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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.


Grain Markets Wait for Wednesday's Report

Nov 08, 2011


·         Grain markets quiet again overnight as traders wait for tomorrow’s USDA Crop Production report
·         Average Trade Guesses for tomorrow:
o    Corn:                      147.7bpa vs. 148.1 in Oct; 795mil/bu vs. 866 in Oct
o    Soybeans:              41.4bpa vs. 41.5 in Oct; 182mil/bu vs. 160 in Oct
o    Wheat:                   817mil/bu vs. 837 in Oct
·         USDA rejecting RJO petition to delay tomorrow’s Crop Production report
·         Technical Numbers:
o    Corn (Z)                  6.40 support / 6.60 resistance
o    Soybeans (F)         11.85 support / 12.28 resistance
o    Wheat (Z)              6.24 support / 6.50 resistance
·         S. Korean group bought 85,000mt of corn, US/India origin; Ethiopia buys 45,000mt of milling wheat, Black Sea origin; Algeria bought 50,000mt of optional origin corn for Dec shipment
·         China Nat’l Grain and Oils center reported no bids were received in their auction for 300,000mt of state reserve soybeans
·         Crop Progress:
o    Winter Wheat: 49% good-excellent vs. 46% last week;  94% planted vs. 89% last week;  76% emerged vs. 68% last week
o    Corn: 87% harvested vs. 78% last week and 73% on average
o    Soybeans: 92% harvested vs. 87% last week and 88% on average
·         USDA’s Russian Ag attaché estimates that they have exported 10mmt of grain on strong demand abroad and lower competition
·         USDA ag attaché to S Korea report 11/12 corn import at 8mmt vs. previous estimates of 7.7mmt
·         CIF corn steady to +1 yesterday; Soybeans off about 2
Look for another choppy trade today ahead of tomorrow’s report. Outside markets are mostly choppy with the US$ mostly mixed. Equities slightly higher.
Looking for a new place to do your futures and options business?  Call Joe Vaclavik at Straits Financial today to be added to a FREE trial to the full-version of our daily grain market update.  (312) 462-4438.
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