September 3, 2010

 

 

Morning Trivia:  Name two of the first three countries in the world, when listed in alphabetical order...

 

Overnight Trade:                 

                     

Corn:             -1 1/2                     

Soybeans:    +6               

Wheat:          +8

           

 

 

The rest of the story (as I see it):

 

  Positive:

-          The overall tight situation in world feed grains should continue to provide support to the U.S. corn market. 

-          The November contract is expected to continue its rally off Thursday’s low near $10.00.

-          The lower U.S. dollar index and strong commodities in general could keep wheat trading higher in the short-term.

 

  Negative:      

-          The corn market is becoming overbought, which despite bullish underlying could eventually lead to a short-term downturn.

-          The carry in the new-crop soybean November to January futures spread continues to strengthen indicating a more bearish commercial outlook toward yield and production potential.

-          Most factors remain bullish for wheat, however, the recent rally has yet to break the market out of its consolidation range.

 

Early calls:     Afghanistan, Albania, Algeria

 

Corn:            steady to -2

Soybeans:   +5 to +7

Wheat:         +5 to +8

 

Trivia Answer: