01-11-2006, 08:12 AM
01-11-2006, 12:20 PM
[align='left'][align='left']Wheat: Futures closed yesterday higher in sympathy with the price action in the other markets and on light volume fund buying. Traders will spend today getting ready for the USDA reports. Traders expect planted area for Winter Wheat to be higher than last year. Price action has been poor and implies that the market will stay in the longer term trading range. However, weather remains less than ideal for best production potential, especially for Hard Red Winter Wheat. The southern Great Plains have been warm but very dry. The Great Plains should see dry weather in the south, but some rain and snow in the north off and on this week and this weekend. Temperatures should average above normal. The Northern Plains and Canada will be mostly dry or will get light precipitation and will see near to above normal temperatures through the weekend. Midwest areas should see mostly dry conditions. Temperatures should average above normal. [/align]
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01-11-2006, 12:26 PM
[align='left'][align='left']Corn and Oats: Corn futures were higher yesterday on fund buying. Traders will spend today getting ready for the USDA reports tomorrow. Few changes are expected for Corn production or for ending stocks. The Midwest will be mostly dry this weekend after some showers today and tomorrow. Temperatures will average above normal. Mostly dry and hot conditions are expected in southern Brazil, but showers are expected in Argentina. US basis levels are soft again today on reports of increased farm selling interest. Oats closed lower again on speculative selling. Trends are turning down in the market for now, but prices have not yet breeched the last line of support for the bulls. Crops in Canada were short last year, but current prices are expected to attract new acres here and in Canada. That could mean big supplies for the US market sometime this Summer. Trends in Corn are mixed. [/align][/align]
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