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Overseas weather needs to be watched – June 5, 2012 - INTL FCStone Blog
International Assets Holding Corporation > INTL FCStone Blog > Posts > Overseas weather needs to be watched – June 5, 2012
World Food Production Blog

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Overseas weather needs to be watched – June 5, 20126/5/2012 8:54 AM

SOYBEANS: BETTER
It is interesting that we actually reduced the number of states with topsoil deficits last week. Crop conditions were good, but not excellent for beans. Planting progress was well ahead of normal as predicted. Weather overseas will need to be watched, but the US has a chance next week for moisture. If missed, things will get hot. Overnight, we had some widening of the inverse in the spreads. Basis remains firm as there is little movement from producers. Technically, we have moved through slight resistance at $13.50. Next area to penetrate is $13.94, which is a ways off. Thursday is the first day of the GS roll. Next Tuesday is the June USDA report. Having the markets open when it comes out will be an interesting event. The roll will also be a new event in how it is done with the pit and electronic combined to determine settlement. A day of added open interest ended a streak of losses in the complex. OI: B/+3,075; M/+3,718 O/1,730.

Kyle Smith, Mike O'Dea, Ben Parks, Collin Hulse, Ingrid Gronlund