Walsh Trading: Afternoon Grain Comments

Walsh Commercial Hedging 5/31/12

May 31, 2012

Good afternoon. It was another “risk off” day in the complex as outside market forces shifted from positive to negative on weak U.S economic news and a lack of consensus that the European economic woes are close to a bottom. Investors are not expecting anything more than a temporary technical reprieve from the European debt saga. Bottom line, it looks more and more like political leaders in Europe are putting a band aid on the situation instead of fixing it. Sadly, it’s just a matter of time without any major budget cuts, that we’ll be seeing the same problems here in the states. I’m done venting; let’s get back to the grain and soy markets. July wheat finished down a dime at 643 ¾ and July Kansas City wheat settled at 665 down 14 cents. There’s talk of decent yields coming out of Kansas and with the surge in wheat the last couple of weeks feed demand for wheat is lowering. Weekly export sales will be out tomorrow morning because of the holiday Monday. The trade is looking for wheat weekly export sales near 425,000 tonnes. July corn finished down 4 ¼ at 555 ¼ and new crop December corn settled up 1 ½ at 522. The July/December corn spread is down more than 66 cents from last Monday’s highs and settled at 33 ¼. July corn was trading a few cents higher for most of the session but another round of long liquidation selling from fund traders pushed old crop lower again. New crop December pretty much had a lackluster day. However, traders are concerned that the rains this week and into next week will only ease dry topsoil conditions and will leave the market in need of timely rains in order to avoid any further stress into Mid-June. Traders see weekly corn export sales near 550,000 tonnes tomorrow morning. The bean complex took it on the chin today as July beans finished down 33 ¼ at 1340 and new crop November beans closed down 22 ¾ at 1270 ¼. End of month fund liquidation, as managed money still holds a large net long position in beans, was the primary reason for the plunge in soybeans. Even with talk that the recent overnight rains were below expectations and increased concerns for crop conditions as the Midwest turns warmer and drier was not enough to bring out the buyers. All in all, it will be interesting to see if “new” money comes into the complex tomorrow with the beginning of a new month and if the buyers will come out of the woods with continued concerns about dry forecasts into mid-June.

Give us a call if you’d like to receive our weekly grain marketing and hedge letter at 800.993.5449 or email us at info@walshtrading.com

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/30/12

May 30, 2012

Good afternoon. It was another “risk off” trade in the complex today as the weather took a back seat to European economic woes. Overnight, the stock market slumped as rising worries about the health of Spanish banks reopened another front on global investors’ worries over the Euro Zone’s debt crisis. This caused the U.S dollar to rise sharply again against the Euro, thus putting pressure on the grain complex. July wheat finished down 3 at 653 ¾ and July Kansas City Wheat finished up a penny at 679. Winter wheat harvest pressure, favorable spring wheat ratings, and more rains in Russia all weighed on the wheat complex. Mixed reports coming out of Kansas in regards to yields caused a two-sided trade in Kansas wheat. Southeast Kansas is seeing high yields but Southwest Kansas is seeing yields around 20-30 bushels an acre as the drought and heat took a toll on the crop. July corn finished down 3 at 653 ¾ and new crop December corn finished up 3 on continued spreading by fund traders out of their old crop corn positions. Continued talk of cheaper Brazilian corn and ideas that China could begin to import Argentina corn in the next 60 days once the GMO issues are resolved has all weighed on old crop corn. However, buyers are moving away from feed wheat after the recent surge in wheat prices in the past few weeks and this may help improve demand. December corn was supported by reports of rootless corn problems in parts of Iowa and Illinois and concerns over the continued dryness issues in parts of the Midwest but the outside markets weighed too much on new crop to go higher. The forecast for the Midwest is for ½ to 1 inch of rain with 70-80% coverage into the weekend and the amounts expected are down slightly from yesterday. July beans was the biggest loser of the day and finished down 13 ½ at 1373 ¼. The bearish outside markets and long liquidation from funds where fund traders still hold a hefty net long position weighed on old crop beans for most of the day. November beans settled down a ½ at 1293 on late day buying on longer-term weather uncertainties. Yesterday, Hamburg-based Oil World said, “Fundamentals are strong and China’s demand for imported soybeans remains healthy despite recent cancellations. China is likely to import 56.8mmt of soybeans in the 2011-12 marketing year, up from 52.3mmt in 2010/11. With the recent purchases and vessel lineups this quantity may actually turn out on the low side.” Also, the International Grains Council yesterday cut its estimate of South American soybean production this marketing year for the seventh time since September. All in all, as analysts continue to adjust bean ending stocks estimates lower than the USDA outlook, weather here in the states needs to be ideal as we continue forward.

Walsh Commercial

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/29/12

May 29, 2012

Good afternoon. After a relatively quite night session because the weather forecast didn’t change much during the Memorial Day Weekend, the sellers came out in force during the day session. Wheat was the catalyst of the selloff with July wheat finishing down 23 ¼ at 656 ¾. The Commitments of Traders reports as of May 22nd showed Non-Commercial traders were net long 4,127 contracts, an increase of 53,185 contracts for the week which represents a change from a net short to net long position. The COT report pretty much confirms that nearly all of the short-covering from the funds has already run its course. News of better rain coverage for Russia and expectations for increased harvest pressures from the winter wheat crop just ahead added to the negative tone. Spring wheat ratings in the good/excellent category rose from 74% to 79% after the close which might weigh on the wheat market even more when the trade opens tonight. July corn took another big hit today with it finishing down 16 ¾ at 561 ¾. Fund traders were noted as active sellers of more than 15,000 contracts. Fund traders are moving their July longs to new crop. Also, exports have slowed dramatically with Brazil corn significantly cheaper than U.S corn. New crop December corn finished down 4 at 517 ½. Crop ratings for corn came in at 72% good/excellent, a drop of 5%. The trade was looking for a drop of 2-4% so we’ll see if this adds any support to the corn market tonight. The Midwest looks to receive ½ to 1 ½ inches of rain with 70-80% coverage into the weekend. The trade will be keeping a close eye on this since rain is now critical for most of Illinois, Indiana, and parts of Ohio. July beans were sharply higher overnight and into today’s session but the weakness in wheat and corn brought out the sellers in beans. July beans finished up 4 ¾ at 1386 ¾, 15 ¾ off the high and November beans settled at 1293 ½, up 4 ¼. Traders see the short-term weather as a negative factor but a shift back to a warmer and drier than normal pattern for the 11-15 day forecast has helped to provide some support in the bean complex. All in all, all eyes are on the weather and any changes to it can sharply turn this market around.

Give us a call to receive our weekly grain marketing and hedge report at 800.993.5449 or email us at info@walshtrading.com.

Walsh Commercial

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/25/12

May 25, 2012

Good afternoon. The complex closed higher across the board as continued uncertainties in the 6-10 day model provided a weather premium before a 3 day weekend. July wheat finished up 17 at 680 and July Kansas City wheat was up 13 at 700. Hard Red Winter wheat harvest is getting more active with one of the earliest Kansas starts on record but early yields are not as high as producers thought just a few weeks ago due to dry and hot conditions the western plains have seen the past few weeks. While there are some rains in the forecast for Russia to ease stress, the region is still too dry and further adverse weather ahead could take a toll. The International Grains Council believes global wheat stocks will fall to a four-year low for the 2012/13 season after cutting world production by 5mmt to 671 million tonnes and this has pulled world ending stocks down to 191 million tonnes, down 15 million. July corn had a two-sided trade today and finished unchanged at 578 ½ but has taken a hit this week with it being down 54 ½ cents from Monday’s settlement. New crop corn fared better with weather uncertainties and finished up 6 ½ at 521 ½. The trade is looking for a 2-4% drop in corn rated good/excellent for Tuesday afternoon. Parts of eastern and southern Iowa, western Illinois, eastern Indiana and Ohio have seen warm weather and no rain for the past week or more and top soil rating are dry. It’s supposed to be near 100 degrees in Chicago on Sunday and the warmest Indy 500 on record. Old crop continues to lag behind December corn on cheaper corn in Brazil which has eased the tightness in the US cash market. July beans finished up 6 at 1382 and new crop November up 13 at 1289 ¼. Just like new crop corn, the trade is a bit uncomfortable believing that rains next week will completely ease dryness concerns thus propelling new crop beans higher. All in all, the trade doesn’t like uncertain weather forecasts and coupled with a 3 day weekend, the buyers came out today. Trading will resume Monday night at 7:00 P:M, not 5:00. Also, the CME Group announced that it will expand open outcry floor trading hours, but only during key USDA report days. The move would begin on June 12 and would only occur for major reports including WASDE, crop production, prospective plantings and acreage data. The USDA is currently, at the industry’s request, mulling a change in report release times for the current 7:30 A:M timeframe to later in the day. However, seeing that the pits will now be open during report days, I don’t think we’ll be seeing any changes soon. Have a safe holiday weekend and say a prayer for the men and women of the armed forces who have lost their lives for our independence.

