Market Recap 10.12.09
Wheat pretty much went 0-6 in December sessions, continuing to fall. Funds closing out positions, and a USD that shapes at being stronger could have the finger of blame pointed at them. France is petitioning GASC (Egypt) to change the tender terms from one port load only, which hurts Rouen, time will tell. The USDA report is due out today - will likely try to paint as rosy a picture as possible, as we all know the USDA exists to perform a political function first and foremost and an information function is only secondary. Real numbers on corn and beans will happen in January. Turkey has an export tender open for a 150K of milling wheat and 50K of durum and Bangladesh is in to buy 160K of milling wheat. Not much else happening in the market, got plenty of time to run a bubble bath and put on some Kenny G... I mean Maroon 5... I mean... ahm, er, S Club 7?
Date of Publication: 10 Dec 09 10:29am ACST
Source: ABB Grain
