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Outlook Today

RSS By: Bob Utterback, Farm Journal

Bob Utterback has more than 26 years of experience and offers producers a disciplined approach to marketing.

Grains up today on bullish news!

May 01, 2009
The thing that caught my attention today is how "heavy" (inability of corn to rally on bullish news) corn was today. At the same time beans and wheat seemed to leap high on very limited bullish news. 

It seems the reduced crop in Argentina (which is old news) and continued expectation of strong export buying by China and other buyers is keeping old crop beans firm. With old crop leading the way, new crop beans are being dragged up and moving back to levels that could actually start attracting acreage.

On top of this, the wheat market was impressive today with a 2-cent price bounce. July Chicago wheat is approaching 50 cents off it’s winter lows which is encouraging, providing end users know harvest is less than two months away and normally rationing or waiting for new crop starts about now.

Where are the opportunities for grains?  It has to be getting a plan together on when and how you are going to sell 2010 corn. Right now we are $4.41 and it potentially looks like another 20 to 30 cents could be added if weather concerns develop. I really am encouraging my brokerage clients to strongly consider a scale up selling program between late May and into late June.

Second, as I’ve been saying for some time, the new crop beans above $9 is a solid long term sell.  I’ve been in puts and rolling up as the market rallies. 

If you want to go over details or would like to read more daily recommendations regarding reownership or marketing strategies, email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com.

BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 
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