AUG. 2012 NEW CROP $6.65/BU. PNW COAST PRICES SUBJECT TO CHANGE / CALL OFFICE 1/27/12 PM
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Daily Commentary
1/27/12 AM Talk of impending export restrictions ( Russia, Ukraine, Argentina) is giving bulls encouragement. 'Legitimate ' new-crop production altering weather threats helps support the recent rally. As we all know weather, models are imprecise, but remain as a chief driver in the markets daily trading opinion. Cash and futures' price peaks can be sharp; declines precipitous. Trade accordingly. Local white wheat markets firm and appear stable at 5 month cash highs. The Portland Merchant's Exchange counts a total of five grain ships in the Columbia River District and three have found safe berths.
1/27/12 PM All the same forces at work today as in the previous four trading days. Weather, politically inspired restrictions, economics and consumptive demand all blend together to cause a small end of the week futures retreat. Corn pressed on and closed with modest gains. SWW track markets held steady to better throughout the morning. 'Foreign and domestic' demand supporting bids.
A little light snow or snow showers will move through the southern and eastern Midwest Friday night and early Saturday. The balance of the key U.S. crop areas will be dry through Saturday. Most of the U.S. crop areas will continue dry Sunday as well. » More DTN Weather Commentary