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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.

 

Beans Lead Ag Complex Higher

Mar 15, 2012

 

·         Same story, different day: Soybeans upside leader in grain complex overnight; Corn again testing recent highs at 6.66/May, an area that has now been rejected 4 times in 9 trading sessions
·         Export Sales this morning at 7:30am CST, estimates:
o   Wheat                400k-600k mt
o   Corn                   550k-850k mt
o   Soybeans           650k-900k mt
o   Soymeal             75k-150k mt
o   Soyoil                 0k-20k mt
·         Sinograin, who manages China’s state grain reserves, has stockpiled only 1.2mmt of corn from last year’s harvest according to an industry website; States reserves stockpiled over 11mmt from 2010 harvest
·         Agroconsult pegging Brazil soy crop at 67.1mmt, down from their Feb estimate of 69.9mmt and current USDA estimate of 68.5mmt
·         Outside markets mostly positive to start, US$ slightly lower with crude/metals/equities slightly higher; Sell-off in bonds the last few days should be noted
 
 
Grain producers have 2 weeks to decide what type of positions they’ll take into the March 30th acreage and quarterly stocks report. We recommend owning at-the-money PUT options on new crop corn and soybeans. Against these options, we like selling a PUT below the level covered by crop insurance. Call the office for specific details.    
 
As always, call the office with questions or concerns.
 
Regards,
Joe Vaclavik
(312) 462-4438 
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