The Crowley Report 1/26/15

The Crowley Report 1/26/15 March corn finished 3’0 higher at 386’6 to end the week after export sales crushed expectations at 2.185 million metric tons.  The market was expecting anywhere between 800,000 and 1,000,000. The sales were the highest in 7 years.  Despite these numbers the broader picture gives bears an edge and a target of 375’0. Resistance is capped in the low 390s. Prices were unchanged for the week as the market quietly chopped around. Interior basis was steady but gulf values dipped. The strong dollar has dimmed future export business. Ukraine is the cheapest offer by a sizable amount. S Korea has secured 12 cargoes of corn from Ukraine. The commitment of traders report shows the funds still long 197,000 contracts. The new [more]

The Crowley Report 1/19/15

The Crowley Report 1/19/15Beans closed narrowly mixed, but with significant losses for the week. Beans were down 60 1/2 cents for the week, with meal down $22.90 and oil shed 29 points. China canceled 285,000 MT of beans with more shown in the weekly sales ledger. This prompted the notion that demand is starting to switch to South America. Markets are closed on Monday but Monday night’s weather will have some influence on next week’s price direction. The dry areas of Brazil are forecast to get needed rains. Beginning next Tues/Wed, moisture returns to C Brazil and will intensify through the following 8-10 days. Mato Grosso is expecting near-normal rainfall next week, easing drought in the leading soybean state. This coming week’s export sales [more]

The Crowley Report 1/14/15

The Crowley Report 1/14/15 The corn market closed around 4-6 cents higher, and back above the key $4/bushel mark on front month Mar 15. In addition to profit-taking ahead of the weekend, credit position squaring and the inability to trigger selling below the 50 day moving average was responsible for Friday's firmer tone. The March did closed below its 10 & 20-day moving averages of $$4.02 ¾ and $4.05 ½ respectively. CONAB raised total Brazilian production by a fraction to 79.1 MMTs (vs. USDA’s 75). South American weather is largely favorable, with sizeable boosts in moisture scheduled for S Brazil and Argentina in the next 10 days. The North is dryer than desired but is a soybean area.The USDA reported 136,000 MT of corn sold to South [more]

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