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Walsh Trading: Afternoon Grain Comments

RSS By: Andy Kopale, AgWeb.com

Andy is a seasoned grain market analyst and the senior account executive at Walsh Hedging. His main focus is assisting producers and end users to better hedge their investments through his various market strategies over his years of experience working on the grain floor.

Walsh Commercial Hedging 4/17/12

Apr 17, 2012

 

Good afternoon. The market saw a rebound from yesterday’s sell off on the surge in the U.S stock market and higher energy markets. May wheat finished up 6 cents at 622 ¼. Talk of wheat being oversold and the weekend outlook looking cold in the eastern Corn Belt helped provide some support as the wheat crop is advancing and could be vulnerable to freezing temperatures.
 Traders will be monitoring the crop progress report today. The trade is expecting corn plantings to be near 17% complete vs. 7% last week. Some estimates were over 20%. Export inspections came out late yesterday and were 42.87 million bushels which was sharply above trade expectations. May corn finished the day down 6 ½ at 616 ¾ and new crop corn December corn was up 3 ½ at 529 ¾. Unwinding of old/new crop corn spreads weighed on the corn market the whole day. The July/Dec. corn spread settled at 77 ½, down 9 ½ cents for the day. Just 2 weeks ago it made a high of 112 ¾.
May beans finished up 7 ¾ at 1427 ¾ and new crop November was up 8 ¾ at 1358 ¾. News of further strong export demand for U.S beans helped spark the beans higher early in the session. The USDA confirmed sales of 225,000 tonnes of U.S soybeans to an unknown destination with 110,000 tonnes for the 2011/12 season and 115,000 for the 12/13 season. Continued estimates for a smaller South America crop than the April USDA estimate also supported the bean complex. 
Give us a call if you’d like to receive our weekly grain marketing and hedge report at 800.993.5449 or email us at info@walshtrading.com

Walsh Commercial

 

Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.
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