EHedger Closing Grains Commentary 11/09/09
Nov 09, 2009
SETTLEMENTS 11/09
|
Dec 09 Corn
|
386
|
+ 19
|
|
Nov 09 Beans
|
964 ¼
|
+ 16 ¼
|
|
Dec 09 Wheat
|
520
|
+ 22 ¾
|
|
Dec 09 KC Wheat
|
521 ¾
|
+ 20 ¾
|
|
Dec 09 Min Wheat
|
546
|
+ 27 ¾
|
|
Dec 09 Meal
|
294.3
|
+ 5.5
|
|
Dec 09 Oil
|
37.51
|
+ 0.74
|
Corn, wheat and soybeans all closed sharply higher. Good harvest weather over the weekend and a good outlook for the remainder of the week caused prices to open lower overnight. However, the U.S. dollar index broke sharply to new 15-month lows overnight and this attracted more buying into the commodity markets. Most people attribute the break in the dollar to the fact that the U.S. House passed their version of the Health Reform Bill over the weekend. The USDA will release their November Supply and Demand estimates tomorrow. These will be the last estimates of the year. With harvest pace so far behind (especially in corn), it is hard to tell what the USDA will say tomorrow. So far, most people are looking for a slight increase in soybean production (3.27 billion, yield 42.7 bu./acre) and a slight decrease in corn production (12.995 billion, yield 163.7 bu./acre). I will write a detailed commentary after the close tomorrow. All of our customers should be caught up with
our recommendations. Please call before the report if you have any questions.
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