Closing Comments

Lynn Miller

December 9^th, 2015

USDA Monthly supply & demand report, pretty much a non-event today.  We knew they weren’t going to light any fires, but at least they didn’t pull the rug out from under us.

            Corn – 1.785 Million bu US carryout vs. 1.760 last month

            Beans – US Carryout unchanged from November at 465

            Wheat – US carryout unchanged from November at 911

Corn:

Underwhelming – the word of the day as far as I’m concerned.  The WASDE report did nothing to give us direction.  Reducing exports as expected 50 million bushels and then adding 25 million back in to corn use for ethanol, thus the 25 million bushel change.  This gave the market nothing new to trade.  No new news didn’t help our cause much either.

Closing Comments

Lynn Miller

December 8^th, 2015

USDA Monthly supply & demand report out tomorrow morning at 11:00.

            Anticipated carryouts:         Corn – 1,760 million bushels

                                                            Beans – 465 million bushels

                                                            Wheat – 911 million bushels

Corn:

A tight trading range today with no new news to trade.  Fund action was also missing in action.  Some of the same old same old in the marketplace: 

Closing Comments

Lynn Miller

December 7^th, 2015

Fun Worthless Fact of the Day.

Did you know, Frosty the Snowman aired for the first time on this date in 1969?

Corn:

Values today have taken away nearly all of last week’s gains as beans pulled us down since Corn can’t find its own story to run on.  Cattle limit lower today on heavier weights and higher production.  Export inspections were relatively week at 491 tmt vs. 535 last year.  Funds were seller of between 9,000 and 14,000 contracts today.

Closing Comments

Lynn Miller

December 4^th, 2015

Corn:

Another day higher in corn, and closing near the high-end of the range as funds work to cover some of their 100,000 contract short position.  When the dollar broke yesterday, it ran this market through some technical barriers.  Rumor is the funds are trying to square some of this up prior to year-end, buying 13,000 contracts today.  If this is the case we need to take advantage of it.

USDA supply and demand is out next Wednesday.  The market is coming to the conclusion the majority of the tables will remain unchanged.  Carry out is estimated at 1768 vs 1760 last month. Some adjustments to feed, exports and industrial use should stay small.

Closing Comments

Lynn Miller

December 3^rd, 2015

After 12 ½ year highs yesterday, the Dollar is on shakey ground today, selling off more than 217 points for the day. Why?   Most of the credit goes to a market that was overly bearish the Euro currency ahead of the European Central Bank’s (ECB’s) reveal of the new easing policy released today.  The European Central Bank president, Marion Draghi, on Thursday unveiled new policy-easing measures that fell short of dizzy expectations. The main lesson for investors:  pay less attention to central banks.  This big of break would totally encompass the gains we say across the board today without any more bullish news. 

Closing Comments

Lynn Miller

December 2^nd, 2015

Outside markets have been dramatic today and could pressure us tomorrow. Crude is down over $1.00/barrel under concerns of large supplies.  US crude stocks have risen by 1.2 million barrels in the past week.  Then there’s the dollar, which is working on a 12 ½ year high on the strong ADP employment survey and expectations the Central Bank of Europe will boost monetary stimulus measures tomorrow.

Closing Comments

Lynn Miller

December 1^st, 2015

Free DP on Soybeans – effect immediately for all new deliveries.  Free DP opens up options for you.  You could use this as an opportunity to haul piled beans before you have quality concerns, or you could move beans in Condo to Free DP so you could haul corn. 

Corn:

Bullish sentiment from yesterday’s ethanol mandate carried over into today’s session.  However, some feel the new 2016 mandate will only add 100-150 million bushels to corn usage.  Funds were in big time yesterday, but stood to the sidelines more today.

Closing Comments

Lynn Miller

November 30^th, 2015

Free DP on Soybeans – effect immediately for all new deliveries. 

Corn:

Prices trending higher in front of the anticipated release of the new ethanol mandate.  Is was out about 2:00 after the market close: Implied Corn ethanol mandate for 2014, 13.61 bln gallons or 4861 mln bu usage.  2015 implied corn ethanol mandate is 14.05 bln gallons or 5017 mln bushels of usage.  2016 implied corn ethanol mandate is 14.5 bln gallons or 5180 mln bushels of usage.

Closing Comments

Lynn Miller

November 27^th, 2015

Free DP on Soybeans – effect immediately for all new deliveries.  So be sure to take advantage of the nice weather for hauling!

There has been no trade since Wednesday so who knows what we could open up to at 8:30 this morning.  During our overnight Euro wheat futures have fallen 4, corn down 2. Meanwhile in China their beans are down 22, corn up 25 and meal up 20.  The Chinese currency continues to fall against the US Dollar.  In the overnight here, the DOW is down 8, the dollar up 30 and crude down 80 cents.  This is not an ideal way to start off our short trading day.   In the weather world, the Southern US still in line to receive rains over the next 15 days, while Brazil and Argentina are also receiving wide coverage rains.