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Traders View 1st April 2011

Date Added: 01/04/2011

USDA Report Bullish

 

The USDA report on 31/03/2011 produced some surprisingly bullish data with corn and soya stocks below expectations. Intended planting figures for corn at 92.2 million acres and soya at 76.6 million acres were as generally predicted but it was the low stocks that sent corn limit up and soya 35 cents up on the day.

The low stocks scenario makes it especially important that the forthcoming corn and soya crops are firstly planted at or above the predicted levels and secondly do not suffer any significant yield losses. No doubt we will have some interesting weather markets emerging through the spring and summer.

Matif oilseed rape prices have reacted positively and this combined with a weaker pound have sent new crop prices back to contract highs.

United Oilseeds opinion is that prices could well go higher but at these levels you should be giving serious consideration to selling some more of next year’s crop.

 

Regards,

 

Owen

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