Going Granular – March 11, 2010
FMX | Connect – www.fmxconnect.com - (Reported 3/11/10)
Going Granular provides a synopsis of overnight activity with brief market commentary from industry professionals.
Ags were down overnight, partially on concern that that higher-than expected February consumer prices out of China (increase of 2.7% rather than 2.5%) will trigger additional tightening measures to curb inflation. Wheat was down 1.6 to $4.80/bushel, corn was down 1 to $3.64/bushel, and soybeans were down 4.2 to $9.54/bushel before trading closed this morning. The US dollar index was essentially unchanged overnight and trading at 80.525 as of 9:15 AM EST. Export sales from Feb 26th to March 4th were released this morning. Wheat sales were up 15 percent from the previous week at 541,000 MT but this will do little to mitigate the pressure on the crop from the bearish USDA report.
- Contributed by FMX Connect
Export Sales
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Bloomberg (Reported 3/11/2010)
“Soybeans and wheat declined in Chicago on speculation a stronger dollar may reduce the appeal of U.S. crop supplies to investors and importers.
Soybeans for May delivery lost as much as 0.8 percent to $9.505 a bushel before trading at $9.5375 at 3:07 p.m. Singapore time. Wheat for May delivery fell 0.3 percent to $4.80 a bushel.” Soy, Wheat Decline as Dollar Gains, Reducing Appeal U.S. Crops
Reuters (Reported 3/11/2010)
“U.S. soybean futures edged lower on Thursday, after rallying on a reduced outlook for U.S. stocks, as a spike in Chinese inflation raised concerns about more monetary tightening from the key commodities buyer.
Chicago soy futures had risen sharply in the previous session as the market reacted to a larger than expected cut in projected stocks of U.S. soybeans in the U.S. Department of Agriculture's monthly crop estimates.” GRAINS-Soy eases after rally on USDA, China inflation weighs
Farm Futures (Reported 3/11/2010)
“Futures look ready for a slightly lower open across the board this morning, with the market mulling the latest news out of China for direction. Traders remain cautious after USDA's monthly report, which showed no signs of shortages around the world.
Corn could see a little light selling on the open today, following a bearish USDA report that pressured the market toward 2010 lows. The government upped its forecast of ending stocks, despite USDA's resurvey of 2009 production that trimmed the size of the crop by 20 million bushels.” Morning Call by Bryce Knorr
Wheat Technicals
FMX GRAIN REPORT :
Grains – Technical Report – March 10, 2010
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