Give us a call to receive our weekly hedge letter at 800.993.5449 or email us info@walshtrading.com

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/24/12

May 24, 2012

Good afternoon. The outside markets were quiet today with Greece out of the headlines, but the same couldn’t be said about the grain and soy complex. July corn continued its downward spiral from Monday’s high. It settled at 578 ½ and is down 66 ½ cents from its Monday high of 644 ½. Old crop export sales came in at a measly 156,100 tonnes. July corn dropped only 4 cents to 603 ½ when the export news hit the wires but when the pit opened at 9:30 the sell-off really started and continued throughout the day with funds liquidating their old crop positions. Also, talk of cheaper corn from Brazil and news that mills in China may hold off importing large volumes of U.S corn until September all weighed on July corn. New crop December corn finished down 8 at 515. Export sales for new crop corn came in at 325,900 tonnes for a total of 482,000 tonnes which was far below trade expectations of 1 million tonnes. Old crop sales of 337,000 tonnes are needed each week to reach the USDA forecast. Surprisingly, the wheat market didn’t have the spillover effect from the drop in corn. July wheat finished down 2 ½ at 663. July Kansas City wheat finished up a ½ cent at 687. Wheat export sales came in at 72,400 tonnes for the current marketing year and 754,600 for the next marketing year for a total of 827,000 tonnes which was above trade estimates of 500-700. The soy complex was the leader of the complex with July beans finishing up 13 ½ at 1376 and new crop November beans up 18 ½ to settle at 1276 ¼. After the bean market breaking almost a $1.00 this week many in trade felt the market was a bit oversold. Also, traders believe the recent break was already priced into the market with the better than forecasted 6-10 day model. Net weekly export sales came in at 800,100 tonnes for the current marketing year and 153,600 for the next marketing year for a total of 953,700 which was on the high end of the range of estimates of 700-1.1. As of May 17th, cumulative old crop bean sales stand at 100.3% of the USDA forecast. This tells us that the USDA may be in a position to raise their export forecast for the June update. However, traders see slower demand from China in the short-term due to China releasing 600,000 tonnes of their beans from their reserves. The 6-10 day forecast “have the GFS once again being more aggressive with rains for the Midwest by Wednesday and Thursday of next week, with totals in all of the Midwest indicated to be in the .50-1” range, with isolated heavier totals.” All in all, it will probably be a volatile two-sided trade tomorrow as traders square up their positions before the 3 day weekend.

Give us a call if you’d like to receive our weekly hedge letter at 800.993.5449 or email us info@walshtrading.com

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/23/12

May 23, 2012

Good afternoon. We saw a “risk off” trade in most of the complex today as the Euro Zone crisis was back in the headlines. There was talk that Greece might be leaving the Euro which weighed heavily on most markets throughout the day with the dollar trading sharply higher. July wheat finished down 17 ¼ at 668 ¼. Continued talk that the recent rally in the wheat complex was overdone and further talk that Russia will be receiving some rain to ease their drought concerns put pressure on wheat. Traders are seeing good weather for the spring wheat crops even though hot and dry conditions in hard red winter wheat are forecasted for this weekend. July Kansas City wheat finished down 11 ¾ at 689 ¾. July corn finished up 7 ¾ at 604 ¾ and new crop December up 2 ¾ at 524 ¾. Yesterday, a rumor surfaced that China might be trying to roll some of their old crop corn commitments to new crop which helped fuel the downward spiral. July corn rebounded today as traders realized there was no confirmation of this rumor and thoughts that the bull spread liquidation was a bit overdone yesterday. Also, the firm cash markets for old crop corn have many in the trade believing that the tightness in July corn hasn’t been resolved. July corn was in the green for most of the day even with the dollar sharply higher and the Dow down nearly 200 points at one time. December corn just couldn’t get going after yesterday’s change in the 6-10 day forecast. However, there’s still going to be some areas that will not receive the forecasted rains next week and this has some in the trade nervous especially since the weather is suppose to be hot and dry going into the forecasted showers next week. The trade will be closely watching any weather updates going into a three day weekend. The soy complex continued its downward trend and long liquidation with July beans finishing down 16 ¾ at 1365 ½ and new crop November beans down 23 at 1259 ¾. Thoughts that the weather shift to better rains next week suggests less germination issues thus keeping yield expectations high weighed on the bean market. However, just like the corn complex, it will be important for the bears to see confirmation of the rains next week in models over the next 2 days. If the rains do come to fruition next week and the funds still holding a huge net long position in the soy complex, it can get ugly really fast in the beans. I would urge producers of both corn and beans to have some sort of “put” protection in place in case these rains do develop.

Give us a call if you’d like to receive our weekly grain marketing and hedge report at 800.993.5449 or email us at info@walshtrading.com

Walsh Commercial

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/22/12

May 22, 2012

Good afternoon. The complex witnessed a volatile “Turnaround Tuesday” trade on a technically overbought wheat market, good crop progress/ratings, and a favorable mid-day change in the 6-10 day forecast. July wheat finished down 18 ½ at 685 ½. July Kansas City Wheat was 13 ¾ lower and settled at 701 ¼. The weekly Winter Wheat Conditions report showed that 43% of the crop was rated good/excellent compared to 52% last week and 32% last year. The Kansas crop drop was seen as the largest one-week drop in 4 ½ years. However, traders believed that the current rally in wheat was already priced into the market. July Kansas City wheat was already up more than a $1.20 from its lows on May 14th before today’s sell off. Also, the Spring Wheat planting report showed 99% of the crop is planted compared to 94% last week and 50% last year. There is some rain in the forecast for Southern Russia and southern Volga Valley region but hot and dry weather is also in the forecast. Many in the trade believe that the rains might help stabilize the crop temporarily but many believe that irreversible damage has already occurred with the dry spring. July corn finished down 31 ¾ at 601 ¼ and new crop December corn down 15 ¾ at 524 ¾. Rumors of a weaker basis at the gulf and reports that fund traders were sellers of nearly 25,000 contracts helped encourage the sell-off in old crop corn. Also, traders were unwinding their old crop/new crop corn spreads. New crop was pressured on news that the freshly planted US corn crop is 77% good/excellent condition. Also, in the 6 to 10 day forecast, “the GFS showed extensive coverage of the Midwest, eastern Plaines, northern Delta, and Southeast, as the central and southwestern Midwest turned wetter and the northern and western Plains and Canadian Prairies were drier on this update. The 11-15 day period continued to show a notable wetter trend in the central and eastern Midwest from the remnants of the 6 to 10 day system.” July beans finished down 31 ½ at 1381 and new crop November closed down 25 at 1281 ¼. The sharp drop in wheat and corn plus news of a record fast soybean planting pace coupled with the better mid-day forecast sparked long liquidation by the funds which still hold a big long position in the market. As of May 20th, a record 76% of the soybean crop was planted. All in all, as we saw today in the trade, the trade is keeping all eyes on the weather as forecasts can change daily.

