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Fri, 20 Jul 2012 09:39:35 -0400 |
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FAO-Carib-Agri is a service provided by the FAO Sub-Regional Office, Barbados =============================================================================
Dear Members,
From: Desmond Ali [mailto:[log in to unmask]]
Subject: Grains fall overnight on profit-taking
Dear Members and Colleagues
Grain prices continued their upward spiral yesterday as September 12 corn was up 18 US cents/bu, soybean meal was steady, soybeans gained 3 US cents/bu and wheat gained 17 US cents/bu. These were expected based on the USDA Crop Progress Reports to 15 July which reduced Good-Excellent corn to 31% down 9% from last week and soybeans to 34% down 6% from last week. Figures for 1988 at this time were the worst with corn at 17% G-E and soybeans at 19%.
Overnight prices fell on profit-taking but prices are moving up again this AM as more bad news of the weather emerge from the NOAA. Apparently, the USA Corn Belt is headed into extreme heat with temperature records expected as soon as from today. September 12 corn is trading up 12 cents/bu from yesterday's open, soybean meal is up US$1/short ton, soybeans are up 8 US cents/bu and wheat is up 12 US cents/bu.
With the present situation, members could expect great price volatility as prices go up, traders take profits,then return to the market at slightly lower prices, prices move up again and the cycle is repeated.
I attach FYI the latest grain & financial update as at 0848:39 hr CST on 17 July 2012.
Kindest regards
Desmond
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Judith
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