
he 12z FRIDAY operational GFS still shows a significant event developing for the eastern portions of the Upper Plains and Midwest 11/23-11/24. The GFS has done a flip flop... again... and now shows a colder pattern for the central and eastern US in the 1st week of DEC. (Today 4:04 PM EDT)
The Thursday weekly export sales report put wheat sales last week at a weak 362,000 metric tons, down 12% from the week prior and 13% below our four-week average. Slow demand comes as record-ending stocks keep importers buying hand-to-mouth as needed and last week's rally in-priced of $0.40. After another $0.40 rally, this week was sure... (Today 3:59 PM EDT)
A more robust gain in the US dollar overnight (rising 0.56 on the index, to 75.82) drew additional sales from gold holders and dented values in crude oil as well as other precious and base metals. The US currency gained ground following cautionary words on the state of economic recovery by ECB President Jean-Claude Trichet. US stock index... (Today 10:30 AM EDT)
All of the Plains regions as well as the Delta and most of the Deep South for rain free in the last 24 hours. Light to moderate rains have developed over Central Texas in the last several hours... and we have light rain showers lingered across the Great Lakes and Northern ECB. Rainfall amounts here under 0.25" but the coverage was about 7... (Today 10:27 AM EDT)
Bullish on the RBOB (gasoline futures); Livestock traders need to watch for this afternoon's release of the monthly Cattle-On-Feed Report (Today 10:13 AM EDT)
Dec. Bonds are currently unchanged at 120'26. We continue to hold the combination of short Dec. Bonds and short the Mar. Bond 115'00 put. Next week I will "roll" the short Dec. Bond futures into the Mar. contract. (Today 10:09 AM EDT)