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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 5/27/09

May 27, 2009
 
 
SETTLEMENTS 5/27
         
 
July 09 Corn
426
- 1 1/2
Dec 09 Corn
449 3/4
- 1/2
July 09 Beans
1187
+ 1 1/2
Nov 09 Beans
1050
+ 7 1/2
July 09 Wheat
625 3/4
+ 13 3/4
July 09 KC Wheat
675
+ 12 3/4
July 09 Min Wheat
779 3/4
+ 25
July 09 Meal
386.2
- 3.8
July 09 Oil
37.81
+ 0.06
 
 
 
 
 
 
 
 
 
 
 
 
 





Corn and old crop beans closed lower while new crop beans and wheat closed higher.
 
The wheat complex was the leader during the session. The disappointing spring wheat planting progress number added to today’s strength. However, the continued inflow of outside money and shorts continuing to cover their positions appear to be the main factor behind the wheat rally.
 
The corn market saw the planting progress numbers come in as expected. With planting finishing up, the June 30th stocks and acreage report will be the markets next focus. With the crop being planted late, the market will be watching that report very closely to see if any additional acres were lost. However, with the report still a month away, the corn market could be due for a nice pullback in the meantime.
 
Old crop fundamentals and the “roll” are still driving the soybean market. Basis levels remain very firm and Chinese demand remains strong. This is keeping old crop soybeans supported. At the same time, the funds are rolling long positions from old crop to new crop. This has pressured old crop soybeans and supported new crop soybeans. Once the roll is over, we could see new crop soybeans come under pressure going into the June report (that is as long as we see favorable weather).
 
 
 
 
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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 (1 Comments)

Anonymous
corn planting is finishing up here unplanted and what is planted will have serious emergence problems 4 to 8 inches of rain last 2 days and rain in forcast everyday for the next 5 days. will be lucky to start planting beans by june 15 if it quit raining today. I would love to know who is feeding you people this info of planting progressing well. I would guess 70% of land in all surrounding counties will go to beans. I have a good friend that hauls farm machinery all over Indiana, Illinois, Ohio, and a few other states he says very little planting progress anywhere he has been.
10:54 PM May 27th
 

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