9-7-10 – Corn Market Recap Report  

September Corn finished up 1 3/4 at 451 1/2, 8 1/4 up from the low and 7 1/2 off the high. December Corn closed 1 3/4 higher at 466 1/4. This was 9 1/2 up from the low and 2 3/4 off the high.

December corn spent most of the overnight and day combined sessions trading near unchanged levels. The major exception to this pattern came late in the overnight session when corn sold off in conjunction with a rally in the dollar. While the dollar maintained most of its gains during the day session, a lack of selling in corn and concern over possible lowering of yields on Friday’s Crop Production report were considered supportive factors. Traders are also looking for a reduction in the overall corn rating on this afternoon’s Crop Progress report. Last week’s good-to-excellent rating remained unchanged from the prior week at 70% which compared to 69% at this point last year and a 10-year average at 58%. This week’s export inspections were 38.052 million bushels, down from a revised 51.259 million bushels last week. Inspections for the just-started 2010/11 crop year need to average 39.120 million bushels each week to reach the USDA’s current export projection. Sharply lower temperatures in China are expected into Wednesday, but this may be followed by a warm up on Thursday. This week’s auction of corn from China’s strategic reserves brought weak results with only 18.8% sold out of a total offered of near 1 million tonnes. The central and southern tiers of the Corn Belt have seen especially favorable dry weather over the past week.

November Rice ended 0.175 higher at 11.895, 0.275 up from the low and equal to the high.

Wheat Market  Analysis Report for 9-7-10

September Wheat ended down 5 3/4 at 702 1/2, 10 1/2 off the high and 6 1/2 up from the low. December Wheat settled down 6 at 735 1/4. This was 13 1/4 off the high and 8 1/4 up from the low.

December wheat trailed soybeans and corn throughout the day today. After posting a substantial loss overnight, December wheat managed to trim its losses during the day session. Traders said that a rally in the dollar helped to keep the pressure on today with exporters concerned that strength in the dollar could diminish the competitive position of US wheat in North Africa and the Middle East. Reports that Russia might end its ban on grain exports earlier than expected were also credited with generating selling overnight, but the Russian government announced later today that the ban would last through the end of next year’s harvest as had been previously stated. Support on the break is credited to an active tender calendar in wheat. This week’s export inspections for wheat were 22.070 million bushels down from last week’s revised total of 27.496 million. Inspections need to average 24.134 million bushels each week to reach the USDA’s current export projection. The USDA will issue its latest Crop Progress report this afternoon. Traders indicate that there is little interest in the report. Harvest progress for spring wheat as of last week stood at 69% versus 10-year average of 74%.

December Oats closed up 8 at 303. This was 17 3/4 up from the low and 1 off the high. 

9-7-10 – Soybean Complex Market Recap Report 

November Soybeans finished 17 higher at 1052, 1 1/2 off the high and 23 1/4 up from the low. January Soybeans closed up 17 3/4 at 1061 1/2. This was 23 3/4 up from the low and 1 1/2 off the high.

December Soymeal settled 3.4 higher at 306.7. This was 0.3 off the high and 5.7 up from the low.

December Soybean Oil finished up 0.93 at 41.79, 0.01 off the high and 1.06 up from the low.

November soybeans saw a steady rally over the course of the day session following some late weakness late in the overnight session. This came in the face of a higher dollar and favorable harvest weather in the US. Soy oil started the day as the price leader in the complex following three export sales announced by the USDA this morning. Oil remained strong throughout the day, but meal recovered from early losses to finish higher as well. Traders said that a rally in crude oil helped to boost the complex. Crude traded sharply lower overnight, but managed to post a modest gain by early afternoon. This week’s export inspections for soybeans were 13.921 million bushels, up from last week’s total of 8.044 million bushels. Inspections need to average 27.538 million bushels each week to reach the USDA’s current export projection for the just-started 2010/11 crop marketing year. Traders will be watching this afternoon’s Crop Progress report for the USDA’s latest crop rating ratings. Expectations are for the good-to-excellent rating to remain near unchanged from last week’s level of 64%. Last year’s good-to-excellent rating for soybeans was 69% as of last week with the 10-year average at 56% last week. The USDA announced three export sales totaling 90,500 tonnes of soybean oil, all for delivery in 2010/11. The biggest sale was for 40,000 tonnes to China, the next largest was for 29,500 tonnes to an unknown destination and the smallest was for 21,000 tonnes to Peru.

November soybeans saw a steady rally over the course of the day session following some late weakness late in the overnight session. This came in the face of a higher dollar and favorable harvest weather in the US. Soy oil started the day as the price leader in the complex following three export sales announced by the USDA this morning. Oil remained strong throughout the day, but meal recovered from early losses to finish higher as well. Traders said that a rally in crude oil helped to boost the complex. Crude traded sharply lower overnight, but managed to post a modest gain by early afternoon. This week’s export inspections for soybeans were 13.921 million bushels, up from last week’s total of 8.044 million bushels. Inspections need to average 27.538 million bushels each week to reach the USDA’s current export projection for the just-started 2010/11 crop marketing year. Traders will be watching this afternoon’s Crop Progress report for the USDA’s latest crop rating ratings. Expectations are for the good-to-excellent rating to remain near unchanged from last week’s level of 64%. Last year’s good-to-excellent rating for soybeans was 69% as of last week with the 10-year average at 56% last week. The USDA announced three export sales totaling 90,500 tonnes of soybean oil, all for delivery in 2010/11. The biggest sale was for 40,000 tonnes to China, the next largest was for 29,500 tonnes to an unknown destination and the smallest was for 21,000 tonnes to Peru.

November Soybeans ended up 17 at 1052, 23 1/4 up from the low and 1 1/2 off the high. January Soybeans settled 17 3/4 higher at 1061 1/2. This was 1 1/2 off the high and 23 3/4 up from the low.

December Soybean Oil finished up 0.93 at 41.79, 1.06 up from the low and 0.01 off the high.

December Soymeal closed up 3.4 at 306.7. This was 5.7 up from the low and 0.3 off the high.  

After reading ï»¿today’s review,traders might want to take a peek at the commercial traders  momentum.  The Commercial Trader momentum can be tracked by using the Commodity Futures Trading Commission Commitment of Traders reports.  Our idea is that, in a value driven commodity futures market no one knows fair value like the people who produce it or, have to use it.  In fact, it is precisely their sense of value that provides the commodity market’s rhythmic meanderings that swing traders love so much.  Let’s face it, producers know when their product is overvalue and it should be sold just as well as end line users know when they should be stocking up at low prices.  Therefore, trader should be able to incorporate this valuable information into their future market education.

This blog is publicized by Andy Waldock.  Andy Waldock is a financial advisor, analyst, broker, asset manager and traderfor Commodity & Derivative Advisors, located in Sandusky, Ohio.  As a result, Andy Waldock may have positions for himself, his relatives, or his clients in any commodity future market discussed. The blog is meant to develop a dialogue and educate those with an interest in the commodity future markets. The commodity markets employ a high degree of leverage and commodity trading  may not be appropriate for all investors.  There is considerable risk in investing in commodity futures.  If you are interested in reading other published articles, commenting  on his writings or subscribing to Andy’s blog, please visit http://blog.commodityandderivativeadv.com, or if you have any questions, please call 1-866-990-0777.

The daily commentaries provide a review of any reports released that day, a recap of each commodity’s traded price activity, an analysis of the factors that influenced price activity, and a look ahead at the schedule for the next day.  CME Group provides market commentaries for corn, wheat, soybeans, gold and silver.   The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.

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