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EHedger Report

RSS By: Dustin Johnson

Dustin works with a wide net of large producers throughout the Midwest. His analytical market approach and objective hedge strategy development is specific to the needs of every individual.

EHedger Afternoon Grain Commentary 12/21/12

Dec 21, 2012

Holiday markets continue as soybeans retrace part of the recent losses.  Jan soybeans settled 22 cents higher at $14.30 ¾, March corn up 5 ½ cents at $7.02, and March wheat up 1 ½ cents at $7.92.

It was a slow news day for grains. Outside markets were sharply lower after the Republicans in the house failed to pass the "Plan B" bill.  The Dow Jones futures were over 200 points lower at one point in the trading session while the dollar was sharply higher.  Usually this would be bearish grains and oilseeds but they shrugged off the weakness.

The recent cancellation of soybean orders by China has resulted in a massive liquidation.  Even with today’s rally we still finished 65 ¼ cents lower on the week.  We will have to continue to watch demand for direction until we get to the January 11th reports.

Now that we have had one day of reprieve the selling momentum may slow.  Wheat has broken enough for the US to become competitive again.  This may provide underlying support now that the funds are net short wheat and liquidation no longer means SELL.  Funds are still net long corn and soybeans as stated in the Commitment of Traders report.

Holiday trade is expected to be thin over the next few trading sessions so we expect grains to be choppy.  With the lack of fresh fundamental news they may follow outside markets.

We will be open on Christmas Eve until noon and closed Christmas Day.  Markets will reopen on the 26th at their usual morning open-outcry times.  For a trial of our services please click here.  Have a great weekend and Happy Holidays!!

Best Regards, 

EHedger 

866-433-4371

www.EHedger.com 

Trading commodity futures and options involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources. The market information contained in this message has been obtained from sources believed to be reliable, but is not guaranteed as to its accuracy or completeness. Market information may not be consistent with current or future market positions of EHedger LLC, its affiliates, officers, directors, employees or agents.

 

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