Give us a call to see how we’re protecting our producers in these volatile markets at 800.993.5449 or email us at info@walshtrading.com

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/17/12

May 17, 2012

Good afternoon. The complex has seen continued buying from “Turnaround Tuesday” on strong demand news, calmer outside markets and weather issues here in the states and across the “pond”. The threat of smaller crop yields from warm, dry weather drawing down soil moistures has enticed traders to continue adding risk premium to prices. July wheat continues to be the catalyst in the market finishing up 19 cents at 657 ¾ and is up as much as 66 ¼ cents from Monday’s lows. July Kansas City wheat closed up 16 at 672. The funds have a sizable short position in wheat and have been covering their positions the last couple of days. The trade is worried about the dry and hot conditions in southern Russia, Ukraine, and less than ideal conditions in parts of Eastern Europe. Back here in the states, traders continue to be concerned about deteriorating crop conditions in western Kansas. Also, dry conditions “Down Under” is keeping the wheat planting pace slow. Net weekly export sales for wheat came in at 321,800mt for the current marketing year and 389,600 for 2012/13 for a total of 711,400 which was well above trade expectations near 550,000. The corn complex had a choppy two-sided trade earlier in the session but the strong support in wheat finally weighed too much on corn. July corn finished up a nickel at 625 and its highest close since May 1st. New crop December corn was up 2 for the day and settled at 528 ¼. In spite of historically high basis levels, producer selling is still light thus bringing a stronger premium of old crop corn to new crop. The CN/CZ spread settled at 96 ¾ and has come back from its low of 71 ¼ after the report last week. Net weekly export sales for both marketing years came in at 865,100mt which was lower than the 1,100,000mt the trade was expecting. The soy complex saw follow-through buying from the overnight session on thoughts that the recent sharp break was overdone. July beans settled 16 higher at 1438 and new crop up 4 ¼ at 1306 ¼. The SN/SX spread made a new high of 134 during the session and settled up 11 ¾ at 131 ½. More China buying of old crop soybeans and a little less pressure from outside market forces helped to support strong buying early in the session with the market already up as much as 74 cents from Monday’s lows. Weekly sales were a bit slow but a bulk of the sales was for old crop and this was seen as positive. On top of the weekly sales report, the USDA announced a sale of 480,000 tonnes of U.S soybeans to China for the 2011/12 season.

Give us a call if you’d like to receive our weekly grain marketing and hedge report at 800.993.5449 or email us at info@walshtrading.com.

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/15/2012

May 15, 2012

Good afternoon. We saw a “Turn Around Tuesday” in the complex today as the outside markets turned more stable and the technically oversold conditions in the complex brought out the buyers. However, given the global economic worries including fears of Greece leaving the euro zone and concerns about a slowing Chinese economy and no serious weather conditions back here in the states for the next 10 days it will be interesting to see if this was just a one day hiccup to the upside. July wheat finished up 10 ¼ at 608 ½ and July Kansas City wheat up 13 at 627 1/2. The USDA said that 60% of the winter-wheat crop was in good to excellent condition yesterday which was down from 63% a week ago. In Kansas, the nation’s top winter wheat producing state, the crop declined to 52% from 60% good to excellent amid concerns about dryness in the state. However, a decline in wheat’s quality rating isn’t unusual as harvest approaches due to the “browning” effect taking place near maturity. All in all, the winter wheat is above last year’s rating of 32% and the five year average of 50% good to excellent. Corn was supported by the deteriorating wheat conditions and the strong recovery from an oversold condition in the soybean market. July corn finished up 14 ¼ at 597 ¼ and new crop December corn settling at 514 ½ up 9 cents for the day. Even with corn plantings coming in at 87% yesterday which is the 2nd highest rate of plantings next to the 89% complete in 2004, the trade was talking about the oversold condition of the market after the sharp break last week. However, it will take a significant threat to crop conditions to turn the trend around in the corn market. The USDA will start reporting the condition of the corn crop in next week’s Crop Progress report.

The soy complex had a wild two-sided trade during the day session but found support from wheat and corn. July beans finished up 26 at 1413 and new crop November settled at 1305 up 10 ¼ for the day. We expect the bean complex to stay volatile with the “managed money” still holding 275,328 long contracts using futures and options. Even though the current weather forecasts look favorable for beans, the 2012/13 balance sheet is already tight and any future weather concerns could spark some new buying in beans. We won’t know until the June 30th acreage report to see how many additional acres of beans were planted. All in all, I would urge producers to have some sort of “put” protection in place in wheat, corn, and beans with all the uncertainties in the world right now and the weather window looking favorable.

Give us a call if you’d like to receive our weekly grain marketing and hedge report at 800.993.5449 or email us at info@walshtrading.com

Walsh Commercial

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/11/12

May 11, 2012

Good afternoon. Yesterday, after the markets closed, J.P Morgan came out with an embarrassing bombshell of a news conference saying they had incurred at least a $2 billion dollar trading loss on hedges tied to synthetic credit products in Europe. This had a ripple effect throughout world markets overnight and into the grain and soy markets overnight. There’s a general sense that world money managers are stepping away from commodity markets with so much uncertainty in the marketplace. This was most evident in the soy complex today with fund trader long liquidation selling driving the soybean market to its lowest levels since the Prospective Planting report on March 30th. July beans finished down a whopping 49 ¼ cents at 1406 and new crop November beans settling down 37 ¾ at 1321 ¼. Also, news that China is going to soon release up to 3 million tonnes of beans from their reserves to crushers added to the bearish tone.

The corn market was sharply lower during the day session but late day buying emerged to keep the losses in the single digits. July corn finished down 6 ½ at 581 and new crop December corn settled at 505 ¼, down 2. July corn was down 39 ¼ cents for the week. December corn pushed to $4.99 and its lowest level since December 17th of 2010! Follow-through technical selling from the weak action yesterday plus continued good weather for advancing the planting progress and weak outside markets were all negative forces for corn. July wheat was the least volatile trade today but still finished down 4 ¼ at 597. The July contract was down 12 ½ cents on the week and pushed to a new contract low close. Unless Mother Nature gives us a surprise this summer, there isn’t anything supportive in the marketplace right now. I mentioned a couple of weeks ago that the market was in a fragile state and any negative news would have a ripple effect through the market. I’ve been saying this for weeks and I’ll say it again, I would strongly urge producers to have some sort of “put” protection in place through options to protect your investment.

Give us a call if you’d like to receive our weekly grain marketing and hedge report at 800.993.5449 or email us at info@walshtrading.com. Have a great weekend!

Walsh Commercial

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/10/12

May 10, 2012

Good afternoon. The USDA came out with their monthly Supply/Demand and production tables this morning and left some corn traders scratching their heads. First off, let’s start with the wheat numbers. The USDA pegged winter wheat production at 1.694 billion bushels which was about 55 million above trade expectations. All wheat production was pegged at 2.245 billion bushels which was up 50 million from expectations. They pegged U.S ending stocks for the 2011/12 season at 768 million bushels which was about 12 million below trade expectations. For the 2012/13 season, ending stocks were pegged at 735 million bushels which is 50 million below trade expectations. World ending stocks for the 2011/12 season came in at 197.03 million tones as compared with 206.27 million last month as feed usage was revised up by 16.5 million tones. July wheat finished up 1 ¼ at 601 ¼ on two-sided choppy trading. The higher close after posting a new low for the move is seen as a positive technical factor; however, wheat might be weighed down by the bearish corn numbers.

Now the corn numbers were a bit surprising, especially old crop ending stocks. The USDA previously gave a forecast of 801 million bushels, but many in the trade thought supplies were tighter due to factors including recent Chinese purchases of U.S corn. However, U.S corn ending stocks for the current 2011/12 marketing year were raised to 851 million bushels, a 50 million bushel increase from last month and up about 100 million for trade expectations. Feed usage was adjusted lower by 50 million bushels and other usage numbers were left unchanged on the month. Corn production is expected to rise even higher this year with a new forecast for a record-level 14.79 billion bushels. That’s a jump from the 12.358 billion bushels last year. Also, the USDA pegged corn yields at a record high 166 bu/acre which pushed ending stocks for the new marketing year to a whopping 1.881 billion bushels which was up from trade expectations near 1.71 billion. The record high yield was calculated by not using last year’s yield in their 20 year trend calculation and by raising the yield by 2 bu/acre due to early plantings. Also, Brazil production was revised to 67 million tones from 62 million last month. As a result, world ending stocks came in at 127.56 million tones as compared with expectations near 122 million. All in all, the corn market did not see anything “friendly” come from the report. July finished down 19 ¾ at 587 ½ and new crop December down 9 ½ at 507 ¼. We’ll see if December corn can hold that $5.00 mark in the coming days ahead. I would strongly urge producers to have some sort of “put” protection in place in corn.

