Grains settled strong after a very weak start. March corn finished 12 ¾ cents higher, March beans 2 ¾ cents higher, and March wheat up 6 ¼ cents.
The trade continues to be choppy in 2011. Exports are being watched very closely by the market. The rumored 500,000 MT's of Australian Feed grade wheat bought by China was lowered down to 150,000 MT's. Weekly exports were delayed until tomorrow due to the holiday week. They will be in the EHedger Morning Grain Bulletin.
Expected weekly sales tomorrow in 1000 MT's:
Also today, China signed a 1.8 billion dollar agreement for soybean purchases from the United States. At the same time, the Buenos Aires Grain Exchange said they are expecting the Argentine corn crop to fall to 19.5 Million MT's, which is well below the USDA's 23.5 number on the 12th. These factors certainly are supportive for our markets.
Cattle on feed report estimates for tomorrow at 2PM:
of estimates of estimates
On-feed on Jan 1 104.2 103.0-104.9
Placed in Dec 113.7 102.8-120.6
Marketed in Dec 105.2 102.9-106.9
We are still feeling the aftershocks of the report with a bullish bias to these markets. For now, we will likely see the market supported on further breaks
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China Driving Corn Prices in 2011
COF and Cold Storage reports FRI. Look for Furures to consolidate