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April 2012 Archive for Market Watch

RSS By: Alan Brugler, AgWeb.com

Alan Brugler is the President of Brugler Marketing & Management, and the primary analyst and advisor.

Good Week for Grains, Not For Livestock

Apr 27, 2012

Brugler

Market Watch with Alan Brugler

April 27, 2012

Good Week for Grains, Not For Meats

 

The grain markets rallied, as low prices cured low prices in the feed grains, and the looming shortage of soybeans and soy products kept the soybean complex on the march. While Chinese and "unknown destination" buying was huge as corn dipped near the $6 mark, soybeans continue to be a case of get ‘em while you can. On the other hand, livestock prices were under pressure. Speculative funds have a huge short position built up, and profited greatly from the atypical BSE cow case in California and the resulting limit down day. Neither export sales nor US consumers appeared to be concerned about the isolated case, but neither did cattle rally back. Hogs just keep drifting lower in search of export demand or at least more efforts to barbeque.

Corn futures dropped all the way down to $6 a week and a half ago before the bulls got a grip on things and the Chinese (or unknown destination) purchases took advantage of the bargains. Prices were up 6.6% for the week. This past week featured a steady parade of large export sales announcements, boosting basis levels as commercials scrambled to get corn in the pipeline to ship. Basis is strong enough to dissuade deliveries against May futures, which resulted in the short covering rally as specs got out ahead of the delivery period. US export sales commitments through the 19th were 83% of the forecast for the year, lagging the 86% average commitment. The large bookings announced under the daily reporting system will show up in next week’s totals and make the commitments look better vs. the forecast.

Soybeans were up 50 cents for the week, after being up 10 cents the previous week. Production estimates for Argentina continue to leak lower, with some private estimates now another 2 MMT lower than the USDA figure from April 10. US weekly export sales were strong, both in the Thursday report and in the daily system showing sales larger than 100,000 MT. Soybean meal prices also continue to march higher, supporting beans through increased product value. Meal was historically very cheap vs. corn back in December and despite the rally since then is still below the long term average ratio.

The three wheat markets were mixed, with CHI and KC higher while MPLS lost 17 cents per bushel for the week. Chicago was the strongest. Some freeze damage was reported, but milder temps for this weekend took a little steam out of the more bullish arguments. Weekly export sales through the 19th were larger than expected. Old crop sales are now 100% of the USDA estimate for the year, but typically would be 102% by now. US Crop condition ratings continue to be similar to 2010, when the national average yield was 46.4 bushels per acre. The International Grains Council cut their projected world production by 5 MMT this week, overall price supportive.

 

Nearby cotton futures dropped a little less than 1% for the week. Weekly export sales were much improved over the two previous weeks. Overall commitments are back up to 106% of the USDA export forecast for the year. They typically would only be 96% of estimate at this point. The CFTC Disag report on Friday night showed the large commercials adding to their short positions and reducing their longs in the week ending April 24. Managed money, the big speculator group, was cautiously adding a few longs and reducing shorts. The specs were net long cotton by 565 contracts as of last Tuesday night.

 

 

Commodity

 

 

 

 

Weekly

Weekly

Month

04/05/12

04/13/12

04/20/12

04/27/12

Change

% Change

May

Corn

$6.58

$6.29

$6.13

$6.53

$0.41

6.61%

May

CBOT Wheat

$6.39

$6.24

$6.16

$6.42

$0.27

4.30%

May

KCBT Wheat

$6.62

$6.43

$6.27

$6.47

$0.20

3.19%

May

MGEX Wheat

$8.46

$8.24

$7.91

$7.74

($0.17)

-2.15%

May

Soybeans

$14.34

$14.37

$14.47

$14.97

$0.50

3.46%

May

Soybean Meal

$391.90

$395.80

$406.00

$427.40

$21.40

5.27%

May

Soybean Oil

$56.64

$56.52

$55.83

$55.18

($0.65)

-1.16%

Apr

Live Cattle

$118.33

$120.53

$120.55

$118.45

($2.10)

-1.74%

Apr

Feeder Cattle

$148.73

$150.53

$150.13

$148.78

($1.35)

-0.90%

May

Lean Hogs

$93.90

$91.13

$87.50

$85.50

($2.00)

-2.29%

May

Cotton

$88.54

$92.08

$90.04

$89.23

($0.81)

-0.90%

May

Oats

$3.37

$3.28

$3.22

$3.36

$0.14

4.19%

May

Rice

$15.05

$15.31

$15.51

$14.99

($0.52)