The only really “friendly” numbers that came out of the report were for soybeans. Old crop bean ending stocks were pretty much in line with expectations at 210 million bushels. However, for the 2012/13 season, ending stocks are projected at just 145 million bushels which is 20 million below expectations and is the lowest May estimate since 1988. World ending stocks came in at 53.2 which was right on expectations. Brazil production came in at 65 million, down from 66 million last month and Argentina was revised down to 42.5 million from 45 million last month. All in all, the new crop demand numbers appear conservative but the tight outlook leaves little or no room for error as far as weather disruptions. July beans finished up 25 at 1455 ¼ and new crop November was up 25 ½ at 1359.

Give us a call if you’d like to receive our weekly grain marketing and hedge report at 800.993.5449 or email us at info@walshtrading.com

Walsh Commercial

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/9/12

May 09, 2012

Good afternoon. It was another “risk off” day in the complex today as a surge in the U.S dollar and selling across a wide spectrum of commodity markets helped to pressure the grain/soy complex throughout the day. Traders were also positioning themselves ahead of tomorrow’s USDA’s supply/demand reports. July wheat finished down 15 cents at 600 and managed to push into new contract lows late in the day. For the reports tomorrow morning, traders see winter wheat production near 1.64 billion bushels as compared with 1.494 billion last year. All wheat production is expected to be near 2.195 billion bushels as compared with 1.999 billion last year. For ending stocks for the 2011/12 season, the trade is seeing stocks near 780 million bushels as compared with 793 million in the April report. For the 2012/13 season, traders see ending stocks near 785 million bushels but with a range of 600-925 million bushels. You can see the estimates (high and low) for corn and soybean ending stocks on yesterday’s blog. July corn finished down 15 ¾ at 607 ¼ and new crop December corn was down 11 ¼ at 516 ¾. December corn matched the lows from last Friday and Monday at 515 as traders expect the first outlook for the new crop season to show a surge in U.S ending stocks for the new crop year.

July soybeans closed moderately lower at 1430 ¼, down 8, but the market saw a strong recovery from the early lows as funds were noted as big sellers on the opening. New crop November beans settled 7 cents lower at 1333 ½. For the report tomorrow, traders see Argentina production down to 42 million tonnes from 45 million last month and Brazil production near 64.5 million tonnes from 66 million last month. As a result, world ending stocks for the 2011/12 season are expected to drop near 53.3 million tonnes from 55.52 million last month. Hamburg-based oilseeds analyst Oil World for the second time in two weeks cut its forecast for Argentina’s 2012 soybean crop by 1.5 million tonnes. Oil World now forecasts Argentina’s 2012 soybean crop at 41.0 million tonnes, down from 49.2 million harvested in 2011. All in all, with so many uncertainties unwinding in the world today and a big report tomorrow, you can be certain it’s going to be a volatile spring/summer in the complex.

Give us a call if you’d like to receive our weekly grain marketing and hedge report at 800.933.5449 or email us at info@walshtrading.com.

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/8/12

May 08, 2012

Good afternoon. With the U.S dollar higher the whole day and the stock market down triple digits throughout the day, grains held their ground while soybeans continued their downward trend. July wheat finished up 3 at 615. There was a slight deterioration in the winter wheat condition from yesterday’s crop progress and talk of short-covering today helped support wheat today. July corn finished up 3 cents at 623 and new crop corn was up 3 ¼ at 528. Corn was supported on talk of potential strong demand from China, a lack of deliveries against the May contract, and a continued strong cash market. Ideas that the USDA will tighten ending stocks for the 2011/12 season on Thursday helped to support the rally in July which made a high of 632 before outside markets and soybeans put pressure on them, while talk that ending stocks for the 2012/13 season will sharply recover to near 1.7 billion bushels and coupled with a favorable weather outlook is keeping December corn in check.

July beans finished 27 ½ lower at 1438 ½ and new crop November beans settled 13 lower at 1340 ½ on traders exiting their long beans/short corn spreads. News that China bought 225,000 tonnes of U.S soybeans which included 60,000 for the 2011/12 season and 165,000 for the new crop season couldn’t offset the negative tone from the outside markets and the overbought condition of the soybean market. The reversal last week and news of a record high net long position in 5 out of the past 6 weeks from the COT reports are negative factors the bean complex is facing.

Listed below are the estimates for Ending Stocks for Thursday’s report:

2011/12 2012/13

Wheat Corn Soybeans Wheat Corn Soybeans

Average Trade Estimate 0.778 0.749 0.214 0.782 1.714 0.164

Highest Trade Estimate 0.800 0.801 0.250 0.916 2.072 0.250

Lowest Trade Estimate 0.756 0.660 0.165 0.609 1.209 0.087

USDA April Estimate 0.793 0.801 0.250 N/A N/A N/A

The big number that stands out to me is the corn 2012/13 ending stocks. The last time total ending stocks was anywhere close to these levels was in 2009/10, when ending stocks were 1.708 bi/bu. The average farm price was $3.55 bushel in 09/10. However, corn use for 2012/13 is expected to be larger than in 09/10 so it’s more important to keep an eye on the stocks/use ratio. The ratio in 09/10 was 13.1%. Ending stocks of 1.7 billion bushels would correspond to a ratio of about 12.6%. The last time the ratio was 12.6% was back in 07/08 and farm prices were $4.20/bushel.

Give us a call if you’d like to receive our weekly grain marketing and hedge report at 800.993.5449 or email us info@walshtrading.com

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/7/12

May 07, 2012

Good afternoon. It looked like it was going to be a down day in the complex but late day buying in the grains helped support wheat and corn. The complex was in the red for most of the night and day pressured by macroeconomic concerns after the elections in France and Greece, and by weekend rains in the U.S which benefited crop development. The trade overnight was worried with the defeat of President Sarkozy by Mr. Hollande. France has now gone Socialist and this has the trade worried things are going to become worse in the already fragile Euro Zone. This caused the Euro drop to 3 month lows and push the U.S dollar higher, thus propelling the grain and soy markets lower overnight and into the day session. However, mid-day into the session, the U.S dollar started to go lower and the stock market higher thus helping corn and wheat.

July wheat finished up 2 ½ cents at 612. July corn settled at 620 down ¼ cent and new crop December corn finished up a ½ cent at 524 ¾. Strong cash markets continue to help support the May contract (up 2 ¾ @ 665) with historically high basis bids, record wide May/July inversion, and a lack of deliveries against the May contract. New crop corn hit its Friday low of 515 but bounced back on short covering ahead of Thursday’s report. On Friday, private analytical firm Informa Economics pegged U.S 2012 corn plantings at 96.124 million acres, up from its March figure of 95.5 million and above the USDA’s March 30th forecast of 95.864 million. Crop progress just came in at another impressive number of 71%. The trade was looking for it to come in between 65%-70%. I say this is impressive because of the hefty rain totals last week which should have slowed plantings. This might have new crop corn test that 515 mark tomorrow. The soy complex didn’t fare as well as the grains today. July beans finished down 12 ½ at 1465 ¾ and new crop November settled at 1353 ½ down 13 ¼. On Friday, Informa forecast U.S 2012 soybean plantings at 75.822 million acres, up from its previous forecast of 75.1 million and up from the USDA’s March 30th figure of 73.902 million. Crop progress for soybeans came in at 24% which was in the range of estimates of 22%-24%. The lower close last week after posting a contract high was seen as a negative technical development by some traders. The COT report as of May 1st showed Non-Commercial traders were net long a record high 259,763 contracts, an increase of 11,831 contracts for the week. The reversal last week in beans might attract some additional technical selling as well with the COT report showing a record high net long position in 5 of the past 6 weeks. All in all, producers should have some sort of protection in place before Thursday’s reports.

