Sunday Night Grain Outlook, 12-7-08

Sunday Night Grain Outlook
By Duane Lowry
Sunday, December 7, 2008

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

Weather is expected to provide rains this week in Argentina and southern Brazil. Weather hasn’t been influencing daily grain price action and nothing appears in the forecast worth motivation yet..   

News> Congress and the White House have reached a deal on broad outlines of a bailout for the US auto industry. Pelosi expects the vote to be brought before Congress within days.

In summary, there is no crop specific news, just two basis schools of thought… 1) the trend is your friend and grain markets are in a freefall with no hope of recovery as Thursday’s monthly S&D data will certainly be bearish, or 2) selling reached a climax Friday after two days of complete capitulation activity. If “2” is your choice, then you lean on the strong recovery in stocks Friday after the grain close, especially in light of the rally occurring after very bearish jobs data, and expect this week to start with short-covering activity. I vote for “2”.       

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, December 07, 2008 4:25 PM
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