-3.35%

 

Cattle futures dropped 1.74% for the week in nearby April, all of it coming on Tuesday when USDA confirmed a single BSE case in a deceased 10 year old California dairy cow. Cash cattle trade was down $1-3 for the week, partly due to the BSE issue but mostly due to an unusually strong basis that permitted feedlots to take a little less cash for cattle and still show a higher closeout than the one they originally tried to hedge. Beef production YTD is still down 3.3% from last year, but up an estimated 1.6% for the week vs. the same week in April 2011. Wholesale prices were up again, which choice gaining 1.66% for the week and select up a more modest 0.9%.

Lean Hog futures lost 2.3% for the week as the premium of the May contract to the CME Lean Hog index continued to evaporate. It is tough to maintain a $4-5 futures premium when cash hogs and the pork cutouts are showing few signs of life. The pork carcass cutout value was down $1.20 for the week, a drag on cash hog values but caused by higher pork production. Pork production year to date is up 1.4% from last year. Production this past week was up 7.6% from the same week in 2011. Carcass weights are estimated at 209 pounds, which would be up 1# from the 2011 actual weight.  

Market Watch: April cattle futures expire on Monday, leaving a big downside gap on the continuation charts as June takes over. This isn’t unusual, as June is typically at a discount to the April, but something for technical traders to figure out (rally the June or hope for cash cattle prices to come down). The main USDA reports for the week are the usual Monday Crop Progress and Export Inspections reports, and the Thursday morning Export Sales numbers. Monday will also be first notice day or FND for May grain futures contracts. Few deliveries are expected, with the exception of soybean oil. May cattle futures options (serial) expire on Friday.

 

There is a risk of loss in futures and options trading.  Such trading is not appropriate for all individuals. Past performance is not necessarily indicative of future results.  Comments made in this article are in no way to be seen as an endorsement of futures and options trading. Reproduction or rebroadcast of any portion of this article without written consent of Brugler Marketing & Management LLC is strictly prohibited. Copyright 2012 Brugler Marketing & Management, LLC

Red and China

Apr 20, 2012

Brugler

Market Watch with Alan Brugler

April 20, 2012

Red and China

 

A look at the weekly change table below shows mostly red numbers, net losses for the week. The main black numbers were for soybeans and soybean meal, which both saw a big lift due to buying by the PRC (formerly known as Red China to those of us growing up in the 1960’s). Corn had rumors of Chinese buying, but dropped on a lack of confirmation and a surplus of record crop forecasts for 2012. Hogs also had a Chinese theme, with a Chinese decision to buy and warehouse pork in order to support domestic prices seen as an indication that they would not be importing pork anytime soon.

Corn futures dropped all the way down to $6 on Wednesday before the bulls got a grip on things. They settled at $6.12 ½ on Friday as the battle over the May options strike prices focused on the large OI in the May 610 strike. Rumors of large Chinese purchases circulated all week, but were unconfirmed as of Friday. US export bookings for the previous week were pretty dismal. US planting was 17% done as of last Sunday, well ahead of the average pace. The soy: corn ratio was at 2.52:1 on Friday night, favoring switches to soybeans from corn if producers are not already committed to corn by fertilizer applications or other inputs. Export sales and shipments total 82% of the USDA projection for the year. They would typically be at 84% by now, but the difference is not significant unless it persists another month or two.

Soybeans swam were up 10 cents for the week, after being up 3 cents the previous week. Production estimates for Argentina continue to leak lower, with 42.9 MMT the latest entry from the Ag Minister. USDA was projecting 44 MMT on April 10.  USDA reported net old crop and new crop export sales for last week totaled 1,219,300 MT. That was above the high end of trade estimates. Soybean meal exports were up 29% from the four week average at 210,700 MT. Chinese buying was present all week in the complex. They need to buy more than 40 million bushels per week to meet their projected 55 MMT imports for the year. If they are going to 58 MMT as some suggest, even more aggressive buying will be needed.

The three wheat markets were SRW was also the most threatened by the sub-freezing temps that swept across the country, and the weekly crop condition ratings for SRW states dropped 9 points in the brugler500 Index for the week. The Brugler500 index for the entire wheat crop was 363, up 1 point from the prior week. Export sales commitments are at 99% of the USDA sales total for the year, with less than 2 months remaining. They are typically at 102% by now. Weekly export sales were in the middle of the range of trade estimates.

