Market Recap 11.12.09
Wheat finally managed to stop the December rot and a sprightly last few minutes managed to allow a modest higher close day on day. The same late activity didn't happen in Kansas or Minneapolis. Corn closed up strongly, well for December, prompting some analysts to call that corn has now bottomed out. The USDA report reduced corn exports. They also increased wheat ending stocks, by adjusting the domestic consumption, they left wheat exports unchanged. This is clearly the act of people with a much bigger brain than mine, because I can't see how, at these prices, the US is going to jag any decent export business. Watch for the apathy to continue in the markets; Christmas time is coming and the fund managers are going to be drinking eggnog while counting their bonuses. Over the past week I have avoided the news after hearing about Tiger misbehaving, you can't imagine my relief last night when I found out they weren't talking about Ben Cousins...
Date of Publication: 11 Dec 09 9:54am ACST
Source: ABB Grain
