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March 9, 2010

 

Tuesday Morning

 

The night trade had CK-4, WK -5 and SK-7.

The opening calls for soybeans are 4 to 7 lower, corn 2 to 4 lower and wheat 3 to 5 lower.

The USDA will release the supply and demand report in the morning.

 

NEWS:

 

This morning the dollar is higher with stocks, crude oil and most commodities lower.

The US Corn Belt has a warm wet forecast for this week and drier next week.

The South American forecast is favorable with Brazil having a wet extended forecast.

Brazil’s soybeans harvest is estimated at 30% to 33% complete with the crop size estimates growing.

The US corn planting pace is lagging normal in the south, TX, MS and GA.

The weekly exports for wheat is 20.4 (14-19), corn 34.0 (29-38) and soybeans 30.9 (32-39).

The supply and demand report for soybeans is expected to show the US crush +5 to +10 million bushels and the exports increased 20 to 30 million bushels with the carryout lowers to 170 to 190 area vs. 210 last report.


TECHNICAL POINTS:

 

The CK has resistance at 383, 394, 404 and 422. The CK has support at 374, 371 and 348.

The SK has resistance at 957, 989 and 1076. The SK has support at 903.

The WK has resistance at 547 and 553. The WK has support at 489, 485 and 448.

 

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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