Nearby cotton futures dropped 2.2% for the week, a reversal of the 4% rally seen the week before. USDA for the second week in a row reported net negative export sales, with more contracts cancelled than new ones were sold. The commitments are still 104% of the USDA forecast for the year (typically only 94% by now). If there are enough cancellations, that won’t be true. India released cotton for shipment to meet previous export deals. That fiber had been held up since early March and some of the cancelled US sales may have been because the original Indian cotton was again available.

 

 

Commodity

 

 

 

 

Weekly

Weekly

Month

03/30/12

04/05/12

04/13/12

04/20/12

Change

% Change

May

Corn

$6.44

$6.58

$6.29

$6.13

($0.17)

-2.66%

May

CBOT Wheat

$6.61

$6.39

$6.24

$6.16

($0.08)

-1.24%

May

KCBT Wheat

$6.96

$6.62

$6.43

$6.27

($0.17)

-2.57%

May

MGEX Wheat

$8.34

$8.46

$8.24

$7.91

($0.33)

-4.03%

May

Soybeans

$14.03

$14.34

$14.37

$14.47

$0.10

0.70%

May

Soybean Meal

$388.70

$391.90

$395.80

$406.00

$10.20

2.58%

May

Soybean Oil

$55.10

$56.64

$56.52

$55.83

($0.69)

-1.22%

Apr

Live Cattle

$120.45

$118.33

$120.53

$120.55

$0.02

0.02%

Apr

Feeder Cattle

$148.83

$148.73

$150.53

$150.13

($0.40)

-0.27%

May

Lean Hogs

$91.33

$93.90

$91.13

$87.50

($3.63)

-3.98%

May

Cotton

$93.52

$88.54

$92.08

$90.04

($2.04)

-2.22%

May

Oats

$3.41

$3.37

$3.28

$3.22

($0.05)

-1.68%

May

Rice

$14.77

$15.05

$15.31

$15.51

$0.20

1.27%

 

Cattle futures added a bare 2 cents per hundred pounds this week after gaining $2.20 per cwt. the week before.  Futures had a much more bearish attitude than cash. Cash cattle trade was higher than expected.  Wholesale prices rose all week on light to moderate packer offerings. Estimated beef production for the week was down 4.6% from the same week in 2011. Year to date production is down 3.4% despite larger on feed numbers. Weekly export sales for beef slowed to 20,700 MT from 23,500 MT the previous week. They typically do get larger from now until July. The Friday night USDA Cattle on Feed report showed April 1 inventory at 102% of last year, a bullseye for those estimating what it would say. March marketings were larger than expected, which should be supportive for the front end prices.

Lean Hog futures lost 4% for the week as the premium of the May contract to the expired April collapsed. Futures are still at a roughly $5 premium to the CME cash index, but it had been much wider. The pork carcass cutout value was up 63 cents on Friday and up 1.08% for the week. Pork production year to date is up 1% from last year. Production this past week was up 1.7% from the same week in 2011. Carcass weights are estimated at 209 pounds, which would be up 1# from the 2011 actual weight.  

Market Watch: The grain trade will begin the week dealing with any fallout from the May options exercises on the 20th, with some folks needing to make surprise adjustments. Cattle and hog producers will be adjusting to the new info from the Cattle on Feed and Cold Storage reports. The Fed FOMC meeting will be Tuesday and Wednesday. USDA reports are of the routine variety, with Export Inspections and Crop Progress on Monday, and Export Sales on Thursday. Traders are expecting record planting progress for corn in the Monday evening report, although it was likely slowed from what it would otherwise have been by heavy rains in the Midwest. Tuesday will mark first notice day for deliveries against the May cotton contract.

There is a risk of loss in futures and options trading.  Such trading is not appropriate for all individuals. Past performance is not necessarily indicative of future results.  Comments made in this article are in no way to be seen as an endorsement of futures and options trading. Reproduction or rebroadcast of any portion of this article without written consent of Brugler Marketing & Management LLC is strictly prohibited.  Call 402-697-3623 for information on our individualized subscription and consulting services. Visit our web site at www.bruglermarketing.com.

