Down Overnight...
Nov 23, 2011
· Grains sharply lower overnight after closing barely higher yesterday in most contracts; New lows in corn, soybeans and wheat for the recent move
· Outside markets soft again; Crude, equities, metals all lower with a sharply higher $US
· Preliminary data showing that China manufacturing fell to lowest levels in 3 years; Concern growing over the slowing of Chinese economy
· No bidders in China auction of state reserve soybeans; Fifth consecutive week with no bids
· Weather reports suggest that 30% of Ukraine wheat and rapeseed will not withstand dry winter conditions
· Spot ethanol profitability remains high, over $1/bushel or about 40 cents per gallon including fixed costs and basis
· Export Sales delayed until Wednesday due to Thanksgiving Holiday
· Grains markets trade regular hours today; Closed until Thursday night open at 6pm CST; Early close on Friday 12pm CST
Straits Financial does futures/options business for farms, feedlots, elevators and processors. Call Joe Vaclavik today at (312) 462-4438!
