AM Comments 03/05/13
Tuesday, March 5, 2013, 8:18 amSubmitted by: Dustin Weiner
Good morning!
Our markets are higher – led by soybeans. The USDA announced this morning the sale of 330k MT of old crop soybeans to unknown (probably China) and 345k MT of new crop soybeans to China. Once again, these additional old crop sales are stretching this U.S. soybean crop awful thin – which has prices rallying. You can thank continued delays at the ports and in the fields in Brazil for this extra demand. FYI - Chinese crush margins are still profitable by have slipped well off their highs.
The CME group announced new trading hours starting the night of April 7th. The new hours are as follows:
· Both the pit and electronic sessions will open at 8:30AM
· Both the pit and electronic sessions close at 1:15PM
· The electronic session opens back up at 7PM (starting a new trading day)
· The electronic session pauses at 7:45AM, opening back up with the pit at 8:30AM
This changes the total hours traded down to 17.5 hours from 21 hours. This reduction in hours comes from criticism that the trading schedule had become bloated - creating periods of low-volume, high volatility trade.
Friendly reminder: FC will be hosting a producer grain marketing meeting in Farnhamville tomorrow (03/06/13) at 9 AM to discuss current and upcoming market influences.
Currently
Corn is steady to up 2 cents
Soybeans are 10 to 12 cents higher
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