Exports: Sold Unknown 101,600t (beans making importers itchy?).
Comments: 1st Notice Day Friday; Brazil sees planting delays on winter crops due to rain and causes harvest disruptions; Argentina OK; open interest fell 17,900 led by March off 15,900 amid strong volume; March corn’s $4.56-1/2 ‘double high’ likely at risk, obviously; nearby support $4.50 (10-day m/a held for last two days) and then to $4.45-1/2.
Comments: First notice day Friday and shorts are (were) still very much on the defensive and remember our business is part ‘money game’; seems perfectly logical China buying beans from the U.S. when South American beans are $1.00/bu. cheaper (cheap is relative?); speaking of China, their crushers are bleeding red ink as meal demand apparently collapsed over recent blow out of bird flu; for Brazil, reportedly in Parana the state Ag guy said drought losses could be “up to 2.0mln.m/t’s), rest of country apparently seeing more rains and with them some harvest disruptions in Mato Grasso; open interest rose 4,000 even as March drops 15,900 amid heavy volume; Nearby support $13.85-13.97, $14.00 ‘barrier’ could just be a bear trap until futures reopen. For nearly a month in hindsight its been easy to buy breaks.
Comments: 6-day trading range and the multiple highs just under $6.20-1/4 many times means they will be taken out, perhaps tomorrow’s weekly export sales will suggest if export demand will slip again or just an aberration; 1st notice Day Friday; open interest fell 13,750 led by March off 33,500 (K/N off 440) amid very strong volume; Brazil rains slow winter plantings (where there’s not a drought); Australia’s summer crop could fall 25% to 4.0mln.m/t’s says Ag Office due to drought in Queensland and New South Wales; U.S. wheat said to not be in for ‘damaging cold’.