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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 Trading Afternoon Comments for March 20th

Mar 20, 2012

Afternoon Grain Comments from Walsh Trading.

Good afternoon. Well, there was no "Turn Around" Tuesday in the grains today.  A more bearish tone in outside markets forced the grains lower this morning and continued throughout the close.  A stronger US dollar and economic concerns coming out of China plus weakness in metal and energy markets all combined to spark the selling.  May wheat finished down 9 3/4 at 642 1/2.  May corn finished down 16 at 647 1/2 and new crop December was down a dime at 561 1/2.  Funds were lightening up their positions and taking profits in corn throughout the whole session.  Traders also saw the unusual warm weather and talk of early plantings as a negative force which could have helped spark some more profit taking and long liquidation.  Planting corn this early in the season in Illinois/Iowa is pretty much unheard of.  There are some producers out there rolling the dice and planting though.  Iowa producers who plant before April 11th would not be able to collect on their crop insurance policies if a frost were to require them to replant.  For Illinois producers, the cutoff date is April 6th.  The 2 week forecast calls for above normal temps and plenty of moisture though.  May beans finished down 21 1/2 at 1345 and new crop November was down 18 1/4 at 1307 1/4.  Follow thru technical selling from yesterday's reversal action added to the negative tone early in the beans and talk that the outside-day down reversal occured on the first day of spring added to the selling.  All in all, traders are keeping their eyes on the outside markets and unusual warm weather in the Midwest until the Prospective Plantings and Grains Stocks report come out March 30th.

 

 

 

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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