Market Comments for 3/9/10…3:00pm...Look for two sided trade tonight awaiting the USDA S&D report tomorrow morning. Markets were lower on outside market weakness, larger South American crop production estimates, favorable forecasts of spring weather and dwindling export demand out of the US.

 

News

Funds sold 3,000 wheat, 7,000 corn, 2,000 beans, 1,000 oil and even meal.

Late CIF was steady to slightly better for beans and corn.

…The bio-diesel tax credit was suppose to be voted on today in the jobs bill before the Senate.

USDA monthly S&D tomorrow morning.

…World Equities: Australia +0.20%, China +0.52%, Hong Kong +0.05%, Japan -0.17%, Germany +0.17%, England -0.08%.

…Outside markets: crude -$0.58, gold -$3.70, euro +30, euro/yen cross -76, dollar index +10.00, S&P +3.00, Dow +20.

 

Full Carry Sheet

Basis and Freight Table 3/8/10 4:00pm---Daily Change

Market

CIF C

Mar

CIF B

Mar

Dec C

Dec B

IR

StL

OR

Value

34/37k

54/60k

-4k

+2k

310/320

260/275

265/275

Change

-1

+1

-

+2

-10

-10

-15

 

Commitment of Traders (futures and options included in Supplemental Report)

3/2/10

Funds

Change

Estimate

Index

Change

Corn

+43,764

+25,659

+18,100

+454,113

+6,846

Beans

-14,119

-2,547

-1,600

+170,571

+605

Wheat

-59,701

-10,973

-65,200

+216,764

+1,030

Meal

+19,025

-9,510

+20,700

-

-

Oil

+11,453

+6,093

+12,400

+103,099

+5,341

 

Commitment of Traders (futures and options included in the Disaggregated Report)

3/2/10

Managed Money

Change

Estimate

Swap Dealer

Change

Corn

+76,693

+11,826

+65,000

+384,565

-422

Beans

+35,162

+7,668

+37,000

+138,696

+6,199

Wheat

-34,168

+2,666

-53,000

+174,332

+60

Meal

+21,758

-7,063

+20,000

+45

-555

Oil

+34,756

+8,954

+32,000

+100,752

+7,275

 

 

 

Prod.

Jan. #

Avg Est

Range

Nov. #

2008

Corn

13.151

12.819

12.500-12.996

12.921

12.101

Beans

3.361

3.337

3.219-3.420

3.319

2.967

Yield

 

 

 

 

 

Corn

165.2

162.5

160-164.5

162.9

153.9

Beans

44

43.4

40-44.7

43.3

39.7

Plantings

2009

Winter

37.1

40.916

38.4-43.5

-

43.311

HRW

27.8

30.414

29-31.6

-

31.649

SRW

5.9

6.975

5.9-8.1

-

8.309

WW

3.3

3.505

3.2-4.5

-

3.353

Stocks

9/1/09

12/1/08

Corn

10.934

10.663

10.1-11.4

1.674

10.078

Beans

2.337

2.411

2.37-2.45

138

2.276

Wheat

1.765

1.760

1.70-1.81

2.215

1.422

 

World crop #’s, Argentine corn +2.2 mmt to 17.2, Argentine beans unch at 53 mmt, Brazil beans up 1 mmt to 66 mmt.

09/10 S/D

Feb. #

Avg Est

Jan. #

World mmt

Corn

1.719

1.748

1,764

134 (-2.2)

Beans

210

219

245

59.73 (-.07)

Wheat

981

973

976

195.9 (+.03)

Meal

300,000

-

300,000

5.76 (+.63)

Oil

2.227

-

2.152

2.73 (+.19)

Oats

69

-

69

 

 

NWS observed precip site

Five day precip forecast by the NWS

See the USDA maps for major world crop areas here

Climate tables for the Midwest.

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