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Archive for November, 2009

CFTC approves CBOT variable wheat storage rate-CME

Monday, November 30th, 2009

       CHICAGO, Nov 30 (Reuters) - The CME Group <CME.O> said on Monday that the the Commodity Futures Trading Commission has approved its variable storage rate plan for Chicago Board of Trade wheat to begin with the July 2010 contract.
   The CME, the world’s largest derivatives exchange, said in a statement that a CFTC letter approving the plan was sent to the exchange on Nov. 27.
   The variable storage rate plan is aimed at correcting a disconnect between prices for CBOT wheat futures and the cash market during the delivery period, commonly referred to by grain traders as a lack of convergence.

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EHedger Marketing Outlook & Seminar With City National Bank, Shenandoah, IA

Monday, November 30th, 2009

February 2, 2010

EHedger has been invited to conduct a marketing seminar and outlook discussion at an event hosted by City National Bank, Shenandoah, Iowa. The event will take place at the Shenandoah Elks Lodge on February 2, 2010 from 10am till the evening. Lunch and dinner will be served. More details will follow….

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Dubai Fears Hit US Stocks

Friday, November 27th, 2009

NEW YORK (CNNMoney.com) — U.S. stocks were set to open lower Friday, following sharp declines in Asian markets, as Dubai World and its debt woes threatened Wall Street’s confidence.

Dow Jones industrial average, Nasdaq and S&P 500 futures plummeted, with Dow futures down 222 points, hinting that stocks could take a dive during their abbreviated session on Black Friday.

Futures measure current index values against their perceived future performance, though they’re not always an accurate forecast of stock activity after the bell.

The problems stem from Dubai World, the finance arm of Dubai, which is considering a postponement of payments on nearly $60 billion in debt. The debt was used to fuel a construction boom over the last few years, including its palm-tree shaped island projects, but the Middle East nation was hit hard by a real estate crunch.

What is Dubai World? - CNN

“We had a market that was pretty strong, that in one sense was looking increasingly able to shrug off bad news,” said Philip Isherwood, equities strategist at Evolution Securities in London. “Suddenly, we’ve had a shock to the confidence.”

Isherwood said the global impact from Dubai World’s financial difficulties “is not so huge” and “not worth 300 points of the Dow.” But it serves as a nasty “wake-up call” to investor confidence.

“There isn’t an absence of risk,” he said. “There is always risk. We’ve just been reminded of that.”

Wall Street ended Wednesday on a positive note, with the Dow Jones rising 31 points to hit a fresh 13-month high.

Stocks were boosted by tumbling jobless claims, which the Labor Department said hit a 14-month low last week, and a rise in new home sales.

The number of shares changing hands is expected to be low with many market participants absent following Thursday’s holiday. As a result, trading is expected to be choppy Friday.

Retail: Retailers — including Toys R Us, which opened its doors at midnight on Thanksgiving — were welcoming shoppers taking advantage of “doorbuster” deals to mark Black Friday, the traditional kickoff to the holiday shopping season. Wal-Mart Stores (WMT, Fortune 500), the world’s biggest retailer, stayed open Thanksgiving Day, but offered its specials beginning at 5 a.m.

While economists are calling an end to the recession, a record high jobless rate at 10.2% and a tight lending environment were likely to cause consumers to curb spending.

Companies: AIG (AIG, Fortune 500) announced late Wednesday it agreed to settle a long-standing legal battle with the insurance giant’s former chairman, Maurice “Hank” Greenberg.

The parties agreed to release each other from all claims, including those filed by Greenberg against AIG for payments of future legal fees and other settlement costs.

They also agreed to submit past claims for AIG’s payment of legal fees to a third party to determine how much AIG is legally obligated to pay up to $150 million.

World Markets: In Europe, London’s FTSE 100, Germany’s DAX pared earlier losses, while France’s CAC 40 posted modest gains. In Asia, the decline was much more dramatic. Hong Kong’s Hang Seng fell nearly 5% and Tokyo’s Nikkei dropped almost 4%.

Money, oil and gold: The dollar gained Friday versus all major international currencies except the yen, after sliding to a 15-month low Wednesday.

Gold slipped in electronic trading, by $26.70 to $1,160.30 an ounce, after having hit a record high of $1,187.00 Wednesday.

The price of oil took a dive. Oil dropped $3.90 a barrel to $74.06 in electronic trading. 

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Export Sales Highlights

Friday, November 27th, 2009

This summary is based on reports from exporters for the period November 13-19, 2009.

