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Standard Grain

RSS By: Joe Vaclavik

Joseph Vaclavik is the president at Standard Grain in Chicago. Standard Grain provides futures and options brokerage to farms, feedlots, elevators, processors, end-users and traders. Visit www.standardgrain.com for more information.

 

Another Slow Overnight Session; USDA on Wednesday...

Nov 07, 2011

AM Grain Update

·         Another quiet overnight session in the grain markets; Tight ranges in corn, soy and wheat contracts as recent consolidation pattern continues ahead of Wednesday’s USDA report
·         Average Trade Guesses for Wednesday:
o   Corn:                     147.7bpa vs. 148.1 in Oct; 795mil/bu vs. 866 in Oct
o   Soybeans:           41.4bpa vs. 41.5 in Oct; 182mil/bu vs. 160 in Oct
o   Wheat:                 817mil/bu vs. 837 in Oct
·         CME Group has lowered the ratio of initial margins to 1 versus maintenance margins, lowering the cost for former MF Global customers to meet margin calls
·         Outside markets are mixed with equities lower, metals higher; $USD slightly higher
·         Heavy rains in W. Australia were slowing wheat harvest over the weekend
·         Ukraine could lose up to 30% of its 2012 winter grain crop due to severe drought
·         Technical Numbers:
o   Corn (Z)                                Support 6.40, 6.31            Resistance 6.57, 6.61
o   Soybeans (F)      Support 12.00, 11.75       Resistance 12.35, 12.60
o   Wheat (Z)            Support 6.20, 6.00            Resistance 6.40, 6.60
·         No major weather issues for S. American corn and soy producers
·         Funds made no major changes according to Friday’s CFTC report
           Looking for a premium piece of grain market research?  The full version of the Straits AM Grain Update is delivered via email to Straits customers by 7am each morning. Email jvaclavik@straitsfinancial.com with your name/email/phone number to be added to a FREE trial! 
      
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