professional Premium package. Call our office for details on either service at 402-289-2330. 

Market Watch: The main USDA report this week is on the 12th, with both Crop Production and the WASDE balance sheets being released at 7:30 am CDT. The export Inspections and Crop Progress reports will be out Tuesday due to the government holiday Monday. Later in the week offers Weekly Export Sales, NOPA crush, and monthly trade data. Be on the lookout for continued Euro woes as this will continue to be a theme.

There is a risk of loss in futures and options trading.  Such trading is not appropriate for all individuals. Past performance is not necessarily indicative of future results.  Comments made in this article are in no way to be seen as an endorsement of futures and options trading. Reproduction or rebroadcast of any portion of this article without written consent of Brugler Marketing & Management LLC is strictly prohibited.  Call 402-697-3623 for information on our individualized subscription and consulting services.

 

 Copyright 2011 Brugler Marketing & Management, LLC

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