Trading in corn, wheat & soybeans extremely light this moring ahead of Mario Draghi announcement about the ECB sterilized bond buying program. I wrote in my Morning Coffee note this morning that this program cannot be both sterilized and unlimited. I have no idea how long it will take the market to realize this. The futures show a market that is ready to surge higher on the news. Markets are known for pricing information quickly if not correctly.
A few other hot links.
Soybeans Drop to One-Week Low as U.S. Harvest May Top Forecast: Soybeans fell for a second day, declining to the lowest level in more than a week, on signs the drought-hit crop in the U.S., the world’s largest grower last year, could be bigger than a government forecast…Read More
Palm-Oil Veteran Mistry Says Indonesia Has ‘Hidden’ Reserves: Palm-oil reserves in Indonesia, the largest producer, may total about 4 million metric tons, twice as much typically estimated, according to Godrej International Ltd., which forecast a rise in Malaysian stockpiles to a record…Read more
Early trading prices (per bushel unless otherwise stated)
|Sept 2012||Soybean Oil (Metric Ton)||$57.2500||-0.1100|
|Sept 2012||Soybean Meal (Metric Ton)||$534.2000||+2.2000|
Recent Blog Posts At The Mays Report
- Morning Commodities Report from Allendale for September 5, 2012
- Wheat, Corn, & Soybeans Slump in Early Trading
- Morning Coffee: Economic & Earnings Calendar for September 6, 2012
Most Recent Articles Published Exclusively at Seeking Alpha
- Is It Time To Take Profits From The Summer Rally In Fertilizer Stocks?
- Corn Exports Remain Below Year Ago Levels As High Prices Persist
- July Producer Prices Show Surging Farm, Mixed Fertilizer Prices
The Author of this post has a bear credit spread in Corn futures. Neither the author of this article or any family members own any futures contracts or options on futures in any of the other commodities mentioned in this article. For a complete disclosure of the policy on ownership of stocks/commodities written about or recommended, please see about page.