Wheat:

Net sales of 351,200 metric tons were down 3 percent from the previous week and unchanged from the prior 4-week average. Increases were reported for the Philippines (100,200 MT), Japan (85,700 MT), Mexico (43,900 MT), Spain (36,500 MT, switched from unknown destinations), Nigeria (33,700 MT), South Korea (28,900 MT), Guatemala (26,400 MT, switched from unknown destinations), Morocco (21,100 MT, including 20,000 MT switched from unknown destinations), and Algeria (20,600 MT). Decreases were reported for unknown destinations (97,300 MT) and Iran (5,700 MT). Net sales of 42,400 MT for delivery in 2010/11 were for the Philippines. Exports of 416,100 MT were down 15 percent from the previous week and unchanged from the prior 4-week average. The primary destinations were Nigeria (59,000 MT), Iran (54,300 MT), South Korea (40,900 MT), Taiwan (40,100 MT), Mexico (31,100 MT), and Cuba (27,500 MT).

Corn:

Net sales of 1,223,600 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average. Increases were reported for Mexico (664,400 MT), Japan (286,400 MT, including 109,300 MT switched from unknown destinations), South Korea (119,000 MT), Canada (32,200 MT), Ecuador (30,000 MT), the Dominican Republic (18,300 MT), and Taiwan (17,300 MT). Net sales of 402,900 MT for delivery in 2010/11 were for Mexico (352,600 MT), unknown destinations (48,000 MT), and Canada (2,300 MT). Exports of 627,900 MT were down 8 percent from the previous week and 11 percent from the prior 4-week average. The primary destinations were Japan (248,300 MT), Mexico (122,100 MT), Taiwan (71,600 MT), South Korea (57,100 MT), Canada (35,100 MT), the Dominican Republic (23,100 MT), and Guatemala (18,100 MT).

Barley:

There were no sales reported during the week. Exports of 200 MT were to Mexico.

Sorghum:

Net sales of 170,000 MT–a marketing-year high–were up noticeably from the previous week and the prior 4-week average. Increases were reported for Mexico (70,700 MT), Japan (69,400 MT, including 20,200 MT switched from unknown destinations), Morocco (26,700 MT, including 25,000 MT switched from unknown destinations), and unknown destinations (3,200 MT). Exports of 134,400 MT–a marketing-year high–were to Mexico (67,800 MT), Japan (39,900 MT), and Morocco (26,700 MT).

Rice:

Net sales of 101,800 MT were up noticeably from the previous week and 46 percent from the prior 4-week average. Increases were reported for Mexico (29,000 MT), Turkey (22,000 MT), Japan (13,400 MT), Taiwan (10,500 MT), Honduras (6,000 MT), and Panama (4,900 MT). Decreases were reported for unknown destinations (700 MT) and Haiti (400 MT). Exports of 77,800 MT–a marketing-year high–were up noticeably from the previous week and 40 percent from the prior 4-week average. The primary destinations were Haiti (29,600 MT), Mexico (21,700 MT), Canada (6,400 MT), Saudi Arabia (5,100 MT), El Salvador (2,000 MT), and Jordan (1,700 MT).

Soybeans:

Net sales of 1,135,300 MT were down 16 percent from the previous week, but up 23 percent from the prior 4-week average. The primary destinations were China (859,800 MT, including 226,000 MT switched from unknown destinations and decreases of 62,200 MT), Turkey (109,000 MT), Germany (75,200 MT), France (62,000 MT, including 60,000 MT switched from unknown destinations), Egypt (60,000 MT), and the Netherlands (56,400 MT, including 60,000 MT  switched from unknown destinations and decreases of 3,600 MT). Decreases were reported for unknown destinations (177,000 MT) and Japan (14,000 MT). Exports of 2,434,500 MT–a marketing-year high–were up 41 percent from the previous week and 53 percent from the prior 4-week average. The primary destinations were China (1,835,500 MT), Germany (75,200 MT), Thailand (71,300 MT), Japan (70,800 MT), France (62,000 MT), and South Korea (60,900 MT).

Soybean Cake and Meal:

Net sales of 225,200 MT were down 37 percent from the previous week, but up 3 percent from the prior 4-week average. Increases were reported for Mexico (80,800 MT), the Philippines (47,300 MT, including 43,000 MT switched from unknown destinations), South Korea (47,100 MT, switched from unknown destinations), Morocco (27,400 MT, including 25,000 MT switched from unknown destinations and decreases of 12,600 MT), Japan (23,800 MT, including 7,900 MT switched from unknown destinations), and Russia (22,000 MT, including 20,000 MT switched from unknown destinations). Decreases were reported for unknown destinations (93,200 MT) and Guatemala (2,200 MT). Net sales of 1,400 MT for delivery in 2010/11 were for Canada.  Exports of 258,900 MT were down 16 percent from the previous week, but up 25 percent from the prior 4-week average. The primary destinations were South Korea (47,100 MT), the Philippines (45,500 MT), Cuba (42,000 MT), Mexico (22,900 MT), Russia (22,000 MT), and Canada (18,700 MT).

Soybean Oil:

Net sales of 19,200 MT were up 55 percent from the previous week and up noticeably from the prior 4-week average. Increases were reported for Mexico (16,000 MT), Canada (1,100 MT), Algeria 1,000 MT), and Peru (800 MT). Exports of 32,700 MT were up 95 percent from the previous week, but down 23 percent from the prior 4-week average. The primary destinations were Morocco (10,600 MT), the Dominican Republic (10,000 MT), Haiti (4,300 MT), Jamaica (3,000 MT), and Canada (1,400 MT).

Cotton:

Net Upland sales of 163,300 running bales were down 31 percent from the previous week, but up 12 percent from the prior 4-week average. Increases were reported for Turkey (60,300 RB), China (29,200 RB), Colombia (24,000 RB), Mexico (15,300 RB), and Taiwan (9,400 RB, including 3,500 RB switched from Vietnam). Decreases were reported for Vietnam (2,600 RB) and El Salvador ( 300 RB). Net sales of 3,100 RB for delivery in 2010/11 were for Colombia. Exports of 95,500 RB were up 5 percent from the previous week, but down 27 percent from the prior 4-week average. The primary destinations were Mexico (19,200 RB), Turkey (18,700 RB), Bangladesh (14,400 RB), Thailand (9,600 RB), Colombia (6,200 RB), and China (5,700 RB). Net American Pima sales of 21,100 RB were down 35 percent from the previous week. Increases were primarily for Pakistan (8,200 RB), China (7,600 RB, including 700 RB switched from Japan), India (2,600 RB), and Egypt (2,100 RB). Exports 31,400 RB were down 5 percent from the previous week, but up 67 percent from the prior 4-week average. The primary destinations were China (19,700 RB), Pakistan (5,300 RB), and India (2,500 RB).

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US Export Sales Highlights

Friday, November 13th, 2009

Export Sales Highlights

 

This summary is based on reports from exporters for the period October 30-November 5, 2009.

 Wheat:

Net sales of 412,200 metric tons were up 45 percent from the previous week, but down 5 from the prior 4-week average. Increases were reported for unknown destinations (157,400 MT), Nigeria (54,300 MT), Tunisia (34,500 MT, including 10,300 MT switched from Italy), the Dominican Republic (32,900 MT), Egypt (32,000 MT, including 30,000 MT switched from unknown destinations), South Korea (24,500 MT), Venezuela (21,000 MT), Morocco (17,000 MT), and Mexico (13,800 MT). Decreases were reported for Italy (10,300 MT). Exports of 456,500 MT were up 58 percent from the previous week and 7 percent from the prior 4-week average. The primary destinations were Yemen (110,800 MT), Indonesia (58,700 MT), Mexico (58,600 MT), Japan (50,700 MT), Nigeria (42,800 MT), and Tunisia (34,500 MT).

Corn:

Net sales of 488,500 MT were down 13 percent from the previous week, but up 9 percent from the prior 4-week average. Increases were reported for Japan (303,500 MT, including 151,500 MT switched from unknown destinations and decreases of 39,600 MT), Canada (82,700 MT), Guatemala (71,500 MT), Mexico (28,900 MT), the Dominican Republic (23,000 MT), Venezuela (18,500 MT), and Colombia (17,100 MT). Decreases were reported for unknown destinations (80,900 MT). Optional origin sales totaling 33,600 MT for Colombia were canceled. Exports of 758,000 MT were up 7 percent from the previous week and 6 percent from the prior 4-week average. The primary destinations were Japan (403,400 MT), Mexico (143,100 MT), South Korea (57,300 MT), the Dominican Republic (49,300 MT), Colombia (28,800 MT), Costa Rica (24,300 MT), and Canada (22,100 MT).

Barley:

There were no sales reported during the week. Exports of 1,200 MT were to Canada (1,100 MT) and Taiwan (100 MT).

