Sunday Night Grain Outlook, 2-24-08

Sunday Night Grain Outlook
By Duane Lowry
Sunday, February 24, 2008

OPENING CALL:
Corn= steady-better,     Wheat= steady-better,     Soybeans= steady-better.

Weather would receive a favorable spin for South America, but Sunday night price activity has not been driven by weather for some time.

News>.  

Wheat may find some initial strength on expectations Minneapolis could be up 10-20 cents in the March, after locking limit-up Friday. There will be no limits on March Minneapolis wheat from here forward, which may help to limit spillover buying activity in Chicago. New news is limited.   

Corn has little for new news to discuss. 

Soybeans will lean higher on Friday’s firm close.  

In summary, there is little for substantive news to discuss. The prevailing pattern for several months has been for the market to exert strength Sunday night—why would we expect tonight to be any different? Preparations for 1st-Notice Day would seem to be a worthy reason to expect some selling pressures this week, as they are expected to be large. However, the pattern remains that Sunday night trade just always wants to be up regardless of any traditional “news”.

This newsletter is prepared from information believed to be reliable. Early Market News, Inc. does not guarantee that such information is accurate or complete and it should not be relied upon as such. Opinions expressed are subject to change without notice.

Published Sunday, February 24, 2008 4:39 PM
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