What was weak on Tuesday was strong again yesterday. The grain complex is topsy-turvy as it searches for more direction this week. According to Pete Ullrich, our outside technical expert, “the (corn) market still is undecided what to do about the medium-term top made at 6670 last week”. With market bears watching weather turning for the better down in South America, market bulls will have to lean on what remains to be strong demand and little sign of rationing at current levels. Of course, the market will be in a strong move lower before we start talking about rationing. Look for corn and soybeans to open mixed to firm this morning.
1/26 Class III Futures: Volume: 3,000 Open Interest (OI) Change: +1,094 Total OI: 37,542
1/26 Class III Options: Est. Put Volume: 703 Total OI: 29,199 Est. Call Volume: 369 Total OI: 25,235
1/26 Spot Markets: Block Cheese $1.6925 (UP 4 1/4, 0 Trades); Barrel Cheese $1.6425 (UP 1 1/4, 0 Trade)
Butter $2.1000 (UNCH, 0 Trades); NFDM: A $1.5925 (UP 4 1/4, 0 Trades), X $1.5575 (up 3, 0 Trades)
1/26 Other Dairy Futures Volume: Butter: 100 Dry Whey: 74 NFDM: 54 Class IV: 158 Cheese: 4 International SMP: 0
1/26 Individual Class III Futures Prices, Change, Volume & Open Interest
Jan 11 $13.53 UNCH Vol: 2 OI Change: UP 1
Feb 11 $16.49 UP 19 Vol: 322 OI Change: DOWN 90
Mar 11 $17.50 UP 49 Vol: 1,200 OI Change: UP 511
Apr 11 $17.30 UP 29 Vol: 508 OI Change: UP 206
Jan-June 2011 Avg: $16.41 UP 0.17/cwt
July-Dec 2011 Avg: $16.70 UP 0.04/cwt
Jan-Dec 2011 Avg: $16.55 UP 0.10/cwt
These data and comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy and completeness. Commodity trading involves risks, and you should fully understand those risks before trading.