 

 Copyright 2012 Brugler Marketing & Management, LLC

Beans & Cotton Carry Bullish Banner

Apr 13, 2012

Brugler

Market Watch with Alan Brugler

April 13, 2012

Beans and Cotton Carry Bull Banner

Soybeans swam against the tide and gained 3 cents for the week in the nearby May. USDA trimmed projected US ending stocks to 250 million bushels in a Tuesday report, raising both crush use and exports. Production estimates for Brazil continue to leak lower as the combines roll and the full extent of the drought damage is uncovered. Harvest there should be over 90% done. The B.A. Exchange cut its estimate for Argentine production to 44 MMT. US weekly export sales were very poor by recent standards at 460,100 MT for 2011/12 delivery and 176,300 MT for 2012/13 delivery. However, there were multiple sales announced under the daily reporting system which will show up in next week’s report. The largest March Intentions to June increase in planted soybean acres since 1997 is 1.46 million acres. The largest increase since 1960 was 3.3 million in 1977.

Nearby cotton futures rose a full 4%, the biggest bull move on our commodity list this week. USDA raised projected exports for the year by 400,000 bales, and the commitments as a % of sales were still 104% after the upward revision. The Indian pull back from the market is supportive. May deliveries are also coming up, with cert stocks fairly limited at about 103 thousand bales. US planting progress has been running slightly ahead of the 5 year average pace.  

 

 

Commodity

 

 

 

 

Weekly

Weekly

Month

03/23/12

03/30/12

04/05/12

04/13/12

Change

% Change

May

Corn

$6.47

$6.44

$6.58

$6.29

($0.29)

-4.41%

May

CBOT Wheat

$6.54

$6.61

$6.39

$6.24

($0.15)

-2.35%

May

KCBT Wheat

$6.95

$6.96

$6.62

$6.43

($0.19)

-2.87%

May

MGEX Wheat

$8.17

$8.34

$8.46

$8.24

($0.22)

-2.57%

May

Soybeans

$13.66

$14.03

$14.34

$14.37

$0.03

0.19%

May

Soybean Meal

$373.00

$388.70

$391.90

$395.80

$3.90

1.00%

May

Soybean Oil

$54.88

$55.10

$56.64

$56.52

($0.12)

-0.21%

Apr

Live Cattle

$124.50

$120.45

$118.33

$120.53

$2.20

1.86%

Mar

Feeder Cattle

$153.30

$148.83

$148.73

$150.53

$1.80

1.21%

Apr

Lean Hogs

$85.03

$83.43

$84.50

$82.75

($1.75)

-2.07%

May

Cotton

$89.63

$93.52

$88.54

$92.08

$3.54

4.00%

May

Oats

$3.33

$3.41

$3.37

$3.28

($0.09)

-2.74%

May

Rice

$14.60

$14.77

$15.05

$15.31

$0.27

1.76%

 

Corn futures were the biggest loser, off 4.4% for the week. They lost 29 cents after picking up 14 cents per bushel the week before. USDA failed to trim projected ending stocks for the year, expecting strong new crop wheat feeding and an early harvest to leave more old crop bushels in the bin on September 1 than was generally expected. Weekly export sales for last week were still solid at 959,100 MT, with rumors of fresh Chinese business for the current week. US export sales commitments are 81% of the USDA forecast for the year. The 5 year average commitment is 82%, so we appear to be slightly below pace to hit the USDA number for the year. New crop corn again lost ground to soybeans in the revenue department, based on the soy/corn ratio. It was at 2.51:1 a week ago, and on Friday night it was 2.535:1. Historically, ratios over 2.3:1 start to attract swing acres to beans.

All three wheat markets were down 2% or more for the week. This time Chicago was a little firmer than the other two. USDA cut projected ending stocks to 793 million bushels, and also raised expected SRW exports. SRW was also the most threatened by the sub-freezing temps that swept across the country in the middle of the week. The 18-state USDA crop condition ratings hint at excellent production potential. The Brugler500 index was 362, vs. 291 a year ago. Export sales commitments are at 97% of the USDA sales total for the year, with 2 months remaining. They are typically at 101% by now. Weekly export sales were also on the low end of trade estimates last week, at 452,100 MT for 2011/12 delivery and 90,400 MT for 2012/13 delivery.

Cattle futures bounced back after several down weeks, gaining $2.20 per cwt. of 1.9% for the week. Cash cattle trade was higher than expected, and caught Board shorts leaning the wrong way at discounts of $3-4 to the cash. Cattle have both a supply problem and a demand problem at the moment. The number of cattle available for slaughter is expected to rise seasonally. Excellent rates of gain are being seen due to mild weather and good grain quality. Estimated carcass weights are now 27 pounds above last April’s actual.  Estimated beef production for the week was down 6.8% from the same week in 2011. Year to date production is down 3.4% despite larger on feed numbers. Weekly export sales for beef were improved at 23,500 MT, and typically get larger from now until July. Wholesale prices did rise for the week, with choice boxes up 90 cents and select quoted $2.03 higher on a Friday/Friday comparison.

