Grain and Soy Market
Morning Comments
Benson Quinn Commodities Inc.
Minneapolis, MN
December 24, 2014
Morning Comments: There is not much new to report this morning with overnight trade mixed and thin as traders get a head start on
holiday travel. Wheat is trading lower without any new news from Russia on whether and when it will impose export duties on grain
exports. Beans are trading lower on spillover from sharply lower meal on the Chinese Dalian exchange which plunged in overnight trade on
large November soybean imports reported at 6.03 MMT. Corn is trading nominally mixed as recent export demand offers underlying
support. Any firmer trade today is viewed as selling opportunity with globe more than amply supplied with wheat, beans and corn. Macro
markets are mixed with equities higher as jobless claims fall to 7-week low while the US dollar, crude and gold trade lower. The grain and
soybean markets close at noon today. Friday is option expiration for the January beans. Dec 31 is first notice January soybean futures. Jan
bean longs need to be out of position by close of Tuesday Dec 30 or risk taking delivery.
Merry Christmas! Safe Travels.
Overnight Trade:
Symbol
@ 7:45
CH
SF
MWH
WH
KWH
411 ½
1034 ¼
647 ¾
629
660 ¼
Daily Trading Limits:
Net
Change
-¼
-4
+2 ¾
+3 ¼
+2 ½
High
Low
Initial
412 ¼
1038
651 ½
631 ¾
664
410 ½
1033 ¼
640
621
652 ¾
Corn
Beans
MWheat
CWheat
KWheat
Expanded
Good
Thru
25 cts
70 cts
60 cts
35 cts
40 cts
Weather:
24 Hour Rainfall Est.
1-3 Day Precip Outlook
6-10 Day Temp Outlook
6-10 Day Precip Outlook
Export News/World Trade: South Korea seeks 100,000 MT of soybeans for 2016 on a retender.
Palm Oil/Chinese Dalian/French Wheat: Malaysian palm oil futures were higher overnight on better export demand. The
benchmark March contract settled up 8 MYR a tonne to close at 2,217 MYR. Chinese Dalian futures were mixed in overnight trade. French
milling wheat futures market is closed for holiday.
Global Equities: The Dow Jones Industrial Average closed up 65 points in its prior session settling at 18,024. China’s Shanghai
Composite was down 60 points to close at 2,973. Hong Kong’s Hang Seng Index was up 16 points to close at 23,349. The Japanese Nikkei
Index was up 219 points to close at 17,854. European markets are trading mixed with a higher bias. US equity futures are pointing to a
higher start.
Technical Support & Resistance:
Symbol
1st Support
2nd Support
CH
409
401 ¼
SH
1028
1018 ¾
MWH
641 ¼
630 ¼
WH
627 ½
614 ¼
KWH
658
647 ½
1st Resistance
415
1052 ¾
665 ½
650
680 ¾
2nd Resistance
423 ¼
1061 ¼
675
659 ¼
695
Point of Interest: The animations for “Rudolph, the Red-Nosed Reindeer” TV show were filmed in Japan. The soundtrack was
recorded in Toronto, Canada.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is
suitable for you in light of your financial condition. These observations include information from sources believed to be reliable, but no independent
verification has been made and therefore their accuracy and completeness cannot be guaranteed. Benson Quinn Commodities, Inc. does not guarantee that
such information is accurate or complete. Opinions expressed reflect judgment at this date and are subject to change without notice. BQCI is a wholly owned
subsidiary of Archer Daniels Midland and An Introducing Broker for ADMIS, 701 South 4th Avenue, Suite 800, Minneapolis, MN 55415, 1-800-438-7070.0