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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.

 

Grains Slow Overnight...

Nov 22, 2011

 

·         Grains rebounding slightly overnight after posting new lows for the move yesterday; Dec corn hovering near $6, soybeans can’t find support
·         Corn 96% planted vs. 93% last week and 88% on avg; Winter wheat 50% good-excellent, unch from last week
·         Avg Midwest ethanol profitability remains at historically high levels, near 40-50 cents per gallon or $1.20-1.40 per bushel, according to LSN
·         Ukraine to plant 2.3 mil/hec of spring grain due to weather damage to winter crops
·         Brazil soybean planting 71% complete vs. 58% lw
·         Export Sales delayed until Friday due to Thanksgiving Holiday
·         Outside markets supportive this morning with equities, crude and metals higher, $US lower
·         Slow news day, overall
 
Grains were trying to find a reason to bounce overnight, and were barely able to trade past unchanged. The market is certainly not “out of the woods” yet, however we wouldn’t be surprised to see a slightly retracement of recent losses as shorts cover positions ahead of the holiday. There is a good chance that both Dec corn and Dec wheat finish near $6 on Friday’s option expiration. Very slow news day.

 

Straits Financial does futures/options business for farms, feedlots, elevators and processors.  Call Joe Vaclavik today to find out how they can help you! (312) 462-4438 or jvaclavik@straitsfinancial.com

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