Grain Traders Anticipate Market Moving Events
Apr 05, 2012
Good Morning! Paul Georgy with early morning comments for April 5, 2012 at 5:00 am. Grain futures are mixed with soybeans leading the charge higher. Today traders are faced with several events as it Thursday but the last trading day before a long weekend. We have the weekly export sales which will be released at 7:30. Friday morning the labor department will release the Unemployment data and Monday the USDA will gives us planting progress. Corn planting is underway but next week we should see the pace pickup. Then Tuesday the USDA will release the monthly Supply and Demand estimates. Soybean futures may consolidate tomorrow but buyers continue to build positions as open interest is growing daily. Trade estimates for the exports are: wheat 300 to 700 tmt, corn 400 to 800 tmt, soybeans 570 to 1,000 tmt, meal 50 to 165 tmt, and soyoil 5 to 30 tmt. Boxed beef values were sharply lower on Wednesday with choice down 2.45 and select down 2.54. Southern Plains cattle traded at 122 which were 3.00 lower than last week. Nebraska cattle traded as much as 4.00 to 5.00 lower. Pork cutout values were up .15. Choice wholesale beef started the year 18% over last year. Now, choice beef is 6% under last year. Like pork, a significant change in demand must be recognized. The hardest question to answer is, "When will this end?" stay in touch with Allendale Research Center by subscribing at the "Planting Special" for only $99.00.
Markets as of 5:00 AM
May Corn -1 1/2
May Beans +6 1/2
May Wheat -1 1/4
Apr Cattle +.27
Apr Hogs +.45
Jun S&P -7.25
Jun $ Ind +.28
May Crude +.27
June Gold +8.50
Allendale Advanced Charts
Crude oil saw plenty of pressure on Wednesday and broke the 62% retracement as well as the 100 day moving average. A close in this area could trigger further selling going into the weekend.
Nelson Notes from the desk of Rich Nelson
Retail sales for euro zone countries fell 2.1% compared with last year for February. That was below estimates for only a 0.9% decline.
There is a significant risk of loss when trading futures and options contracts. This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named, and each investor should consider the appropriateness of trading on this information, based on their objectives. The factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. Past performance is not indicative of future results.