Commentary
Soy, wheat post moderate gains on Wednesday
Corn futures closed 3 to 9 cents on Wednesday. The market closed higher but well off of sessions highs today. The front month contract (Sept) remained on the defensive as forecasters predict timely rains across the northern Midwest later in the week.
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Crop markets trading lower on Wednesday
Corn futures are trading lower at midday. Strength in the dollar and weakness in the stock market and crude oil are weighing on the corn market. Market action is being limited as traders wait for European leaders to meet later this week to work on euro-crisis zone debt problems.
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How long will the $2 cheese market last?
The spot cheese market caught fire again yesterday climbing by over 4 cents in each the block and the barrel, pushing each up to and above the $2 mark and that’s right where the blocks stopped.
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First time in three months barrels eclipse $2
Class III volume started slow yesterday, but after a spot session that saw barrels uninhibited to the upside and blocks that were resilient, going from a penny lower to close higher, buyers were forced to propel Class III futures further to the upside.
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$2 Cheese predictions may be playing out
What began as a mostly quieter choppy trade for Class III last week ended on a firm note on Friday. One thousand contracts traded hands with 690 of those trades reserved for the November and December contracts alone, which finished up .06 and .39 respectively. But futures pushed higher into Q1 of 2012 despite technical resistance.
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December Class III meteoric rally, still discounted
Sometimes the Class III trade makes the late discussions of Sarkozy, Merkel and Papandreou look easy. Volume and open interest spiked Thursday along with prices from November through January as the trade seemed to collectively wake up to the firming spot cheese market this week.
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Cheese supports Class III, butter struggles
Class III futures saw a very light trading day yesterday with just 571 trades, despite growing volume on the spot barrel market with six trades occurring and prices moving higher on the spot session.
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Cheese and butter poised to finish month firm
The spot markets saw a quick change once we fell into the 1.60’s early in the week — prices rebounded and are now once again near the upper end of what has been a 15-cent range all month. This is important to remember because the Chicago Mercantile Exchange Spot Market has not yet broken out above levels of resistance that traders have respected since late August, so expect that the upside is very limited from these levels
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Crop markets trade mixed on Friday
Corn futures closed higher on Friday. Slow farmer selling and firm cash markets helped push prices higher. There were also reported of the unwinding of long soybean/short corn spreads. Corn futures have now traded higher for four consecutive weeks.
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Crop markets turn lower on Wednesday
Corn futures are trading solidly lower at midsession. The market is being pressured by strength in the dollar and concerns over whether or not European leaders will agree to a deal about the current debt crisis. Strong losses in crude oil are also a bearish factor. There has been some talk recently about China buying some U.S. corn, but so far no sales have been confirmed.
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CBOT corn outlook: Down sharply on USDA surprise supply estimate
U.S. corn futures are expected to open sharply lower Friday after a government report showed corn stockpiles much larger than traders were expecting.
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- Will Smith dethroned in latest Peterson Farm Bros. parody
- U.S. 2012/13 corn export prospects cut as global trade boosted
- Feed grain supply prospects lowered on delayed plantings
- Corn conditions a tad better than last year
- Brent crude oil dips before U.S. Fed meeting
- Grain markets proved mixed on Monday
