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Standard Grain

RSS By: Joe Vaclavik

Joseph Vaclavik is the president at Standard Grain in Chicago. Standard Grain provides futures and options brokerage to farms, feedlots, elevators, processors, end-users and traders. Visit www.standardgrain.com for more information.

 

Up Overnight...

Dec 01, 2011

 

·         Grains slightly higher overnight; Rally on yesterday’s Fed announcement pushed most major commodities and equities sharply higher, grains were not able to hold majority of the gains
·         US ethanol output rose 13k bpd to 930k bpd last week, highest ethanol output since December 2010
·         Export Sales this morning at 7:30am CST, pre-report estimates:
o   Corn                                       350k-500k mt
o   Soybeans                             475k-825k mt
o   Wheat                                   375k-600k mt
·         China has decided not to stockpile large volume of corn from domestic market, fearing that gov’t stockpiling would push domestic prices higher
·         Argentine soy crop seen at 52mmt, matching latest USDA estimate
·         USDA forecasting Ag exports $5 billion lower for the 2012 marketing year according to yesterday’s Outlook for US Ag Trade Report (http://link.reuters.com/jyw35s)
 
Despite yesterday’s rally, grain markets remain in a bearish technical setup. March soybeans will need a solid close over the 11.75-11.80 area to negate current trendline. Resistance in March corn near 6.19. In a time period where there is little fundamental news, technical trading is sometimes the best option. 

 

Straits Financial provides futures/options brokerage to farms, feedlots, elevators and processors. Call Joe Vaclavik at (312) 462-4438 for more information. 

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