Meanwhile, in another area, bulls got a reprieve as the grain complex bounced Thursday after having tested areas of support Wednesday and hearing reports of frost potential. But it was the market bears that got a feather in their cap from a weak export sales. In fact, with the exception of new crop beans, export sales were down across the board this week.
Net corn sales of 300,400 tons were down 69 percent from the previous week and 58 percent from the prior 4-week average. Net sales reductions of 2,400 tons for the 2012-13 marketing year were reported.
Net soybean sales of 374,300 tons were down 19 percent from the previous week and 12 percent from the prior four-week average. Net sales were large at 845,000 tons for delivery in the 2012-13 marketing year and were mainly for China who bought 615,000 tons.
Weak sales aside, we’re in planting and growing season. Growing season means weather concerns and weather concerns mean erratic grain futures price swings. And, when a market fails to fall in front of bearish news, we must contemplate that as bullish in its own right.
We look for corn to open 1 to 3 cents higher and for beans to open 4 to 6 higher.
Daily CME spot market prices:
Block cheese: $1.51 (up 1 cent)
Barrel cheese $1.46 (unchanged)
Butter: $1.4125 (unchanged)
Grade A NFDM: $1.1775 (unchanged)
These data and comments are provided for information purposes only and are not intended to be used for specific trading strategies. Commodity trading is risky and FCStone Group, Inc., International Assets Holding Corporation, and their affiliates assume no liability for the use of any information contained herein. Although all information is believed to be reliable, we cannot guarantee its accuracy and completeness. Past financial results are not necessarily indicative of future performance. Any examples given are strictly hypothetical and no representation is being made that any person will or is likely to achieve profits or losses similar to those examples. References to and discussions of exchange traded products are made solely on behalf of FCStone, LLC. References to and discussions of OTC products are made solely on behalf of INTL Hanley, LLC, and OTC products are only available to eligible counterparties.