Give us a call if you’d like to receive our weekly grain marketing and hedge report at 800.993.5449 or email us at info@walshtrading.com.

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

Comments (0)

Walsh Commercial Hedging Letter 5/4/12

May 04, 2012

Corn

Spot-July finished the week down 5 ¼ cents @ 620 1/4; December down 14 ½ cents to close @ 524 1/4 .A faster than expected start to the planting season & near ideal weather outlook ahead helped to drive the market lower this week. Granted wet forecasts could slow plantings, but the view across the trade is that the rain events over the next 10 days will be beneficial for the emerging crop to get off to a quick start. The weekly Corn Planting progress report showed that 53% of the crop is planted, 10% above trade expectations. This compares with 28% last week & 12% last year. The 10 year average for this time of year is 35%. The highest percent complete was 60% in 2010. Iowa surged to 50% complete from 9% just the week before. Illinois is 79% planted and 34% emerged to push emergence to 15% nationwide from 6% on average. A lack of producer selling plus a lack of deliveries continues to provide some underlying support to the market despite the pressure. Given the cash basis levels, end users who need corn are considering ownership of May receipts as an alternative to buying in the cash market.Weekly export sales were huge with sales of 1.3319 MMT for 2011-12 & 2.1403 MMT for 2012-13 for a total of 3.4722 MMT. Featured buyer was Unknown Destinations @ 509.5 TMT old crop & 1.92 MMT of new crop, Japan 357.5 TMT, China for 214 TMT old crop & 172.5 of new crop & Mexico for 104.5 TMT. CIF basis at the Gulf, which has rolled to July, is bid @ 92 over with a lot of old crop sales still to be shipped out, including those done by China. Ethanol production for the week ending April 27th rebounded to an average of 894,000 bpd. This is up 3.3% vs. last week & up 2.17% vs. last year. Total Ethanol production for the week was 6.258M barrels. Corn used in last week's production is estimated @ 95.2M bu. Corn use needs to average 94.2M bu. per week to meet the USDA projection. Stocks were reported @ 22.2M barrels. This is up 1.7% vs. last week and up 12.4% vs. last year. While the ethanol stocks increased from 918M gallons to 933M, although they remain below the 954 peak set in mid-March. Blending statistics show a strong blending pace with the volume blended up 3% from last year & the percentage of conventional gasoline blended with ethanol nearly at all-time highs @ 93% due to the very favorable blending margins. Of interest were reports out of the ADM earnings conference call in which they indicated that they anticipate E-15 blends to begin hitting the market this summer. On Thursday, we saw the renewal of the unwinding of the long bean/short corn spreads & we can expect significant liquidation that should be supportive to the corn relative to the beans over the next couple of weeks. Wednesday, Export sales of 130,000 metric tons of corn for delivery to unknown destinations during the 2012/2013 marketing year & South Korea bought 58.0 TMT of corn @ $295.85 for delivery before Oct. 20^th with another purchase of 58 TMT of US @ $290.34 C&F along with 65 TMT @ $274.90 optional-origin. On Friday, private analytical firm Informa Economics adjusted its estimates of U.S corn planting for 2012. The firm pegged U.S 2012 corn plantings at 96.124 million acres, up from its March figure of 95.5 million and above the USDA’s March 30th forecast of 95.864 million.

Corn Planted - Selected States

[These 18 States planted 92% of the 2011 corn acreage]

-----------------------------------------------------------------

: Week ending :

:-----------------------------------:

State : April 29, : April 22, : April 29, : 2007-2011

: 2011 : 2012 : 2012 : Average

-----------------------------------------------------------------

: percent

:

Colorado ........: 16 10 22 18

Illinois ........: 10 59 79 29

Indiana .........: 2 46 70 20

Iowa ............: 7 9 50 32

Kansas ..........: 38 32 57 32

Kentucky ........: 17 75 86 44

Michigan ........: 1 11 28 16

Minnesota .......: 1 11 48 31

Missouri ........: 31 50 75 38

Nebraska ........: 12 14 44 23

North Carolina ..: 83 79 89 82

North Dakota ....: - 8 24 11

Ohio ............: 1 34 57 20

Pennsylvania ....: 1 15 27 15

South Dakota ....: 1 8 31 9

Tennessee .......: 37 88 93 62

Texas ...........: 75 65 70 71

Wisconsin .......: 1 6 18 12

:

18 States .......: 12 28 53 27

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Corn Emerged - Selected States

[These 18 States planted 92% of the 2011 corn acreage]

-----------------------------------------------------------------

: Week ending :

:-----------------------------------:

State : April 29, : April 22, : April 29, : 2007-2011

: 2011 : 2012 : 2012 : Average

-----------------------------------------------------------------

: percent

:

Colorado ........: - 1 2 1

Illinois ........: 2 21 34 6

Indiana .........: - 10 24 4

Iowa ............: - 1 5 3

Kansas ..........: 10 11 25 8

Kentucky ........: 5 35 56 18

Michigan ........: - - 2 -

Minnesota .......: - - 1 1

Missouri ........: 12 21 37 13

Nebraska ........: 1 1 4 1

North Carolina ..: 49 47 62 46

North Dakota ....: - - 1 -

Ohio ............: 1 2 6 1

Pennsylvania ....: - 1 1 1

South Dakota ....: - - - -

Tennessee .......: 21 61 75 30

Texas ...........: 56 53 58 62

Wisconsin .......: - - - -

:

18 States .......: 4 9 15 6

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Bottom line is that fears of a surge in production for 2012 remain a significant bearish influence on prices & rallies in prices will be opportunities to forward contract but, it will likely take some weather adversity to push new crop corn prices over $6. May’s USDA S&D report will be our first look @ 2012/13 ending stocks figures. The pros are expecting around 1.8 billion bu. for the May report, compared to 801 million bu. for the 2011/12 marketing year. Back at this year’s Outlook Forum, the USDA used a projected yield of 164 bpa & with significant early planting progress in key states the trend line yield may have to be adjusted even higher. Historically, the USDA lowers yield estimates with late plantings & raises them on early planted corn projections. After the recent spell of Chinese bookings, the USDA seems to be in a position where they will need to raise their old crop exports estimate by about 50 to150 million bu. & consequently lower the carry out. Cash markets continue to show incredible strength & China continues to enjoy a large import margin, however, price direction will begin becoming more dependent on forecasts of the weather gurus. Also, traders are indicating that U.S corn is expensive to wheat, Argentina corn, and Brazil corn. In addition, there is talk that the Brazil corn crop could be higher than expected for next week’s report. December corn has resistance around $533 ¾ on the charts but if the weather stays good, we cannot rule out another swing down to $5.10 before the market puts in a spring low.

Hedgers: 2011: 100% sold. 2012: 50% of guaranteed bu. Sold. We took some quick profits on our short-term July $6.00/ $7.00 call spreads before we pulled back. Clients should get puts in place on all unsold new crop bushels they anticipate growing. Use September $5.30 puts for 25 cents or better &/or Dec.’12 $5.00 puts to protect against a move lower to the $4.50 area in the new crop. If prices can manage to rally to $6+ we will either roll up our protection or make additional cash sales.

