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Outlook Today

RSS By: Bob Utterback, Farm Journal

Bob Utterback has more than 26 years of experience and offers producers a disciplined approach to marketing.

Decent bounce in the grain markets Monday

Nov 18, 2008
We started the week off with a decent price bounce. Harvest is starting to wrap up and the bin doors are getting ready to shut hard. So the supply side of the equation is essentially set. Seasonally, one must be positive to the corn market but this is not normal times. The market continues to be keenly aware of the outside markets and it’s influence on “demand domestically and internationally.”  Normally, lower values would help increase usage.Times are different right now. Everybody is worried about their income and consumer demand is drying up. I have to say that this stagnate demand could last for some time.  Therefore, for now I’m a neutral to the demand bear.
Bottom line: The market is at a stalemate. Sideways rather than trending is more an expectation. The biggest risk I see for corn now is the deferred contracts trade down to the nearby contracts.
Short term bias is positive but I will be watching the March corn contract for potential catch up cash sales for end of the year selling opportunity. I would start selling the March at $4.15 and be done by $4.20 on any cash sales you want make between Dec. 15 and Jan. 5.
If you have any questions or would like to read more of my daily recommendations regarding reownership or marketing strategies, email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com.

BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2008.
 
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