OPENING CALLS
July 24, 2008 By: Brian Hoops, President
Corn: 6 to 8 higher following the overnight
trends.
On Wednesday, the USDA reported Japan
purchased 244,696 mts of U.S. corn.
Soybeans: 6 to 8 higher following the overnight
trends.
Palm oil futures were higher overnight.
On Wednesday, the USDA reported a 120,000 mts
soybean sale to an unknown destination.
Estimates of the Census crush report are for
140.1 mb, down from 150.4 mb in May.
Wheat: 5 to 7 higher following the overnight
trends.
Jordan purchased 100,000 mts of wheat from
Russia.
Syria is re-tendering for 120,000 mts of
wheat.
Live and Feeder Cattle: 10 to 15 higher.
Estimates for Fridays cattle on feed report
are for on feed at 95.5%; placements at 91.8%
and marketings at 95.0%.
Bids are $94 with asking prices $98-$99. I
dont look for cash trade to develop until after
Fridays COF report.
Lean Hogs: 5 to 10 higher.
Cash trade is called steady to higher.
Sharply higher cutout values indicate higher
cash trade.
Our newsletter this week is titled "Risk
Managers will be the Survivors." This week's
newsletter is 20 pages of charts, news and
analysis. In the newsletter, the lead article
focuses on the challengers producers will face
in the upcoming months and years and how to
survive the upcoming pivotal years. In addition
to the lead story; I also focus on hedging and
trading recommendations for the corn, soybeans,
wheat, live cattle and lean hog markets complete
with charts and graphs of the seasonals and the
commitment of traders report. In
addition, the newsletter focuses on such other
news items as what the MGEX is doing in response
to the efforts of Congress to tighten the roles
of the speculators; what the CFTC is doing with
swaps; a look at Argentina's senate vote on the
new export tax system; Russia's wheat exports;
Argentina's wheat planting forecasts; a
look at China's biggest grain trader and how
much grain they will export; the impact of
a federal judge's ruling on the CRP haying and
grazing lawsuit and US Ag Secretary Ed
Schaefer's response to the ruling. 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. |
