Grain and Soy Market Morning Comments - Benson
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
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