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Walsh Trading: Afternoon Grain Comments

RSS By: Andy Kopale,

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 4/5/12

Apr 05, 2012


Good afternoon. Grains finished the short weak on a mixed note despite the strong export sales this morning. May wheat finished down ¾ at 638 ½. The frost threat continues to abate in the U.S and more rain relief for dry areas of Europe are keeping any rallies in wheat in check. May corn finished up a penny and a half at 658 ¼ and new crop December was up an impressive 6 cents at 550 ¼. Old crop corn export sales came in at an inspiring 937,000 tonnes and new crop came in at 185,000.  The trade was looking for a combined estimate of 400-800. The impressive old crop sale helped May corn jump 7 cents on the opening but the early gains faded as profit-taking set in. Also, profit taking on the old crop/new crop corn spread weighed on May corn. May beans was the winner today finishing up 14 ½ at 1434 while new crop November beans were up 6 cents at 1381 ½. USDA reported weekly old-crop bean export sales totaling over 400,000 tonnes while new crop sales exceeded 700,000 tonns which were also above trade expectations. The trade was looking for combined sales for beans to come in between 570-1.00. It was a relatively slow news day in the grains with the dollar trading higher for the day. However, given the 3 day weekend and all eyes on the weather which can change on a daily basis, I can see volatility pick up for Sunday’s night trade. We’ll have the estimates for Tuesday’s WASDE report on Monday. Happy Easter!
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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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