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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.

Frigid weather in the Midwest and volatile markets!

Jan 19, 2009
While it was frigid in Chicago Thursday, the bean pits were hot! The market started out on project (a) with some weakness associated with some rains but then things exploded in nearby beans today. We saw a range from $9.576 to $10.24 or 68 cents because of stronger than expected exports. Lead month March is now going premium to the deferred contracts which I have to suggest is the beginning of the end of a bull market move.  With the market being closed on Monday I have to suggest there is great risk the bean market will start to slide next week if any type of rain comes into the market.  My guidance continues to be if you can get November beans back above $10 you need to be getting a floor under your 2009 inventory.

As for corn it was a rather dull day. We did see a brief time period of positive price action but overall you could sense the corn market was only up because beans were rallying. The corn exports were dismal late in the week and we are setting up for the potential that exports and ethanol consumption may have to be eventually dropped by USDA as early as the February USDA Supply and Demand report. More tomorrow.

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. 2009.
 
 
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COMMENTS (4 Comments)

Anonymous
The bigger question is, is he right about the bean market? I have been wondering myself when it was going to head south. Is this it?
8:37 PM Jan 20th
 
Anonymous
this is not the first time utterback's analysis has left me scratching my head and wondering if I missed something and then checking the calender to see what day he is talking about? his commets periodically do not make sense!!!!!!!!!!!!!
10:39 AM Jan 20th
 

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