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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.

 

No News Headed Into Weekend...

Nov 04, 2011

 

AM Grain Update
 
·         Grains are trading virtually unchanged this morning in a very quiet session;  Outside markets also quiet with currencies flat and equities slightly lower
·         Nearby Live Cattle contract trading near yearly highs, many believe improving margins in the cattle business could spark an increase in feed demand for corn on next week’s USDA Crop Production Report
·         EU corn output this year was up 2.9mmt at 63.7mmt versus last year
·         Argentine soy crushing workers have ended their strike, which was a result over a year-end bonus
·         Overhaul to US Farm Subsidy program will keep its price-support tool, but may wipe out some traditional subsidies
·         Asian wheat buyers have stayed away from the market this week as Australian harvest begins and lower cash prices are expected
·         USDA’s latest attaché report estimates Argentina wheat production 13mmt below USDA’s official estimate;  US attaché in Brazil raised its estimate for corn production there to 64mmt, 3mmt higher than USDA’s current official estimate
·         Some technicians eyeing $6.78 in Dec corn after the contract violated a short-term downtrend line yesterday
 
We expect a choppy trade to continue as we head into the weekend.  Next week’s USDA report may provide some market direction.  We’ll have pre-report trade estimates out next week.  Call the office with questions or concerns.
 
Spec:  No new trades.
 
Producers:  No new recommendations.    

 

Straits Financial Group is the brokerage division of CWT Group, one of the largest publicly-listed logistics companies in South-East Asia. CWT has offices and warehouses in 38 countries, providing customer connection to 120 ports and 1,200 destinations around the world.  

 

Contact Joe Vaclavik for information on hedging grain and livestock through Straits.  (312) 462-4438 or jvaclavik@straitsfinancial.com 

 

 

The information contained herein is the opinion of the writer or was obtained from sources cited within the update.  It should be noted that the impact on market prices due to seasonal or market cycles and current news events may be reflected in market prices.
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