Overnight trade was mostly quiet, but good export sales took the market a couple cents higher, as traders recover Wednesday’s losses. Weekly export sales totaled 722 TMT, exceeding estimates of 200-400 TMT, and should help support prices. HRW was the sales leader at 258 TMT, with sales to Nigeria, Mexico and Brazil. Dec/March spreads saw another volatile day, with KC and CBOT adding carry after narrowing during morning trading. Cash markets remain steady to a bit firmer, especially in the rail markets. Buyers are focusing on stocks that can move west, but the spot market remains generally quiet. KC Dec put in a “double-bottom” yesterday, and with the market already oversold, a slight bounce is not out of the question. The USD is 330 points lower, but remains in a generally sideways trend just under the 100 mark. Look for wheat to see early support from good exports and a mentality to see a mild reversal from yesterday’s lower move.
Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.