Lean Hog futures lost 2.1% for the week. The pork carcass cutout value lost 1.95% on a Friday/Friday basis, keeping downward pressure on packer margins and what they could pay for hogs. Pork production year to date is up 1% from last year. Production this past week was down 3.8% from last week due to some Easter weekend down time, but up 1.4% from the same week in 2011. Carcass weights are estimated at 209 pounds, which would be up 1# from the 2011 actual weight.  

Market Watch: The main USDA reports this week will be the monthly Cattle on Feed and Cold Storage reports on Friday afternoon. There will also be interest in the weekly Crop Progress and Condition report on Monday afternoon, with corn planting expected to be at a record pace. We’ll also be watching for any drop in wheat condition ratings due to the freezing temps this past week. NOPA will release a monthly Crush report on Monday, and the April hog futures also expire on Monday. The May grain options also expire on Friday the 20th along with a bunch of equity market options.

 

There is a risk of loss in futures and options trading.  Such trading is not appropriate for all individuals. Past performance is not necessarily indicative of future results.  Comments made in this article are in no way to be seen as an endorsement of futures and options trading. Reproduction or rebroadcast of any portion of this article without written consent of Brugler Marketing & Management LLC is strictly prohibited.  Call 402-697-3623 for information on our individualized subscription and consulting services.

 

 Copyright 2012 Brugler Marketing & Management, LLC

Caution Abounds

Apr 06, 2012

Brugler

Market Watch with Alan Brugler

April 6, 2012

Caution Abounds

 

Last week we left you with the thought that March went out like a lion, with rollicking bull markets on Friday March 30 after the quarterly USDA reports. For the most part, the first week of April was a more sedate affair, with money flows as soft as the warm April breezes. Caution was evident in both the market and the field. Ag producers mostly refused to be seduced by excellent planting conditions and kept the corn planter in the shed. USDA showed 3% of the US corn crop planted, just slightly ahead of the 2% average pace for the first of April. With more than a month before typical frost free dates, only a few producers were willing to go whole hog on planting. The fact that they could not yet qualify for replant payments from crop insurance likely influenced that decision. That will change this week, as acceptable first planting dates for crop insurance fall into place. For corn in Missouri that was April 5, for Nebraska April 10, and Iowa April 11. Market action was equally cautious, with only cotton and KC wheat showing moves larger than 4% for the week.

Corn futures rallied 14 cents per bushel for the week. Weekly export sales were stronger than expected this past week at 1.22 MMT. US export sales commitments are 79% of the USDA forecast for the year. The 5 year average commitment is 81%, so we appear to be slightly below pace to hit the USDA number for the year. Unshipped sales are 12% smaller than last year at this time. New crop corn continues to lose ground to soybeans in the revenue department, based on the soy/corn ratio. It was at 2.51:1 on Friday night. Historically, ratios over 2.3:1 start to attract swing acres to beans. The March 1 stocks of 6.01 billion bushels indicated that total second quarter disappearance was record large. If that pace continues, USDA will have to reduce projected ending stocks on Tuesday and move the stocks/use ratio closer to the all time record low set in 1995/96.

Minneapolis futures continued to rally on the strength of the tighter than expected spring wheat planting intentions number (11.976 million acres). The winter wheat futures contracts were lower.Informa raised its projection of HRW production by 199 million bushels, which got the attention of the bears and bulls alike. The first 18-state USDA crop condition ratings of the year were also released and hint at excellent production potential. The Brugler500 index was 355, vs. less than 300 a year ago. Export sales commitments are at 96% of the USDA sales total for the year, with 2 months remaining. They are typically at 100% by now, so there is little likelihood that USDA will increase projected exports at this time. Weekly export sales were also on the low end of trade estimates last week, at 511,700 MT.

Soybeans gained 31 cents for the week in the nearby May, despite the real buying interest being in the new crop November as it tries to pull acreage away from other crops. November was up 22 ¾ for the week. USDA reported 73.9 million acres intended for 2012, well below the 75.5 million acre average guess. Production estimates for Brazil continue to leak lower as the combines roll and the full extent of the drought damage is uncovered. Informa lowered its estimate to 66 MMT for Brazil. USDA will weigh in on Tuesday morning and is widely expected to reduce its South American production and ending stocks figures. US weekly export sales were above 1 MMT for combined old and new crop, with China as usual representing the bulk of the business.