Wheat

Spot-July Chicago wheat lost 40 ½ cents on the week to settle @ 609 ½. July KC wheat lost 32 cents on the week to finish @ 627. July Minneapolis slipped 34 ¾ cents for the week to settle @ 744. Traders remain focused on the potentially enormous winter wheat crop set to begin being harvested. Weather forecasts remain benign. Hard wheat contracts in KC & Minn. fell to new multi-month lows & Chicago made new contract lows on Friday. Early reports of high yields in north-central & central Kansas from the Kansas Crop Tour suggest yields far above last year’s figures with mixed reports coming out of southern part of the state. The Tour ends today, and the wheat crop is huge. The final estimated yield for the Kansas’ HRW wheat crop is 49.1 bu/acre, nearly 3 bushels/acre above the previous record yield set back in 2005. The figure is higher than the tour’s yield estimate last year of 37.4 bushels and the tour’s average yield estimate over the past three years of 39.6 bushels an acre. Further, on the basis of the average of 59 estimates offered by those on the Tour, the Kansas wheat crop this year is now forecast to be barely under 404 million bushels compared with the 276.5 million bushels produced last year in Kansas. While tour participants said the surveyed crops were generally in good condition and at an advanced stage of development, some warned the tour’s yield estimate may be too high. A warm spring and generally favorable conditions have led Kansas wheat crops to develop 2-3 weeks faster than usual this year, so most of the wheat surveyed on the tour had already headed. That changed the tour’s main yield estimation method this year to include counting spikelets on wheat heads, instead of just counting stalks. Wheat harvest will be coming quickly to the southern Plains in the next 2 to 3 weeks, with portions of the southern SRW belt already active. There is little doubt that the supplies of HRW & SRW wheat will be ample & is priced to move into feed with HRW comparatively priced vs. corn. For example: In the Southeast, early reports have SRW more than a $1 per bu. less than corn. Weekly wheat export sales were solidly within expectations with 256.7 TMT of old crop & 454.8 TMT for 2012-13. Featured customers for 2012-13 were Mexico for 215.4 TMT & Unknown Destinations for 72.6 TMT. On Tuesday, Saudi Arabia purchased 2 cargoes of HRW wheat for delivery during the 2012/2013 marketing year. Informa came out Friday with their new estimates for wheat production. They estimated U.S winter wheat production for 2012 at 1.656 billion bushels, up from the firm’s April 4th forecast of 1.631 billion. By class, Informa pegged U.S production of hard red winter wheat at 1.008 billion bushels, soft red winter wheat at 421 million and winter wheat at 227 million. The firm forecast U.S seedings of spring wheat at 13.476 million acres, up from the USDA’s March estimate of 11.976 million.

Winter Wheat Headed - Selected States

[These 18 States planted 88% of the 2011 winter wheat acreage]

-----------------------------------------------------------------

: Week ending :

:-----------------------------------:

State : April 29, : April 22, : April 29, : 2007-2011

: 2011 : 2012 : 2012 : Average

-----------------------------------------------------------------

: percent

:

Arkansas ........: 88 100 100 75

California ......: 94 85 90 96

Colorado ........: - - 3 2

Idaho ...........: - - - -

Illinois ........: 6 55 80 6

Indiana .........: 1 19 34 -

Kansas ..........: 13 45 74 7

Michigan ........: - - - -

Missouri ........: 22 69 84 13

Montana .........: - - - -

Nebraska ........: - - 5 -

North Carolina ..: 79 92 98 65

Ohio ............: - - - 1

Oklahoma ........: 80 89 97 64

Oregon ..........: - - - 1

South Dakota ....: - - - -

Texas ...........: 61 67 82 54

Washington ......: - - - -

:

18 States .......: 29 42 54 24

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Winter Wheat Condition - Selected States: Week Ending April 29, 2012 [National crop conditions for selected States are weighted based on 2011 planted acreage]

----------------------------------------------------------------------------

State : Very poor : Poor : Fair : Good : Excellent

----------------------------------------------------------------------------

: percent

:

Arkansas .......: 2 5 38 42 13

California .....: - - 10 50 40

Colorado .......: 2 13 33 46 6

Idaho ..........: 1 1 17 65 16

Illinois .......: 1 3 16 60 20

Indiana ........: 1 3 21 59 16

Kansas .........: 2 6 30 49 13

Michigan .......: 2 5 27 52 14

Missouri .......: 1 6 25 51 17

Montana ........: 1 8 36 48 7

Nebraska .......: - 3 27 59 11

North Carolina .: - 1 16 67 16

Ohio ...........: 3 11 34 41 11

Oklahoma .......: 1 4 20 53 22

Oregon .........: - 8 19 55 18

South Dakota ...: - 3 30 54 13

Texas ..........: 16 18 30 28 8

Washington .....: - 1 6 82 11

:

18 States ......: 3 7 26 50 14

:

Previous week ..: 3 7 27 48 15

Previous year ..: 20 21 25 28 6

----------------------------------------------------------------------------

Spring Wheat Planted - Selected States

[These 6 States planted 98% of the 2011 spring wheat acreage]

-----------------------------------------------------------------

: Week ending :

:-----------------------------------:

State : April 29, : April 22, : April 29, : 2007-2011

: 2011 : 2012 : 2012 : Average

-----------------------------------------------------------------

: percent

:

Idaho ...........: 50 70 82 61

Minnesota .......: 2 84 93 28

Montana .........: 6 49 68 35

North Dakota ....: 1 45 66 20

South Dakota ....: 18 91 97 50

Washington ......: 56 47 60 72

:

6 States ........: 9 57 74 32

-----------------------------------------------------------------

Spring Wheat Emerged - Selected States

[These 6 States planted 98% of the 2011 spring wheat acreage]

-----------------------------------------------------------------

: Week ending :

:-----------------------------------:

State : April 29, : April 22, : April 29, : 2007-2011

: 2011 : 2012 : 2012 : Average

-----------------------------------------------------------------

: percent

:

Idaho ...........: 21 27 38 28

Minnesota .......: - 20 44 11

Montana .........: - 5 10 3

North Dakota ....: - 12 24 2

South Dakota ....: 4 64 79 16

Washington ......: 25 19 24 40

:

6 States ........: 3 18 30 8

-----------------------------------------------------------------

Bottom line is that the US wheat is faced with a favorable outlook across the country but, in the absence of a meaningful rally in corn prices the wheat will need to originate some additional export demand or else face a tough challenge of those winter lows heading into harvest in a couple of weeks. Hedgers: 2012: 35% sold 2013: 10%Clients should make sure to have puts on all unsold new crop bushels they anticipate growing in addition to the cash sales we have made. Our July Chicago $6.30 puts for 20 cents are good protection for any early harvested wheat. Otherwise, September Chicago $6.30 puts for 30 cents can manage our longer-term downside risk for 2012 & 2013 to leave the upside open until you can make cash sales after harvest is over. The USDA identified a "window of opportunity for sales" of the 2012 crop soon after supplies become available, in May-June. We purchased $6.40/$7.40 call spreads on the cheap for 22 cents, Thursday morning. If you would like to stay in the game on any forward contracts you should contact the office for up-to-date recommendations.

Soybeans

Spot-July soybeans settled the week down 15 ¼ cents @ 1478 ¼ November finished the week up 4 ¾ cents @ 1362. More big deliveries plus talk of the extreme overbought condition for old crop soybeans due to the surge higher in the past few weeks helped to pressure the market. The pros view the current weather forecasts as bearish with periods of warm & wet weather over the next 10 days but, not enough rain to cause flooding issues (the exception being S. Iowa & N. Missouri.) Liquidation of old crop/new crop bull spreads helped to support the November contract along with relentless China buying helped to provide underlying support to limit the downside above weekly support despite the key reversal on Wednesday. On Wednesday, nearby beans rallied to new contracts highs with July hitting $15.12 ½ after one entity stepped up to stop 486 or 576 contracts redelivered on Tuesday night. July Meal traded to a new contract high of $437.6/ ton. However, with a lack of old crop exports, the markets slipped back to trip stops when the spot-July contract penetrated Tuesday’s lows’ setting off a bout of technical selling. The weekly Soybeans planting report showed that a record 12% of the crop is planted which is right on trade expectations. This compares with 6% last week and 2% last year. The 10 year average for this time of year is 5%. The previous highest percent complete was 9% in 2006 while the lowest was 2% in 2011. US cash markets remain steady for old crop & firmer for the new crop. For the 3^rd week in a row export sales were huge with sales of 598 TMT for the 2011-12 & 1.134 MMT of new crop for a total of 1.732 MMT which was above trade expectations. Featured buyer was again China with 117.3 TMT for this year & 675 TMT for 2012-13 & Unknown Destinations (most likely China) for 147.5 TMT for old crop & 394 TMT for new crop. Net meal sales came in @ 59 TMT for the current marketing year & 92.7 TMT for the next year for a total of 151.7 TMT. On Monday, Private exporters reported to the U.S. Department of Agriculture export sales of 220 TMT of soybeans to China during the 2012/2013 marketing year. Tuesday saw additional export sales of 110 TMT of soybeans for delivery to China during the 2012/2013 marketing year. Then on Wednesday, export sales of 204 TMT of soybeans for delivery to unknown destinations during the 2012/2013 marketing year & export sales of 30,000 metric tons of soybean oil for delivery to China during the 2011/2012 marketing year. Thursday saw private exporters report export sales of 232 TMT of soybeans to China during the 2012/2013 marketing year. On Friday, Informa pegged U.S 2012 soybeans plantings at 75.822 million acres, up from its previous forecast of 75.1 million and up from the USDA’s March 30th figure of 73.902 million.

