EHedger Grains Market Commentary 6/9/09

Published on: 17:45PM Jun 09, 2009
July 09 Corn
+ 9
Dec 09 Corn
466 ¼
+ 8 ¼
July 09 Beans
1243 ½
+ 11
Nov 09 Beans
1074 ½
+ 22 ¾
July 09 Wheat
613 ¾
+ 15 ¾
July 09 KC Wheat
665 ½
+ 12 ¾
July 09 Min Wheat
+ 24 ¾
July 09 Meal
+ 6.1
July 09 Oil
+ 0.05

Corn, wheat and soybeans all closed sharply higher. The dollar was sharply lower and the commodities markets rallied in response. Money continues to pour into commodities and on any given day, the amount of buying (or lack there of) is the main driver of price. There is a USDA Supply and Report tomorrow morning. Most people are looking for the USDA to cut ending stocks for corn and soybeans (estimates are below). I will write a more detailed comment tomorrow after we see what the USDA estimates for next year’s Supply and Demand.

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