Trading Light Heading Into ECB Announcement & Weekly Exports

Posted on September 6, 2012

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)

Contract Commodity Last Change
Dec 2012 Corn $7.9625 +0.0550
Dec 2012 Wheat $8.7950 +0.1175
Nov 2012 Soybeans $17.4500 -0.0250
Sept 2012 Soybean Oil (Metric Ton) $57.2500 -0.1100
Sept 2012 Soybean Meal (Metric Ton) $534.2000 +2.2000

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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.