Friday Morning
The night trade had CH+1, WH +5 and SH+7.
The opening calls for soybeans are 4 to 8 higher,
corn steady to better and wheat 3 to 5 higher.
The USDA will release a supply and demand report
Feb 9th.
NEWS:
This morning the US monthly unemployment report
showed a job increase of 243,000 more than expected
and revised December and November upward by 30,000
with an unemployment rate of 8.3%, this has the
dollar, stocks and crude oil higher.
The record low temperatures in parts of Europe
and Asia this week has Ukraine estimating winter
crop lose near 30% to 50%, Russia is still estimating
the amount of winter kill and Europe thinks only
the rapeseed may have been damaged, they do have
some snow cover and temperatures are expected
to moderate next week in the region.
The US winter wheat belt has a winter storm today
through the weekend.
There are dry concerns in parts of N IA, S MN,
and the Dakotas due to a drier than normal winter.
The weekly corn export sales implies that the
government may increase corn export estimates
100 million bu in the Feb 9 th report.
Russia export duty decision is postponed.
Ukraine to stop exporting corn to Iran due to
the European sanctions against Iran.
South Korea bought 174 US corn overnight.
China bought a little US new crop corn.
Taiwan bought Argentina corn overnight.
Unknown bought 120 US SRW.
Technically, the CZ (December New crop) has a
price target at 590.
TECHNICAL POINTS:
The CH has resistance at 663, 671 and 684. The
CH has support at 633 and 611.
The SH has resistance at 1225, 1228 and 1321.
The SH has support at 1180 and 1150.
The WH has resistance at 688 and 729. The WH
has support at 632 and 588.
Thanks, Craig
Disclaimer
This information is not to be construed as an offer
to sell or a solicitation or an offer to buy the
commodities herein named. The factual information
of this report has been obtained from sources believed
to be reliable, but is not necessarily all-inclusive
and is not guaranteed as to the accuracy, and is
not to be construed as representation. The risk
of trading futures and options can be substantial.
Each investor must consider whether this is a suitable
investment. Past performance is not indicative of
future result
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