Market Recap 29.12.09
Wheat got straight to work after Christmas, trying to work off the turkey and trimmings. On low volume, wheat managed to close up 26 as corn-wheat spreaders got to work and, as suggested by the move, wheat sellers are very hard to come by. With month/year/decade end just a few days ago, don't underestimate the motivational qualities of making books look better than they really are for the accountant's consumption. This could also be a foreshadow of the expected fund rebalancing, but can you trust them? Egypt is looking to grow new varieties of rust resistant wheat, Russia will likely export a teeny 4 million tonnes of their intervention wheat (9-10mmt) and China is expected to have a record grain production from 2009. Hopefully you filled the last few days fruitfully - I watched all four Die Hard movies back to back - beat that!
Date of Publication: 29 Dec 09 9:17am ACST
Source: ABB Grain