Soybeans Planted - Selected States

[These 18 States planted 95% of the 2011 soybean acreage]

-----------------------------------------------------------------

: Week ending :

:-----------------------------------:

State : April 29, : April 22, : April 29, : 2007-2011

: 2011 : 2012 : 2012 : Average

-----------------------------------------------------------------

: percent

:

Arkansas ........: 14 28 45 17

Illinois ........: - 5 13 2

Indiana .........: - 11 28 4

Iowa ............: - 1 3 3

Kansas ..........: 1 2 5 1

Kentucky ........: - 7 18 2

Louisiana .......: 52 33 42 41

Michigan ........: - 2 9 3

Minnesota .......: - - 4 4

Mississippi .....: 29 40 59 48

Missouri ........: - 4 8 2

Nebraska ........: 1 - 6 2

North Carolina ..: 6 2 5 5

North Dakota ....: - - 1 1

Ohio ............: - 7 16 5

South Dakota ....: - - 2 -

Tennessee .......: 1 3 9 3

Wisconsin .......: - - 1 1

:

18 States .......: 2 6 12 5

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Bottom line here is that we are hearing some talk that the Chinese Gov’t is considering releasing some stocks which have helped keep a lid on the bullish enthusiasm. After filling the upside gap left last fall, we continue to see support on the weekly charts near $14.40 followed by $14.13 ½ with resistance up @ this week’s high at 1512 ½ to $15.20. The bulls will look for the funds to continue to dress up their positions heading into next weeks report as the necessity to secure acreage for the 2012/13 marketing year both here & in SA is superseding rationing at this point. Guess we will have to wait until the June 30^th report to find out how well the beans have done at entice producers to switch or double crop.

Hedgers: 2011: 100% sold 2012: 50% of guaranteed bu. sold Producers should be actively looking for bids for their remaining old crop bushels & take advantage of the rally in prices. Clients if you have priced any bushels this week contact the office to reown them “on paper” to stay in the game heading into a key May USDA S&D report when we get our first look @ the new crop balance sheet. Clients should make sure to have puts on all unsold new crop bushels they anticipate growing in addition to the cash sales we have made. Protect “beans in the teens” before you have ever planted them on any bushels I anticipate growing that are not forward contracted with Outright Nov. ’12 $13.00 puts for 55 cents or better. They will allow us to comfortably be patient & wait on additional sales to make the most of the strong cash markets.

Of note…

· The nation's 100 largest agriculture cooperatives reported near-record revenue of $118 billion in 2010, USDA Rural Development Under Secretary Dallas Tonsager announced today. This was an increase of 4 percent over 2009 figures. Net income for the 100 top agriculture co-ops was also up more than 10 percent in 2010, reaching $2.39 billion, up from $2.16 billion in 2009.

· Spain has plunged into a double-dip recession, in the latest blow to the euro zone economy. Spanish GDP shrank by 0.3% in the first three months of 2012, the second consecutive decline, as the country's austerity measures and the wider economic slowdown hit growth. There are now eight euro zone nations in recession, plus three other members of the European Union.

· The latest S&P / Case-Shiller numbers, reported last week, show that prices in 20 major markets declined 3.5% over the year through February. They're now back to 2002 levels. If we subtract for inflation, they're back to 1998 levels. But consider: After subtracting for inflation, prices are also back to 1986 levels. And 1955 levels. And 1895 levels. That's because the natural rate of price appreciation for houses is zero after inflation. Prices will eventually stop falling. They'll resume rising. But over the long term, they're unlikely to resume rising faster than inflation.

Federal Reserve Bank of Richmond President Jeffrey Lacker said the central bank needs to be ready to raise interest rates even if joblessness exceeds 7 percent. Speaking in an interview today at the Bloomberg Washington Summit hosted by Bloomberg Link, he said the Fed will probably have to raise rates in mid-2013. Adding more monetary stimulus now would raise inflation risks without doing much to boost growth, he said. Unemployment “could well be above 7 percent, and I think we have to prepare for that,” Lacker said. “I think it’s a misconception to think we have to get unemployment all the way down to five or some number like that before we raise rates.” Lacker has cast the only dissenting vote at each of the Federal Open Market Committee’s policy meetings this year. He has opposed the Fed’s statement that economic conditions will probably warrant “exceptionally low” levels of the federal funds rate at least through late-2014.
All 10 of the main industry groups in the S&P 500 advanced after growth in American factory output unexpectedly accelerated in April to the fastest pace in almost a year, with the Institute for Supply Management’s index increasing to 54.8 from 53.4 and topping the median economist projection for a drop to 53. The report eased concern that manufacturing is slowing after data from the Federal Reserve Bank of Dallas and the ISM-Chicago trailed estimates yesterday.
New orders for U.S. factory goods in March recorded their biggest decline in three years as demand for transportation equipment and a range of other goods slumped, government data showed on Wednesday. The Commerce Department said orders for manufactured goods dropped 1.5 percent after a revised 1.1 percent rise in February. Economists had forecast orders falling 1.6 percent after a previously reported 1.3 percent increase in February.

If you are not a currently a client of Walsh Hedging & would like a plan to help you become a better marketer of your grain. Take 5 minutes & send us an email @ info@walshtrading.com or give us a call.

There are… No acreage fees; No management fees; No margin calls!

Our toll free number is 800-993-5449

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

Two Federal Reserve officials warned Tuesday that the U.S. could be heading for a "fiscal cliff" at year's end if mandated tax increases and spending cuts are implemented.

Charles Evans of the Chicago Fed called the cliff a "big uncertainty" while Atlanta Fed President Dennis Lockhart said there could be a "financial shock" if markets begin to anticipate that Congress and the White House do little to address this situation.

The expected tax increases and spending cuts were triggered when a congressional "super committee" failed to come up with a way of closing the federal budget deficit.

Both Fed officials spoke during the Milken conference in Los Angeles. Earlier Tuesday, on CNBC, both agreed the slowing U.S. economy is disappointing, but differed on the need for continued stimulus.

"I’d like nothing better than to start raising rates before late 2014 on the strength of a stronger economy," Evans told Squawk on the Street.

Noting there's "tremendous room" for more accommodation, the Chicago Fed chief said that "more liquidity would be helpful. It would ratify the idea that [Fed] policy is going to be accommodative for a very long time to get things going. Look, we might get lucky in the sense that ... the channel opens up and we get a greater lift in the economy."

Rather than keeping rates low until late 2014, Evans thinks the Fed should use "economic triggers" on which to base accommodation such as keeping low rates if the unemployment rate is above 7.5 percent "unless inflation unexpectedly goes up to a very high level, say 3 percent."

Lockhart is more skeptical and also concerned about triggering higher inflationHe added, "There’s only so much we can do to stimulate loan demand, and to change the risk appetite of the financial system or banks, so I’m not sure that more really active stimulus in the form of quantitative easing for example, would have that much of an effect. But the longer-term costs have to be kept in mind, costs related to inflation expectations, for example.". The Atlanta Fed president said that while the first-quarter GDP and March jobs data were disappointing, "I am a bit reticent to pull the trigger on any action. We have to see how the economy evolves. Pulling a number out of the air is a bit too simplistic."

