7/8/08

Futures and Option Fund Position for the close of 7/08 (daily change)
C +173,600 (-15,000), B +90,800 (-4,000), W -20,800 (-1,000), M +63,100 (-2,000), BO +20,300 (-3,000)

Deliveries: B 0 (6/17), SM 1 (6/13), BO 0 (6/27), C 88 (7/3), W 145 (6/26), Oat 18 (7/3)

Overnight Volume Table ---C 44,212, S 12,782, W 3,730, SM 5,953, BO 4,554, Oats 215, Total 71,446

Weather---check the 6-10 outlook here and the 8-14 day outlook here

US Midwest--Thundershowers were significant in eastern ND, central and eastern IA, north-central KS, far southeastern MN, southern WI, west-central MI, northeastern MO, east-central and northwestern IL, and west-central and south-central IN yesterday. Amounts were 0.50 to 1.5", locally up to 3.0", with 25% coverage. Thundershowers continue into Wednesday in the south, while scattered activity shifts to far northern and eastern areas on Friday and Saturday. Amounts will total 0.50 to 2.0", locally up to 5.0", with
50% coverage of soybeans and 45% of corn through the rest of the week.

Australia--Scattered showers favored southeastern South Australia, Victoria, eastern New South Wales, and southeastern Queensland yesterday. Amounts were 0.25 to 1.25" with 35% coverage. Showers should continue across southeastern South Australia, Victoria, and far southern New South Wales through Thursday. A few showers will also be possible in southwestern Western Australia from Thursday through Saturday. Amounts will be 0.25 to 1.25" with 45% coverage.

Quote of the Day - "How much was spent on the 740 books and three maps ordered in 1800 to establish what was to become the U.S. library of Congress?"

Answer from yesterday: Barbara Walters

Historic Fund Positions

Market Comments for 7/8/08 4:00pm

• Funds sold 1,000 wheat, 15,000 corn, 4,000 soybeans, 2,000 meal and 3,000 soyoil.
• CIF corn is firmer, beans weaker.
• Weather forecasts are cooler and drier in 6-10 day, cooler and wetter in the 11-15 day.
• Crude oil closed down $5.47, Gold down $8.10 and the dollar index closed up 31.
• November beans closed below the 20-day moving average for the first time since May 7th. Next chart support is $14.73 3/4.
• December corn closed below the 20-day moving average for the first time since May 30th.
• Calls for tonight are steady-easier

Daily Charts as of 4:00pm

Full Carry Sheet

Basis and Freight 7/8/08 12:00pm (Green indicates increased, red indicates decline, black indicates no change in values)

Truck Decatur IL values--corn cu-33, beans sx+15...CIF values---Jul cu+24/26 (up 1), Jul sq+62/67 (dn 3)...Barge freight--IR 550/575%, StL 400/425%, OR 450/475%, Mid-Miss 575/600%...

Weekly Sales and Inspections

Inspections (estimates in mil. bu) 7/7/08 c 32.4 (30-35), b 9.1 (8-12), w 18.4 (15-20)

Export Sales (estimates in 000 tons) 7/3/08 c 325.9/302.5 new (300-700) , b 465.9 old/176.5 new (325-525), w 668 (200-600), m 158.1 old (25-125), oil 6.1 (0-15)

Commitment of Traders

NWS observed precip site

Five day precip forecast by the NWS

See the new USDA maps for major US crop areas...Link here for corn...Link here for soybeans...

Climate tables---% of normal precip in the last seven days for the Midwest and for the High Plains.

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