Always keeping an eye on the Great Lakes-St. Lawrence Seaway System for updates on closings and such as it applies to deliveries……………………………………….Stoppers can always rail or barge stocks out but Lakers always carry the most bang for the buck…………………………………….
There has to be a reason for grains to be open during the National Day of Mourning for President Bush(41)…………………………..or not! Some are sensing that we could see some more corn and wheat delivered tonight as stoppers will be lugging the stocks over the weekend, minimally!
We’ve a crop report next week yet, no fresh domestic grain production figures, just revisions of the Supply/Demand estimates and although the Government has numerous resources these reports are just opinions……………………………Yet, surprises happen as exhibited by the Chinese Census revisions released in the World Supply/Demand estimates last month………………..these had a short term impact on price yet, I believe, we trade supply/demand everyday and the snap shot given by the USDA each month have to be discounted as being Gospel as the different divisions on the USDA incorporate different figures at different times given different stocks estimates given different time horizons…………..there have been years when carryover in the cash market suggest that we’re at “pipeline” and the trade was always looking for the USDA to admit it yet, it took the passage of years and census revisions 5 or 10 years later for the admittance to occur…………………….. So, respect all reports!
South American weather still appears to be very conducive for crop development, specifically for beans in Brazil………………..Excess supply might keep a lid on rally potential…………………..
The information contained on this site is the opinion of the writer and obtained from sources cited
within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in current market prices.
Steve Bruce
Walsh Trading
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