Aug 22, 2014
Home| Tools| Events| Blogs| Discussions| Sign UpLogin

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 for more information.


Grain Markets Wait for Wednesday's Report

Nov 08, 2011


·         Grain markets quiet again overnight as traders wait for tomorrow’s USDA Crop Production report
·         Average Trade Guesses for tomorrow:
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
·         USDA rejecting RJO petition to delay tomorrow’s Crop Production report
·         Technical Numbers:
o    Corn (Z)                  6.40 support / 6.60 resistance
o    Soybeans (F)         11.85 support / 12.28 resistance
o    Wheat (Z)              6.24 support / 6.50 resistance
·         S. Korean group bought 85,000mt of corn, US/India origin; Ethiopia buys 45,000mt of milling wheat, Black Sea origin; Algeria bought 50,000mt of optional origin corn for Dec shipment
·         China Nat’l Grain and Oils center reported no bids were received in their auction for 300,000mt of state reserve soybeans
·         Crop Progress:
o    Winter Wheat: 49% good-excellent vs. 46% last week;  94% planted vs. 89% last week;  76% emerged vs. 68% last week
o    Corn: 87% harvested vs. 78% last week and 73% on average
o    Soybeans: 92% harvested vs. 87% last week and 88% on average
·         USDA’s Russian Ag attaché estimates that they have exported 10mmt of grain on strong demand abroad and lower competition
·         USDA ag attaché to S Korea report 11/12 corn import at 8mmt vs. previous estimates of 7.7mmt
·         CIF corn steady to +1 yesterday; Soybeans off about 2
Look for another choppy trade today ahead of tomorrow’s report. Outside markets are mostly choppy with the US$ mostly mixed. Equities slightly higher.
Looking for a new place to do your futures and options business?  Call Joe Vaclavik at Straits Financial today to be added to a FREE trial to the full-version of our daily grain market update.  (312) 462-4438.
Log In or Sign Up to comment


No comments have been posted, be the first one to comment.

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|Site Map|Privacy Policy|Terms & Conditions