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Walsh Trading: Afternoon Grain Comments

RSS By: Andy Kopale, AgWeb.com

Andy is a seasoned grain market analyst and the senior account executive at Walsh Hedging. His main focus is assisting producers and end users to better hedge their investments through his various market strategies over his years of experience working on the grain floor.

Walsh Commercial Hedging 4/12/12

Apr 12, 2012

Good afternoon. Grain and soy futures opened the day higher and stayed in the green throughout the day with outside markets supporting them. May wheat finished up 11 ¼ at 639 ¼ on continued fears that the overnight temperatures were cold enough to cause some damage in the eastern and southern Corn Belt. May corn finished up a penny and a half at 637 ½ and new crop was unchanged at 546 ¾. Old crop corn was up 8 ½ cents in the first hour of the trade because of strong export sales. Net weekly export sales for corn came in at 959,100 metric tonnes for the current marketing year. The trade was looking for sales to come in between 400-800 metric tonnes. New crop corn didn’t move much on the day as traders see a good rain event for the Midwest into early next week and then a drier trend for later next week, which appears ideal to help the early planted corn emerge, and also to see more active new plantings into next weekend. After closing 3 sessions in a row lower, the soybeans were the big winner today. May beans finished up 19 cents at 1441 and new crop November beans were up 13 ¾ at 1372 ¾ on solid export news and help with the lower dollar. Net weekly export sales came in at 460,100 metric tonnes for the current marketing year and 176,300 for the next marketing year for a total of 636,400. As of April 5th, cumulative beans sales stand at 91.7% of the USDA forecast for the 2011/12 marketing year. Also, on top of the strong weekly sales, private exporters reported daily sales of 189,000 tonnes to an unknown destination. In addition, sales were reported for 115,000 tonnes of U.S beans to China. Uncertainty about the final size of the drought-stricken crops in Brazil and Argentina could still send prices higher, as could concerns the bean prices need to be higher to attract more US farmers to plant soy. I think most farmers have already decided on what they’re going to plant and my guess would be corn. 

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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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