Going Granular – July 27, 2010
FMX | Connect – www.fmxconnect.com - (Reported 7/27/2010)
Going Granular provides a synopsis of overnight activity with brief market commentary from industry professionals.
Morning Round-up
Bloomberg (Reported 7/27/2010)
“Wheat fell for a third day in Chicago and dropped in Paris on speculation that a rally may have carried prices too high. Corn and soybeans gained.
September-delivery wheat slid 0.6 percent to $5.8625 a bushel on the Chicago Board of Trade at 1 p.m. Paris time. The most-active contract has climbed 26 percent in the past month as drought in Russia and parts of Europe and excessive rain in Canada damaged crops.” Wheat Drops for Third Day in Chicago on Speculation Prices Rose Too High
FarmFutures (Reported 7/27/2010)
“Futures look ready for a stronger open across the board this morning, trying to recoup some of yesterday's weather-based losses.
Corn should open stronger, after breaking chart support yesterday and retracing 50% of its summer rally.” Morning Call by Bryce Knorr
Kansas City Wheat Recap (Reported 7/27/2010)
“A really quiet market session greeted the wheat trade today.
Commodities were universally weaker, with bean and corn trade pulling wheat ideas lower for most of the day. European wheat futures were also lower, setting the tone for weaker values. Matif futures were down -2.25 Euro to close at 177.50 E, off the highs of last week up to 183 E.”
Click for Market Prices
Newswire
- Rumors are springing up in China that U.S. GMO corn shipments are not meeting Chinese quality standards. COFCO indicated that the first cargo of U.S. corn imports that arrived on July 21 had more than a 10 percent damage rate, though representatives have denied that any corn has been turned away as of yet, with the corn still under inspection.
- The Xinhua news agency reported that the Heilongjiang province will boost corn plantings by 3% in 2010, to 4 mln hectares; total crop acreage there will rise by 2.7% to 14.26 mln ha, second only to the province of Henan.
- Independent analysts SovEcon estimated that Russia’s 2010 grain harvest could fall below 70 MMT due to continued drought; they gave an official estimate of 70-75 MMT, well below other private and government figures.
- The USDA left the national corn crop rating steady at 72% good/excellent this week, though they did shift 2% of the crop from good (from 51to 49%) to excellent (from 21 to 23%). Corn remains two points ahead of last year’s rating, and 11% ahead of the five-year average condition.
FMX GRAIN REPORT :
Volumes & Open Interest*
End Of Day Straddles*
Trade Blotter*
Settlements*
*Login required.
www.fmxconnect.com
-----
About FMX: FMX Connect is an information, data, and analytics portal for Commodities. The portal provides an all-in-one package including essential market data, independent third party research, industry news, and commodity trading tools. FMX Connect provides efficient, effective, and thorough data that bridges all aspects of commodities onto one screen. The Result; A user friendly application for hedge fund traders, OTC brokers, individual investors, and industry participants
-----
Note: The information presented, while from sources generally believed to be reliable, is not guaranteed and may not be complete. FMX | Connect makes no representations or warranties regarding the correctness of any opinions or information. Past results are not necessarily indicative of future results. Nothing in this report should be construed as a representation to buy or sell shares, futures or options, which contain considerable risks. For internal client distribution only. Any reproduction, re-transmission, or distribution of this report without permission is prohibited. Media correspondents or reporters may not quote any one page or section in its entirety and must attribute all quotes, ideas or concepts herein. Copyright FMX | Connect, ©2009-2010. All rights reserved.