EARLY MARKET COMMENTARY
September 3, 2010
By: Brian Hoops, President
HEADLINES
• Markets are closed on Monday in observance of Labor Day.
• There were 830 contracts of soyoil, 3,138 contracts of wheat,
887 contracts of corn, and 17 contracts of oats tendered for deliveries.
No soymeal or soybeans were tendered.
OPENING CALLS
Corn: Steady to 1 lower
• South Korea is tendering for 110,000 mts of corn.
• On Thursday morning, the USDA announced a 120,000 mts corn sale to Egypt.
• Funds bought 4,000 contracts.
• December corn has resistance at $4.49 ½ with support at $4.38.
Soybeans: 4 to 6 higher
• On Thursday morning, the USDA announced a 100,000 mts soybean sale to
Egypt.
• Funds bought 3,000 contracts.
• November soybeans have chart resistance at $10.32 and support at $10.05.
Wheat: 5 to 8 higher
• Tunisia is tendering for 50,000 mts milling and 50,000 mts hard durum
wheat.
• Russia is saying it will extend its export ban until harvest, 2011.
• Funds bought 3,000 contracts.
• December Chicago wheat has resistance at $7.29 and support at $6.83
Live and Feeder Cattle: 5 lower to 5 higher
• New contract highs in the December through April contracts.
• October live cattle have chart resistance at $98.85 and support at $96.95.
Lean Hogs: 15 to 30 higher
• Higher cutouts
Our newsletter this week is titled "A Look at the Markets"
Highlights of this newsletter include:
* A look at wheat's export potential
* Scientists Crack Wheat DNA
* Poor House Sales Shows Economy is Struggling
* July Census Crush Report
* A look at last week's private export sales
* Weekly beef exports
* IGC world production forecast
* Deere & Co. third quarter profits
* Why Russia has halted beef imports
* A look at U.S. farmland values
* All this and much more.
For more information visit our website at www.midwestmarketsolutions.com.
Clients receive web access as a free service, access is available for a
small monthly fee to non-clients.
Services available at Midwest Market Solutions:
* Full Service Brokerage
* Market Solutions Hedge Program
* Daily Opening Market Calls Newsletter
* Daily Trade Update Newsletter
* Audio Market Commentaries
* Market Insider Newsletter
* Midwest Managed Futures Trading Program
* Professional Trading Systems
The risk of loss in trading commodity futures may be substantial and therefore may not be
suitable for the recipients of this information. Those acting on this information are
responsible for their own actions.
Copyright 2010 Midwest Market Solutions, Inc.
