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EHedger Report

RSS By: Dustin Johnson

Dustin works with a wide net of large producers throughout the Midwest. His analytical market approach and objective hedge strategy development is specific to the needs of every individual.

EHedger Closing Grains Commentary 11/18/09

Nov 19, 2009
SETTLEMENTS 11/18
         
 
Dec 09 Corn
399     
- 3
Jan 10 Beans
1029 
- ½ 
Dec 09 Wheat
565 ¼      
- 9 ½  
Dec 09 KC Wheat
565 ¼  
- 8 ¾ 
Dec 09 Min Wheat
564 ¼     
- 17 ¾  
Dec 09 Meal
310.8
+ 2.1
Dec 09 Oil
39.83
+ 0.02
 
 
 
 
 
 
 
 
 
 






 
 
Corn, beans, and wheat all opened firmly higher, but closed today’s session lower. Today’s action signals a key reversal, but will need to be confirmed tomorrow. Higher markets this morning was a continuation of the uptrend and once again signaled the strength that outside markets and “investment funds” can add to the market. At one point January beans traded 20-higher and at the highest level since August, while December wheat also traded to highs not seen since August. Corn fell just short of the October highs. These prices are trading near/through some key resistance levels, so once again technical traders will place a lot of emphasis on closing prices the remainder of the week. If today’s reversal holds, it appears to signal a short to mid-term change in price movement and the grain markets could easily pull back 5-15 cents in corn and 20-30 in beans by week’s end. Just keep in mind that big money flow will be the biggest influence on the market here in the short term. Also, keep in mind that this Friday is December option expiration. The $4.00 strike price in December corn carries a lot of open interest and currently futures are at $3.98. 


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