The market opened lower overnight then rallied back before failing early this morning. A lot market chatter about low quality Argentina wheat forcing Brazil to source U.S. HRW. Argentina is pricing themselves competitively with other global exporters, which could lower stocks rather quickly. Export inspections came in above expectations and on pace to reach the USDA estimates. Algeria reportedly purchased 800K of milling wheat, with Argentina reported to be a source. On the technical side this market is struggling to push past the $4.90 mark, and selling pressure could stack up on a weak close today. Outside markets are stronger with crude oil higher, stocks very firm, and the US Dollar up 172 points.
Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.