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Upcoming Reports Make Traders Seem Uneasy – March 29, 2012 - INTL FCStone Blog
International Assets Holding Corporation > INTL FCStone Blog > Posts > Upcoming Reports Make Traders Seem Uneasy – March 29, 2012
World Food Production Blog

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Upcoming Reports Make Traders Seem Uneasy – March 29, 20123/29/2012 8:37 AM

WHEAT: LOWER
Yesterday’s nine cent loss took its negative sentiment into the overnight where another two cents were taken out of the market. This morning, traders seem uneasy about the upcoming reports tomorrow (USDA at 7:30am, CFTC at 2:30pm). The bears feel like grain stocks and planting intentions will turn in their favor. Our forecasters have been looking closely at overnight temperatures for the next two weeks. It appears the current above-normal weather trend should hold even as we move through Easter. This is very important, as we all know what a cold streak could do to an early maturing crop. Last night, Taiwan and Egypt both bought U.S. wheat for May delivery (42K tonnes, 60K tonnes, respectively). Today should continue the down short term trend in wheat as we await tomorrows reports. Outside markets are again unsupportive.

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