Jul 28, 2014
Home| Tools| Events| Blogs| Discussions| Sign UpLogin


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.

So much for the honeymoon!

Nov 05, 2008
So much for an Obama honeymoon for the financials and commodities, the stock market was off 300 plus, oil was down $5.18. This forced selling pressure into the commodity sector from the opening bell. Soybeans closed 54 lower and corn 213/4. While not at the old lows, it is very near.

The issue now at hand is whether this simply a retest of the old lows or a resumptions of a much more bearish situation. My bias continues to be that some corn harvest pressure could still persist for another 2 weeks but much of the bean selling pressure due to harvest is done. I really want to argue that December corn below $3.90 is at value and Novembers beans below $8.75 is at value as well.

The only “if” comment I will leave you with is now that the elections are done, the media will focus more aggressively on the economy. They could potentially over blow the bearish numbers that are due to be coming out over the next few months. This could in affect cast a very bearish shadow over the corn, beans and wheat market in regard to the domestic and global demand outlook. 

In summary: I have to suggest all feed buyers should be getting very aggressive with a scale down buying program. I would move back to 100% purchased position when we see a solid technical close above the long term moving averages and overhead resistance.

Bottom line: The only reason the ag commodities will make new lows is if the stocks and oil take a big break from the current levels.

If you want to go over details or would like to read more 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.
 
Log In or Sign Up to comment

COMMENTS (1 Comments)

Anonymous
Bob, I am not going to read you anymore. With every market close, some how you "agree" that it was your position. If you can't make a living without spinning the news, pick something you can control, like flipping burgers at McDonalds. Just like John McCain, you are yesterday's news.
8:27 PM Nov 5th
 

Receive the latest news, information and commentary customized for you. Sign up to receive Dairy Today's eUpdate today!

 
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions