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| Daily Commentary |
Commentary for 5/21/2009 05/22/09 4:44:28 PM
THURSDAY 5/21/09 - A.M.
Commodity markets will reflect the pain of a slower global economic warming. The three day weekend approaches, players will seek safe ground/risk reduction. Export sales were better than expected for wheat and beans.
SWW's weekly export column recorded sales to Yemen (58,000 Mt) and the Philippines (24,000Mt). More Iranian business also a possibility. Industry sources indicate some Australian bookings will seek PNW loadings as logistical maladies persist 'Down Under.'
Taiwan's Flour Mills Association will tender overnight for 73,550 Mt of US wheat. The mixed cargo includes 30,950 Mt of DNS, 35,660 Mt of HRW and 6,940 Mt of white wheat. Shipment set for June 25-July 9.
Local market prices posted gains yesterday. More country bushels flowed into the nearby pipeline. Pac Rim end-users earnestly probing the August delivery position. The wheels of commerce are rolling, not fast, but steadier over bumps.
THURSDAY 5/21/09 - P.M.
The stock market recovery rate, the strength or weakness of the US buck and bean futures will help shape wheat's price movements. As the economy elevates, funds seemed more comfortable with an 'all in' policy.
Local SWW track values shrugged at Chicago's profit taking. Some re-inflation noted as the session progressed. More 'deflected Aussie biz' finding its way to the PNW. Yemen becoming a frequent flyer as well. There's light in the tunnel. Is it a train or a glimmer of economic sunshine?
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