Wheat Market Recap Report for 2/17/2006
March Wheat finished up 9 at 368, 1 off the high and 8 up from the low. May Wheat closed up 9 1/2 at 379 1/2. This was 9 up from the low and 1/2 off the high.
Cold weather winterkill concerns supported the early bounce even though most traders believe that the weekend cold weather will not harm too much wheat. A lack of snow cover in Kansas and ideas that Northern Kansas temperatures could reach near 10 below on the weekend helped to support a move to new contract highs for new crop Kansas City wheat. In addition, a surge higher in gold and crude oil helped support fund buying which added to the positive tone and helped push July wheat to match contracts highs from last week. At their annual outlook conference, the USDA pegged wheat production for 2006 at 2.075 billion bushels which is down from 2.105 billion last year and ending stocks for the 2006/2007 season at 543 million bushels from 542 million this year. South Korea bought 22,300 tonnes of US wheat overnight. Strength in Kansas City wheat helped support the market as well with a generally dry longer-term outlook and the cold forecast helping to trigger the buying. March wheat support comes in at 361 1/2 and 359 with resistance at 369 and 373 1/4.
March Oats closed up 2 1/4 at 192. This was 4 1/2 up from the low and 1/4 off the high.
WHEAT DEC 06
Corn Market Recap for 2/17/2006
March Corn finished up 3 at 226 1/2, 1/2 off the high and 3 up from the low. May Corn closed up 3 at 237 1/4. This was 3 up from the low and 1/2 off the high.
A jump in many commodity markets including wheat and soybeans helped support the buying after the steady opening in corn. New crop corn rallied to the highest level since August as the USDA projected a lower ending stocks estimate for the 2006/2007 season in their annual outlook conference with December within 2 cents of contract highs. The USDA projected planted acreage at 80.5 million acres which is down 1.3 million from last year. Ethanol usage is up to 2.15 billion bushels from 1.575 billion bushels this year. The USDA pegged production at 10.81 billion bushels as compared with projected usage at 11.495 billion bushels. This leaves ending stocks at 1.726 billion bushels from 2.4 billion this year. Israel bought 56,000 tonnes of corn overnight which was thought to have come from the US and South Korea bought 101,000 tonnes of optional origin corn. Near-term support for March corn comes in at 224 1/2 and 223 1/2 with 227 1/2 and 231 1/2 as resistance.
March Rice finished down 0.04 at 8.22, 0.04 off the high and 0.05 up from the low.
CORN MAY 06
BARLEY (WESTERN) MAY 06
