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    July 23 2010, 09:15

    iStock_000009998059XSmall Going Granular – July 23, 2010

    FMX | Connect – www.fmxconnect.com - (Reported 7/23/2010)

    Going Granular provides a synopsis of overnight activity with brief market commentary from industry professionals.

     

     

     

    Morning Round-up

    Bloomberg (Reported 7/23/2010)

    “Wheat futures rose in Chicago, reversing an earlier loss, on renewed concern that drought in Russia may global cut supplies. Corn and soybeans also gained.

    September-delivery wheat advanced as much as 0.8 percent to $6.0125 a bushel on the Chicago Board of Trade, reversing a 0.5 percent loss. The contract traded at $5.99 a bushel at 4:17 p.m. in Singapore, taking the fourth weekly gain to 2 percent.” Wheat Resumes Rally, Climbs Above $6 a Bushel Amid Russian Drought Damage

     

     

    FarmFutures (Reported 7/23/2010)

    “Futures could show a bit of caution on the open this morning, after grains mostly rain out of steam yesterday despite big gains in stocks. Corn tries for a better open this morning, after a disappointing close yesterday.

    Prices rose early on big gains in wheat and brighter export news. Export Sales out yesterday were a strong 45.5 million bushels, with mounting new crop interest noted as the marketing year winds down.” Morning Call by Bryce Knorr

     

     

    Kansas City Wheat Recap (Reported 7/22/2010)

    “Wheat continued to march higher today, again gaining support from strong Euro futures markets overnight. Wheat futures blasted higher on the open, with KWU to 6.22 and WU to 6.10 shortly after the bell, setting new short-term highs.

    Prices held fairly steady for the first hour. The dollar index was sharply lower today, and crude up over $2.”

     

     Click for Market Prices

     

    Newswire

    • Israeli private buyers purchased about 55,000 tonnes of Black Sea corn this morning, in a tender which was planned for up to 48k tonnes, as Black Sea
      corn beat out U.S. and South American offers by a wide margin. The Israelis did buy unknown volumes of corn gluten feed and DDG’s, in tenders up to 14k and 20k tonnes, respectively.

    • Japan is seeking 153k tonnes of food wheat in a regular weekly tender closing on Tuesday, according to Ag Ministry officials, including 69k tonnes from the U.S., 38k tonnes from Canada, and 46k from Australia.

    • The Buenos Aires Grains Exchange reported wheat planting at 79% complete yesterday, down 20% from last season’s pace, and up less than seven points on the week due to constant rains in the top growing province of Buenos Aires, which has only half its planned area in the ground. The Exchange warned of an eventual drop in plantings if unfavorable conditions continue—they still have the area pegged at 4.2 million hectares, after the national Ag Ministry dropped their plantings forecast from 4.4 to 4.25 mln ha recently. The BA Exchange put corn harvest pace at 98% complete.

    • June U.S. Census soybean crush came in at 129.2 million bushels yesterday, below trade expectations for 132.0 mbu, down from 133.0 mbu in May, and below last June’s 140.0 mbu figure. Estimates range from 131.0-132.4 mbu.

     

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