|May wheat||489 1/4||-6 3/4||484.5||494.75|
|May beans||959 1/2||1/2||947.25||962.5|
Corn and soybeans closed slightly higher, while wheat finished lower. It was a somewhat volatile trade considering that the overnight markets were all lower. Outside markets carried the negative bias into today with crude oil trading lower and the US dollar sharply higher (above $80). Export sales this morning were not exciting. Corn slightly positive; old crop beans lower than expected; wheat/oil/meal was neutral.
Soymeal/soyoil spreads were active again today. Soyoil selling was linked to the sharply lower palmoil prices and concern about the US biodiesel blend credit. The credit was not included in the recently passed jobs bill. The news we have now is that the credit is supposed to be included in the second Jobs bill, but that may not be passed until late April or May and it is meeting some opposition in Congress.
The chart below is of December 2010 corn. Price action leading up to the March 31st planting report will be interesting since the price appears to be at some key trendlines.
With the March Acreage report just around the corner, we want to be adequately hedged. Please ask us about our official recommendations or login to our website to view them. Also, last week was the first installment of a new video weekly series (http://www.agreportsnetwork.com/cms/education). As always, call us with any questions.
Get More From EHedger. Our commentaries are just one part of our whole risk management service. Please go to http://www.ehedger.com/getmore.html for a free two-week trial of our full member website that gives you access to all our hedge and marketing recommendations, educational tools, market snapshots and much more. Also learn about our acclaimed AMMO Program that helps producers optimize their marketing strategies using the premier tools and insights in the industry.
Get Organized. Get Ahead. Get EHedger
Trading commodity futures and options involves substantial risk of loss and may not be suitable for all investors. 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 E Hedger, its affiliates, officers, directors, employees, or agents. Recipients assume the risk of reliance on and indemnify and hold E Hedger harmless for any and all losses, costs, or tax consequences incurred as a result of their use of market information.