March 3, 2011

 

Morning Trivia: 

What is the only animal with four knees?

 

Overnight Trade:                

                     

Corn:              + 3 ¾                                                                                                            

Soybeans:      + 14 ½

Wheat:            - ¾                                           

           

 

 

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

 

  Positive:

-              The corn market seems to make new highs every day, indicating the continued strength of the long-term uptrend.

-              The carry in the May-to-July soybean futures spread is evaporating, indicating commercial traders continue to provide support.

-              If the winter wheat growing areas miss out on the forecasted rain look for buyers to rush back to the markets.

  Negative:      

                -              The recent rally in corn is putting the market in an overbought situation again.

                -              If South American soybean harvest weather clears going into the weekend commercial buying could come to an abrupt end.

                -              The strong carry in the Chicago wheat futures spreads is sparking large delivery numbers and reflects a continued bearish commercial outlook.

 

Early calls: 

 

Corn:              + 3 to + 5                                   

Soybeans:      + 13 to + 15                                   

Wheat:            - 1 to - 2

 

Trivia Answer

Elephant

 

Please e-mail the marketing department at mbergman@coopelev.com with any questions.

 

Disclaimer: The data and comments above are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. Commodity trading involves risks, and you should fully understand those risks before trading.