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OPENING CALLS
May 13, 2008 By: Brian Hoops, President

Corn: 3 to 4 lower on overnight and improved forecasts.
• The weather forecast calls for a chance of rain at mid-week then a drier pattern to follow.
• Planting progress came in at 51% completed, below the average of 77%. Emergence is 11% compared to 33% on average.

Soybeans: 5 to 7 higher on overnight trends.
• Palm oil futures were lower overnight.
• November soybeans gapped above the downtrend line on Friday.
• Planting progress came in at 11% completed vs. 29% on average.

Wheat: 1 lower to 1 higher on the overnight trends.
• Iraq is tendering for 50,000 mts of wheat.
• Japan is tendering for 60,000 mts of wheat at their weekly tender.
• Winter wheat g/e ratings were unchanged at 47% compared to 58% g/e a year ago. Only 36% is headed compared to 53% on average.
• Spring wheat is 81% seeded, slightly ahead of the average of 78%.

Live and Feeder Cattle: 10 lower to 10 higher on overbought technicals vs.follow through buying.
• Feedlots will be offering showlists at higher money this week.
• Packers claim they have plenty of captive supplies to draw off of the next two weeks.

Lean Hogs: 5 to 10 higher on stronger cash trade.
• Cash hog trade remains very strong as packers need to bid up for cash product.
• Stronger cutout values will keep packer margins in the black.

Our newsletter this week is titled "The May Supply/Demand Report." This week's newsletter is 20 pages in length and gives you the insight on the key market information released by the USDA last week and what the USDA does not want producers to know. In addition to focusing on the fundamentals and technicals of the market with specific recommendations for corn, soybeans, wheat, lean hogs and live cattle; this week's newsletter also looks at such news items as a look at the Australian crop production estimates, what the US SEC is requiring from Wall Street Banks; why India has banned futures trading in soybean oil; an update on
Argentina's government decision to continue to restrict beef exports; a look at the savings to consumers due to ethanol; the first quarter profits of AGCO and ADM; what investorJim Rogers says he will be buying more of and the final estimate of the Wheat Quality Council tour. This newsletter is a must read if you are a hedger or trader of commodities. Clients receive web access as a free service,access is available for a small monthly fee to non-clients

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There is risk of loss in trading commodity futures & options. The MarketInsider.com is designed to help you gather the information you need to help you make your own decisions. You are responsible for your own investment and hedging decisions and for properly analyzing and verifying any information you intend to rely upon." Derivative transactions are complex and carry a high degree of risk. They are intended for sophisticated investors and are not for everyone. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.

 

Comment: Commodity Symbol Lookup Note: Commodities quotes require three(3) parts: Commodity Code --------{J F M A M J J A S O N D} Month - [F G H J K M N Q U V X Z] - [Jan ... Dec] Year - Last number of the year, [0 - 2000] [1 - 2001] For example: USM1 is US(T-Bond) M(June) 1(2001) CZ2 is C(Corn) Z(December) 2(2002) ECY0 is EC(Euro FX) Y(Cash) 0(Cash)