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USDA Supply Demand October

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    #1

    USDA Supply Demand October

    Markets rallying nicely after a bullish USDA report (particularly corn).

    <a href="http://www.usda.gov/oce/commodity/wasde/latest.pdf">October WASDE</a>
    Tags: None
    #2
    Canola is rallying nicely too. Fat lady
    still has another song or two left in
    her.

    Comment

      #3
      Thank you jesus we are breaking the downtrend.

      Comment

        #4
        Jesus running the markets? Think not. Thank human nature.

        Comment

          #5
          I beg to differ,i said this same prayer a few nights ago.

          http://www.youtube.com/watch?v=5A0-u85aAYg

          Comment

            #6
            Charlie . . . we viewed today's report
            as friendly toward corn, neutral
            soybeans and slightly bearish wheat.

            Today's rally was led by corn, but as
            one Chicago trader stated . . . the
            market rallied because the funds didn't
            panic. Funds jumped on this market today
            amplifying gains. A slightly negative
            bean number would have reversed these
            price fortunes.

            Corn appears well supported heading
            toward the new year, but USDA export
            number appears generous considering how
            slow corn exports are right now. Suspect
            this will be the low for corn carryout
            estimates this crop year.

            Wheat is in no man's land right now.
            Corn rally basically pulled wheat up by
            its ears.

            Technicals like cotton mentioned have
            temporarily turned up. But we view this
            as a rebound in a overall cyclical
            downturn in commodity markets. Market
            potholes no doubt lie ahead . . .

            Believe growers should eye these
            rebounds for further cash pricing
            opportunities IMO.

            Note: New crop Nov '13 canola big
            picture trading range now appears $520
            to $570/MT.

            Errol

            Comment

              #7
              Errol

              Of topic, but how does not slaughtering beef at XL for over a week affect grain prices?

              It must mean they had to feed some animals for a little extra time etc.

              There must be some impact now or going forward.

              Any insight would be interesting.

              Comment

                #8
                bucket . . . feed barley bids are
                holding up really well in southern
                Alberta. Brooks through Picture Butte
                feedlots appear to be bidding $265 to
                $275/MT which is fully steady right out
                into March.

                There has really been no harvest
                pressure this year as excess barley
                appears heading into the U.S.

                Lots of cattle in pens around the plant
                right now.

                PS: noticed some weakness in feed wheat
                bids of late. To me, CPS red bids are
                gold.

                Comment

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