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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (10141)	3/15/2004 12:00:10 PM
From: russwinter	Read Replies (1) \| Respond to of 110194

<food will be the next bottleneck IMHO > Run away train. Reuters CBOT soy hits 15-1/2 year highs early, corn/wheat firm Monday March 15, 11:52 am ET CHICAGO, March 15 (Reuters) - Chicago Board of Trade (News - Websites) grain and soy complex trends at 10:40 a.m. CST (1640 GMT) on Monday. WHEAT - Up 7 to 2 cents per bushel, May (WK4) up 7 at $3.71-1/2 - Spillover support from a strong open in soybeans. The wheat market was also recovering from a three-week slide in prices. The nine-day relative strength index for May stood at 31 at Friday's close, near the benchmark 30 level that is viewed by chartists as an oversold mark. Local traders were featured buyers, pit sources said. Exports were quiet over the weekend. USDA said 26.947 million bushels of wheat were inspected for export last week, above trade estimates for 15.0 to 22.0 million. Also, supportive was China shipping 40,000 tonnes out of the PNW. Friday's CFTC commitments of traders report showed large speculators as of last Tuesday were cut their net longs in CBOT wheat but remain net long by roughly 14,260 futures. ADVERTISEMENT CORN - Up 4 cents to 1 cent per bushel, May (CK4) up 4 at $3.05-1/4 - Higher following the rally in soybeans. The corm market continues to find support from skyrocketing soybean prices in an attempt to attract U.S. farmers to plant enough corn this spring to meet projected 2004/05 demand. ADM Investor Services bought 800 May, traders said. USDA said 32.684 million bushels of corn were inspected for export last week, within estimates for 28.0 to 36.0 million. A plus in the report stemmed from South Korea shipping 46,000 tonnes. Exports were quiet over the weekend but Taiwan grain importers said they were eyeing shipments of feed corn from China after Taiwan agriculture officials proposed last week another temporary lifting of a decades-old ban. But rising prices of Chinese corn and politics may prevent actual sales. CIF corn basis at the U.S. Gulf was steady early Monday amid slow movement. Friday's CFTC report showed large speculators' long position in CBOT corn futures as of March 9 was nearly unchanged and heavily weighted to the long side at 206,300 futures. Funds extended their net longs to a record level in futures/options combined to 168,942 lots. SOYBEANS - Up 21-1/4 to 8 cents per bushel, May (SK4) up 21-1/4 at $9.77 - Persistent talk about private forecasts for sharp cuts in Brazilian soy production this year boosted market to 15-1/2 year high. Buying scattered among firms including Man Financial with 300 May, Citigroup with 200 May and Produce Grain with 200 July, traders said. Pit sources said there were showers over the weekend in dry Southern Brazil. But the rain is too late to help the crop, most of which is beyond the pod-filling growth stage. Dry weather has been cutting production potential in southern Brazil while wet weather has been hampering harvest in northern Brazil. Federal officials who inspect Brazil's farm exports went on strike early Monday, but will consider a government offer this afternoon. USDA said 12.948 million bushels of soybeans were inspected for export last week, with China taking about a one-third. The weekly tally was within trade estimates for 10.0 to 15.0 million bushels. CIF soy basis values at the U.S. Gulf were steady early Monday with country movement slowed as farmers focus on spring pre-planting chores. NOPA's monthly crush report Monday showed U.S. soy crush in February at 124.154 million bushels, below January's crush of 138.050 million. Friday's CFTC data showed large speculators cut their longs in CBOT soy futures as of March 9 but remain long by a 4-to-1 margin. SOYMEAL - Up $6.10 to $4.80 per ton, May (SMK4) up $5.60 at $298.30 - New 6-1/2 year of $299.00 in spot month following soybeans. R.J. O'Brien bought 100 May, 100 July, traders said. NOPA's monthly crush report Monday showed U.S. soymeal exports in February at 358,371 tons, below the January total of 495,900 tons. Large speculators increased their net longs in CBOT meal as of March 9 to roughly 28,400 futures and 27,900 futures/options. SOYOIL - Up 0.48 to 0.25 cent per lb, May (BOK4) up 0.47 at 33.52 cents - Following the strength in soybeans. Malaysian palm oil futures closed lower. NOPA's monthly crush report Monday showed U.S. soyoil stocks at the end of February at 1.507 billion lbs, up from 1.445 billion lbs at the end of January. Large speculators trimmed their net longs in CBOT soyoil futures during the week ended March 9 but remain weighted to the long side by an 8-to-1 margin, CFTC said on Friday.