The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Grain TV is a daily recap after the market close, providing opinions on fundamental analysis of market direction, influences and expectations. This daily program is produced by Grain Hedge, a discount brokerage firm that provides farmers and elevators with agricultural intelligence including live market quotes, cash bid data, the Grain Hedge Optimizer™ and mobile trading platforms, all for $7 commission per side. Grain Hedge provides tools to allow farmers the ability to trade when the markets move without having to wait for a broker and the information to execute a marketing strategy with confidence.
USDA Report Numbers
New crop corn futures are down 22 cents following today's planted acreage report. Planted acreage came in 2 million acres above what the trade was expecting, and 500,000 acres higher than the highest analyst guess. Technical support at 512 has supported the DEC corn contract in the first 15 minutes following the report. A close below 512 would certainly open the door to further losses.
June 1st grain stocks came in short of analysts expectations across the board for corn, soybeans and wheat. At the moment the July soybean contract is the only one trading in positive territory. With projected stocks to use of just 4% for soybeans, the trade is very nervous about old crop soybean availability over the last quarter of the marketing year.
For a full breakdown of the numbers and what this may mean for prices tune into today's GrainTV, available every afternoon on the Grain Hedge homepage.
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