September 3, 2010
Friday Morning
The night trade had CZ-1, WZ +8 and SX+5.
The opening calls for soybeans are 5 to 7 higher,
corn 1 to 2 lower and wheat 5 to 8 higher.
The grain markets will be closed Sunday night
and Monday to reopen Monday night.
NEWS:
This morning the monthly unemployment report
was better than the trade expected. The dollar
and crude oil are steady with the stocks are higher.
The US Corn Belt has the showers moving east
but reduced amounts and coverage as the eastern
Corn Belt could have used one last rain for the
later planted soybeans.
The extended forecast is calling for above normal
temperatures and rainfall.
EARL is offering high winds for the East Coast.
There are still some dry concerns in parts of
Argentina and Australia.
China has had more rain to keep conditions favorable.
Russia extended their grain export ban which
is helping to support prices.
Pakistan is expecting to need to import wheat
sooner rather than later.
The Argentina Grain Exchange estimates their
wheat crop at 9 to 10.5 MMT.
This commentator will be out of the office Tuesday
and back to work on Wednesday the 8th.
TECHNICAL POINTS:
The CZ has resistance at 451 and 478. The CZ
has support at 443 and 438.
The SX has resistance at 1012, 1018, 1030, 1036
and 1041. The SX has support at 1004, 991 and
952.
The WZ has resistance at 739 and 825. The WZ
has support at 703 and 671.
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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