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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 Grain Commentary 2/17/10

Feb 17, 2010
Market Settlement Change Low High 
March corn 360    -7 1/4 359.5 368
March wheat 494 3/4 -10 1/4 492.5 504.75
March beans 951 1/2 -14    948 964
March soymeal 279.40 -4.50 277.7 284.4
March soyoil 38.75 -0.20 38.51 38.93
Apr live cattle 92.15 -0.025 91.70 92.20
Apr lean hogs 69.200 0.92 67.98 69.275
 
Corn, soybeans and wheat closed lower for the day. Today’s action was nearly the complete opposite of yesterday as those gains were given back. The dollar was sharply higher and traded above yesterday’s range. The early week volatility has led to large ranges over the past two days, but the end result is prices close to last Friday’s close. This sideways to lower action will likely continue for the remainder of this month as current fundamentals do not look to change anytime soon. Of course, the March reports will be significant to agricultural markets, but they are still several weeks away. Until then, sellers will be ready to step forward as prices approach levels seen right after the January report.
News from China will remain light as their markets are closed for the remainder of the week in observance of their New Year. Export sales will be out Friday. Once Chinese markets resume traders will focus on where China purchases soybeans. Large South American crops and harvest increasing will take away from American purchasing. On a side note, the CME Group is set to begin trading a DDG contract on Apr 26; for details check: http://cmegroup.mediaroom.com/index.php?s=43&item=2986&pagetemplate=article This contract will open futures up to a “corn crush” and provide ethanol plants and DDG end users a new avenue of pricing. 
 
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Trading commodity futures and options involves substantial risk of loss and may not be suitable for all investors. The market information contained in this message has been obtained from sources believed to be reliable, but is not guaranteed as to its accuracy or completeness. Market information may not be consistent with current or future market positions of E Hedger, its affiliates, officers, directors, employees, or agents. Recipients assume the risk of reliance on and indemnify and hold E Hedger harmless for any and all losses, costs, or tax consequences incurred as a result of their use of market information.
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COMMENTS (3 Comments)

Anonymous
Agrivisor just had report in Farmweek publication that some early yields in Matto Grasso (sp) were only 60%of normal.
9:30 PM Feb 17th
 
Anonymous
Why the big rush to get everything traded on futures. It would be nice to leave one thing off futures, kind of a checks and balance you might say.
8:16 PM Feb 17th
 

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