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Global Commodity Analytics & Consulting LLC

Mike Zuzolo, President & Registered Commodities Representative
Headquartered in Lafayette, IN, USA
Website: www.globalanalytics.biz
Toll-Free Phone: 866 471-2588
Email At: globalcomm2@comcast.net

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Grains opened the day firm on Wednesday, with weather and exports serving as supportive features

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12-9-09

GLOBAL COMMODITY ANALYTICS & CONSULTING LLC MID-DAY GRAIN UPDATE:

GOOD DAY EVERYBODY, HERE’S THE LATEST AT THE MERC AS WE HEAD INTO THE MID-DAY SESSION:

  • Grains opened the day firm on Wednesday, with weather and exports serving as supportive features. Outside markets were relatively subdued on the opening as well, and this was able to lend a more friendly tone to the last day of trading before the USDA monthly supply-demand report.

  • Exports of 110,000 tonnes of US beans to China, along with reports that South Korea may be seeking 100,000 tonnes of corn were two pieces of demand news that likely helped give the row crops a positive opening. The Western Corn Belt blizzard was also as bad as predicted, with many areas facing 12-20 inches of snow and 40-50 MPH winds. As a result, corn seems to be the leader to the upside today.

  • As we head into the close, with a surprise drop in weekly crude stocks and tame Gold and Equities, we may see a little more pre-report short-covering as the session winds down, in my view, especially given that the daily charts are fairly oversold technically. And if the Jan. Beans can heal some of the short-term technical damage they’ve done today. An important negative feature to today’s trade happens to be that the Jan. Beans have violated a two-month support line—this may have been done as a result of long bean/short corn spread unwinding, so we’ll see if Jan. can re-take support at the $10.50 level and possibly add-to the short-covering potential. This looks likely as long as the S&P 500 doesn’t fall below $1085…a push below this could ignite a commodity and stock-wide sell-off.

 

THIS IS MIKE ZUZOLO, AT GLOBAL COMMODITY ANALYTICS—VISIT WWW.GLOBALANALYTICS.BIZ FOR MORE INFORMATION AND MARKET ANALYSIS.

Information Disclaimer: The information and data contained herein was obtained from sources deemed reliable. Their accuracy and completeness is not guaranteed. Any decision to purchase of sell based upon such information is the responsibility of the person authorizing the transaction.

Abbreviated Risk Disclosure: There is a substantial risk of loss in trading futures and options.

Copyright, 2009 Global Commodity Analytics & Consulting LLC
 
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