Cotton futures were down a hard 5.33% for the week after gaining 3.89% in the previous week. Weekly export sales were acceptable, adding to total commitments which are now 110% of the USDA projection for the year. Outstanding sales currently on the books are 21% smaller than last year, but expectations are also diminished. US planting intentions as of March 1 were measured at 13.155 million acres, close to the trade average guess. The bearish flavor this week came from the international markets. Those fears were warranted, with USDA showing net negative export sales for the last week of March. However, export shipments were also the largest of the marketing year @ 392,200 running bales.

 

 

Commodity

 

 

 

 

Weekly

Weekly

Month

03/16/12

03/23/12

03/30/12

04/05/12

Change

% Change

May

Corn

$6.73

$6.47

$6.44

$6.58

$0.14

2.21%

May

CBOT Wheat

$6.72

$6.54

$6.61

$6.39

($0.22)

-3.37%

May

KCBT Wheat

$7.06

$6.95

$6.96

$6.62

($0.34)

-4.92%

May

MGEX Wheat

$8.23

$8.17

$8.34

$8.46

$0.13

1.50%

May

Soybeans

$13.74

$13.66

$14.03

$14.34

$0.31

2.21%

May

Soybean Meal

$374.40

$373.00

$388.70

$391.90

$3.20

0.82%

May

Soybean Oil

$55.50

$54.88

$55.10

$56.64

$1.54

2.79%

Apr

Live Cattle

$125.30

$124.50

$120.45

$118.33

($2.13)

-1.76%

Mar

Feeder Cattle

$153.40

$153.30

$148.83

$148.73

($0.10)

-0.07%

Apr

Lean Hogs

$85.88

$85.03

$83.43

$84.50

$1.08

1.29%

May

Cotton

$87.48

$89.63

$93.52

$88.54

($4.98)

-5.33%

May

Oats

$3.34

$3.33

$3.41

$3.37

($0.04)

-1.25%

May

Rice

$14.54

$14.60

$14.77

$15.05

$0.28

1.90%

 

Cattle futures flirted with bullish thoughts on Friday, but ended the week down another $2.13 or 1.76%. Cattle have both a supply problem and a demand problem at the moment. The number of cattle available for slaughter is expected to rise seasonally. Excellent rates of gain are being seen due to mild weather and good grain quality. Estimated carcass weights are now 29 pounds above last April’s actual.  Estimated beef production for the week was up 2.6% from the same week in 2011, despite 1.3% fewer cattle coming through. The supply is weighing on wholesale prices. Weekly export sales for beef were decent at 13,200 MT, and typically get larger from now until July. Ability to capture more of that business is likely key to keep beef from piling up in the coolers.

Lean Hog futures gained 1.3% for the week. The pork carcass cutout value lost 1.79% on a Friday/Friday basis, keeping downward pressure on packer margins and what they could pay for hogs. Pork production year to date is up 0.9% from last year. Production this past week was 0.6% larger than last week, and up 3.5% from the same week in 2011. Carcass weights are estimated at 209 pounds, which would be up 1# from the 2011 actual weight.  

Market Watch: The main USDA reports this week will be on Tuesday morning, with Crop Production and the WASDE Supply/Demand estimates. While some of the numbers have been telegraphed via the Grain Stocks report, there is still quite a bit of uncertainty about how USDA will flow the tighter than expected March 1 numbers into the annual balance sheets. The first 2012/13 crop estimates are typically not released until May. There is ongoing interest in weekly export shipments (Monday) and Export Sales (Thursday). Monday night’s Crop Progress report is expected to show a rise in US corn and cotton planting, with an above normal pace. Cattle traders will be adjusting to the expiration of the April cattle options, which went off the Board on Thursday.

 

There is a risk of loss in futures and options trading.  Such trading is not appropriate for all individuals. Past performance is not necessarily indicative of future results.  Comments made in this article are in no way to be seen as an endorsement of futures and options trading. Reproduction or rebroadcast of any portion of this article without written consent of Brugler Marketing & Management LLC is strictly prohibited.  Call 402-697-3623 or 402-289-2330 for information on our individualized subscription and consulting services. Our web site is www.bruglermarketing.com.

 

 Copyright 2012 Brugler Marketing & Management, LLC

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