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Standard Grain

RSS By: Joe Vaclavik

Joseph Vaclavik is the president at Standard Grain in Chicago. Standard Grain provides futures and options brokerage to farms, feedlots, elevators, processors, end-users and traders. Visit www.standardgrain.com for more information.

 

China Buys Beans, Corn Spreads on Fire...

Nov 10, 2011

 

·         Grain markets up overnight, led again by the front-end corn contracts; Dec/Dec corn now trading over 60 cents after trading under 40 just a few days ago
·         Yesterday’s USDA report showing a 100mil/bu reduction in corn usage for feed, other demand numbers left alone; Some analysts questioning USDA’s estimates regarding demand
·         Outside markets mostly strong this morning with equities higher and the $US lower; Italian debt worries subsiding, at least momentarily, this morning
·         Soybean export premiums were higher at the Gulf yesterday at Chinese buyers booked several cargoes of US soybeans for late Nov and Dec delivery
·         Australian wheat shipments rose 36% last marketing year, putting the country ahead of the Russia as the world’s 3rd largest grain exporter (US #1, EU #2)
·         According to USDA, Brazil will top US in global soybean exports in the 11/12 marketing year; US Crop shortfall and rising Brazil production to blame
·         China Oct soybean imports fell to a 7 month low at 3.81mmt
·         Weekly Ethanol production at 911,000bpd, down 5,000bpd from last week
·         Export Sales at 7:30am CST; Pre-report trade guesses :
o    Corn 550,000- 750,000
o    Soybeans 400,000 – 600,000
o    Wheat 350,000 – 450,000
·         Support/Resistance Numbers:
o    Corn(Z)                                   Support 6.46 ½ , 6.37                          Resistance 6.65 ¾ , 6.75 ½
o    Soybeans(F)                          Support 11.75 ¼ , 1165 ¼  Resistance 12.03 ¾ , 12.22 ¼
o    Wheat(Z)                               Support 6.31 ½ , 6.19 ¾                      Resistance 6.56 ¼ , 6.69 ¼
       Straits Financial provides risk-management and consulting services to farms, feedlots, elevators and processors!  Contact Joe Vaclavik directly at (312) 462-4438 to be added to a trial of the full-version of the AM Grain Update or to find out how we can help you with your futures business.
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