Tuesday, Opening Call - 03/09/2010 12:00 AM - Christine Poole, Co-Alliance Grain
Outside markets are weighing heavily on Corn this morning as the Dollar is firmer and Crude oil is lower. Overnight May corn traded lower finishing at $3.71-1/4. May Soybeans ended at $9.41-1/4, down 6-3/4. Traders are focused on consolidation ahead of tomorrow’s USDA report. A poll of industry analysts expects the USDA to cut the size of the 2009 corn crop by 70 million bushels after resurveying growers in some states where corn harvest was delayed. The average trade guess for tomorrows Soybean carryout is projected at 195 million bushels, vs. the current estimate of 210 million bushels. Argentina’s soybean production has increased by 1.0 million tones which would make Argentina’s total production 53.0 million tones vs. last year’s crop of 32.0 million tones. Opening Call: Corn 3-4 Lower, Soybeans 5 – 6 Lower
Monday's Opening Call - 03/08/2010 12:00 AM - Christine Poole, Co-Alliance Grain
Expect to see short covering today ahead of Wednesday’s USDA report. Corn volume was better on Friday, reaching 195,000. According to the Commitment of Traders report, Hedge funds added approximately 25,000 contracts to their net long position in corn. Soybeans may open a little stronger this morning, as outside markets are supportive this morning. Opening Call: Corn 1-2 Higher, Soybeans 3-5 Higher.
Friday Opening Call - 03/05/2010 12:00 AM - Christine Poole, Co-Alliance Grain
This morning’s monthly jobs report shows the unemployment rate at 9.7%, .1% better than estimates. 36,000 jobs were reported lost last month. Overnight Corn and Soybeans traded higher as technical short covering before the weekend emerged. USDA report is due out on Wednesday, March 10th. This morning the dollar is currently trading slightly higher. South American Soybean harvest continues with Argentina and Brazil production areas mainly dry. Opening Call: Corn 2 to 3 higher, Soybeans 2 to 4 higher.
Thursday Opening call - 03/04/2010 12:00 AM - Christine Poole, Co-Alliance Grain
Corn exports were better than expected on this morning’s report, Corn sales came in at 32.8 million bushels almost doubling trade estimates. Soybeans exports were down, reported at 6.7 million bushels as China limited their buying from the U.S. Corn and Soybeans could see profit taking on the open today after yesterday’s rally and a slightly higher dollar provide a negative influence. The markets are cautious this morning before Friday’s monthly job reports. The March USDA Crop Production, Supply & Demand report is due out on Wednesday March 10th. Opening Call: Corn 1-3 Lower, Soybeans: 5-8 Lower.
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