Sorghum:

Net sales of 55,500 MT were for Japan (39,800 MT, including 8,800 MT switched from unknown destinations) and Mexico (18,400 MT). Decreases were reported for unknown destinations (2,700 MT). Exports of 61,600 MT were to Mexico (41,800 MT) and Japan (19,800 MT).

Rice:

Net sales of 142,100 MT were up noticeably from the previous week and the prior 4-week average. Increases were reported for Japan (39,800 MT), South Korea (25,800 MT), Mexico (20,200 MT), Honduras (13,800 MT), Taiwan (12,300 MT), and Costa Rica (10,700 MT). Decreases were reported for Jordan (6,800 MT) and unknown destinations (800 MT). Exports of 66,800 MT were up 28 percent from the previous week and 5 percent from the prior 4-week average. The primary destinations were Mexico (19,900 MT), Nicaragua (16,400 MT), Benin (12,100 MT), Honduras (6,900 MT), Canada (3,400 MT), and Jordan (2,600 MT).

Soybeans

: Net sales of 1,272,500 MT were up noticeably from the previous week and up 82 percent from the prior 4-week average. Increases were reported for China (961,200 MT, including 168,600 MT switched from unknown destinations and decreases of 147,600 MT), Japan (126,700 MT, including 54,000 MT switched from unknown destinations), Mexico (85,700 MT), Canada (84,400 MT, including 50,000 MT switched from unknown destinations), Taiwan (71,700 MT), Spain (67,400 MT, including 58,000 MT switched from the Netherlands), and Thailand (57,900 MT, including 55,000 MT switched from China). Decreases were reported for unknown destinations (281,000 MT), the Netherlands (58,000 MT), and Italy (18,000 MT). Optional origin sales were reported for China (120,000 MT). Exports of 1,636,200 MT–a marketing-year high–were up 1 percent from the previous week and 45 percent from the prior 4-week average. The primary destinations were China (1,130,000 MT), Japan (140,100 MT), Canada (84,400 MT), Spain (67,400 MT), Mexico (62,200 MT), and Thailand (60,100 MT). Accumulated exports were adjusted down 64,000 MT for Turkey.

Soybean Cake and Meal

: Net sales of 224,100 MT were up 92 percent from the previous week. Increases were reported for Canada (54,000 MT), the Philippines (41,200 MT, including 40,000 MT switched from unknown destinations), Cuba (40,000 MT), Guatemala (27,700 MT), Australia (25,000 MT), and Malaysia (21,200 MT, including 20,000 MT switched from unknown destinations). Decreases were reported for unknown destinations (55,500 MT). Exports of 179,800 MT were up 5 percent from the previous week. The primary destinations were the Philippines (42,800 MT), Peru (28,600 MT), the Dominican Republic (25,300 MT), Malaysia (22,500 MT), and Canada (22.000 MT).

Soybean Oil

: Net sales of 5,800 MT were down 17 percent from the previous week. Increases were reported for the Dominican Republic (11,000 MT, including 10,000 MT switched from unknown destinations), Hong Kong (7,100 MT, including 5,000 MT switched from unknown destinations), and Venezuela (5,000 MT). Decreases were reported for unknown destinations (21,500 MT). Exports of 27,200 MT were down 73 percent from the previous week. The primary destinations were Venezuela (6,000 MT), Nicaragua (5,400 MT), Cuba (5,000 MT), Malaysia (4,000 MT), and Algeria (4,000 MT).

Cotton:

Net Upland sales of 83,700 running bales were down 54 percent from the previous week and 6 percent from the prior 4-week average. Increases were reported for China (19,500 RB), Mexico (12,700 RB), Peru (8,800 RB), Turkey (8,500 RB), Thailand (6,800 RB, including 900 RB switched from Japan), and Vietnam (5,500 RB). Decreases were reported for Brazil (900 RB) and unknown destinations (600 RB). Exports of 144,200 RB were down 19 percent from the previous week and 6 percent from the prior 4-week average. The primary destinations were Mexico (34,200 RB), Vietnam (29,000 RB), Turkey (16,400 RB), Peru (10,400 RB), Thailand (9,900 RB), and China (8,300 RB). Net American Pima sales of 33,600 RB were up 5 percent from the previous week and unchanged from the prior 4-week average. Increases were primarily for China (18,000 RB), India (7,300 RB), Germany (3,400 RB), and Pakistan (2,700 RB). Decreases were reported for South Korea (2,200 RB). Exports 11,100 RB were down 48 percent from the previous week and 5 percent from the prior 4-week average. The primary destinations were China (8,300 RB), India (1,200 RB), and Pakistan (900 RB). 

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