Up Week for Grains

March 4, 2011 11:11 AM
 

This information is provided by Scott Harms - Archer Financial Services, Inc. 800-933-3996.

As of Tuesday the Commitments of Traders data shows this week to be one of the most anemic in sometime. The most significant changes occurred in the corn market where fund length continues to grow. The large funds increased their long positions by almost 12,000 contracts through Tuesday’s trade as we continue to search for larger scale signs of rationing. 

This week’s ethanol numbers continued their lower trend, while weekly corn exports continued to impress. Spot corn prices tied for its fourth highest weekly close ever as it closed at its highest level since mid-June of 2008. Today’s close is now within 45 cents of its all time high made on June 27th 2008. 
 
The USDA will update its monthly supply and demand data as well as its world production figures on Thursday. 
 
Next week, the market will be keenly watching the Argentine port situation as well as rumors of Chinese cuts in imports tariffs for commodities.

 

3 5 11 Market Movement

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3 4 11 COT

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