Both Fed presidents said they know the continued low interest rates are hurting savers.

"We're in a tough situation and the current slow recovery is hurting everybody," said Evans.

Lockhart noted that "we can only have one policy, and that policy is designed to support the recovery. So unfortunately there are winners and losers."

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Walsh Commercial Hedging 5/3/12

May 03, 2012

Good afternoon. Old crop beans continued their sell off from yesterday while the grains took a breather after taking a beating yesterday. July beans finished down 11 ½ at 1473 ½ and new crop November beans fared much better finishing down only a half cent at 1367 3/4. November beans seems to find itself trapped between trend line support near $13.62 and overhead resistance at $13.95-$14.00. July beans made that key reversal yesterday, posting a new contract high before closing below the previous day’s low. There is talk of a massive increase in double crop soybeans this year with producers in the Eastern Corn Belt trying to plant them as far north as I-80. Also, Hard Red Wheat farmers, whose crops are very far along, will be tempted to plant a double crop of soybeans. All in all, with funds having a record net long position in beans, it won’t take much to see a $1.00 or more turn lower in beans so it’s pertinent to have some sort of “put” protection in place to protect your investment.

The trade felt that the selloff yesterday was a bit overdone in wheat and corn. Even with the excellent new crop corn export sales of 2,140,300 tonnes, new crop corn continues to lag behind old crop as traders expect a massive increase in new crop ending stocks for corn. Also, a very strong cash market and ideas that the USDA will need to raise exports and tighten old crop ending stocks in next week’s report will support the old crop until we know more from the report. July corn finished up 3 cents at 614 ½ and new crop December corn finished down a penny and a half at 529 ½. Weather forecasts continue to support a great start to corn sowings and should keep new crop corn in check until the report. July wheat finished up a penny at 615 ½ on talk that wheat got a little overcooked yesterday. However, the 40,000 contract drop in open interest since mid-April in wheat has traders thinking that was a sign of short-covering and believe that the market has already corrected some of the oversold condition. Coupled with a lack of a US weather threat, improving spring wheat production, and possibly a record yield coming out of Kansas, this possibly opens the door for another leg down into harvest. All in all, the market seems to be in a fragile state right now and anymore fund selling in one of these sectors can have a ripple effect through the market like we saw yesterday.

Give us a call if you’d like to receive our weekly grain marketing and hedge report at 800.993.5449 or email us at info@walshtrading.com.

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/2/12

May 02, 2012

Good afternoon. The complex saw a big sell off today as corn and beans followed wheat lower. July wheat finished down 28 ½ at 614 ½. July Kansas City wheat had its lowest close since July of 2010 finishing down 26 ½ at 630 ½. Minneapolis wheat finished down 23 ¼ at 751 which was its lowest close since November 2010. The annual Kansas wheat tour is underway and the tour has estimated that the Kansas crop shall yield 54.2 bu/acre, up from last year’s drought damaged 41.6 bushels. 54.2 is a huge crop of hard red winter wheat. The harvest is now estimated to be 2-3 weeks earlier than usual. If we do have the harvest coming in 2-3 weeks earlier than usual, we may actually see a large sum of acreage in parts of Kansas try to double crop soybeans given the high price of new crop November beans. Given the fast pace of spring wheat plantings and a favorable weather outlook, the market will need to absorb a very large US crop in the months just ahead. Like I mentioned yesterday, the upside in wheat looks limited in the near term unless the weather pattern changes and/or something happens to the corn crop. The selloff in wheat quickly spilled over into the corn market as July corn finished down 17 ½ at 611 ½ and new crop December corn down 7 ¾ at 531. Fund selling in corn intensified late in the day as traders are indicating that US corn is expensive to wheat, Argentina corn, and Brazil corn. Also, there’s talk that the Brazil crop could be higher than expected for next week’s USDA report.

Soybeans eventually succumbed to the selloff in the grain market but not before making a new contract high in the July contract at 1512 ¼. July beans finished down 18 ½ at 1485 and new crop November beans down 24 ¼ at 1368 ¼. This reversal after taking out the range of the past 3 trading sessions is seen as a negative technical development. Beans opened up on their highs on continued news of more export sales. Private exporters reported the sale of 204,000 tonnes of US soybeans to unknown destinations for the 2012/13 season. With talk of up to 2.5 million more bean acres coming primarily from cotton, double-cropped wheat, and corn it will be interesting to see where beans go from here. One thing for certain is it will stay volatile in the soy complex, as fund traders still hold a huge net long position. I would urge producers of any of these commodities, especially soybeans; have some sort of protection in place through option strategies to protect your investment.

Give us a call if you’d like to receive our weekly grain marketing and hedge report at 800.993.5449 or email us at info@walshtrading.com.

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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Walsh Commercial Hedging 5/1/12

May 01, 2012

Good afternoon. After yesterday’s impressive crop progress report, the grains opened lower and tried to fight their way into positive territory but late day selling emerged in the last few minutes to drive wheat and corn lower. July wheat finished down 11 ½ at 643. The weekly Winter Wheat Conditions report showed that 64% of the crop was rated good/excellent compared to 63% last week and 34% last year. The crop is also more advanced than recent years with 54% of the crop headed as compared with 29% last year. The weekly Spring Wheat Planting report showed that a record high 74% of the crop is planted compared to only 9% last year. With May upon us now and each day passes without a freeze, traders will be looking at a bumper crop for this year and expanding stocks so the upside looks limited in the near term. July corn finished down 5 ¼ at 629 and new crop December corn down 4 ½ at 538 ¾. New crop December corn continues to be weighed down on fears of a high yield and a sharp increase in stocks despite the recent surge in buying from China. The USDA will be in a position to lower old crop ending stocks in next week’s supply/demand update and will give traders the first look for the 2012/13 season. The 7-10 day forecast shows that it will be warmer with more rain but it doesn’t look like there will be any flooding issues and thus should support early growth. However, I would keep an eye on this as Mother Nature can throw us a curve without warning with too much rain in areas of the Midwest.

July beans finished 2 cents lower at 1503 ½ on news that there were 757 contracts delivered against the May contract. New crop November beans continue to be strong and finished up 11 ½ at 1392 ½. Liquidation of old/new crop bull spreads and continued buying from China helped support November beans. The USDA confirmed the sale of 110,000 tonnes of US soybeans to China for the 2012/13 season. This is on top of the sale yesterday of 220,000 tonnes of US beans for delivery to China for the 2012/13 season. Traders are concerned that 2013 stockpiles of soybeans won’t be large enough to keep up with strong demand. The trade is finally realizing that nearly all of the large sales reported in recent weeks are for the new crop delivery. I would strongly advice producers to have some “puts” on all unsold new crop bushels they anticipate growing.

Give us a call if you’d like to receive our weekly grain marketing and hedge report at 800.993.5449 or email us at info@walshtrading.com

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.

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May 2012 Archive for Walsh Trading: Afternoon Grain Comments

Walsh Commercial Hedging 5/31/12

Walsh Commercial Hedging 5/30/12

Walsh Commercial Hedging 5/29/12

Walsh Commercial Hedging 5/25/12

Walsh Commercial Hedging 5/24/12

Walsh Commercial Hedging 5/23/12

Walsh Commercial Hedging 5/22/12

Walsh Commercial Hedging 5/17/12

Walsh Commercial Hedging 5/15/2012

Walsh Commercial Hedging 5/11/12

Walsh Commercial Hedging 5/10/12

Walsh Commercial Hedging 5/9/12

Walsh Commercial Hedging 5/8/12

Walsh Commercial Hedging 5/7/12

Walsh Commercial Hedging Letter 5/4/12

Walsh Commercial Hedging 5/3/12

Walsh Commercial Hedging 5/2/12

Walsh Commercial Hedging 5/1/12

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