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.
Cody and Logan breakdown the technical and fundamental factors impacting price action as South American weather seems to dominate the trade day-to-day. EIA ethanol production data showed ethanol production picked up 8,000 barrels per day in production, but overall our models still show the USDA over estimating corn going to ethanol during the current marketing year. Tomorrow's export sales report will be watched closely by the trade, below are market expectations. Once again the trade is looking for very lean export sales of corn and strong export sales of soybeans, with the high side of expectations near 1 million metric tons.
Corn: 200k-450k tonnes
Soybeans: 750k-950k tonnes
Wheat: 350k-550k tonnes
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