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Pat Hill DTN Markets Editor

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Monday 02/08/10

Merchants Hike Bids Monday

Higher cash grain bids showed up at elevators and terminals Monday, as merchandisers tried to meet demand.

The DTN cash soybean index was the biggest beneficiary, gaining 16 cents to $8.84. The wheat indexes were up 10 to 13 cents and the corn index gained a nickel.

It sounds as if these higher bids didn't do much to shake any bushels loose from tight farmer hands. Dow Jones reported volume at primary terminals was down some 37 percent from a week ago, and another wave of storms could cut into commercial movement as well.

Where all this leaves the market ahead of the USDA report in the morning is the question. Prices are well below the levels on Jan. 11, the last report eve, so it seems fair to ask how much of what USDA has to say in the morning may already be priced into the market.

Several private analysts referred to today's activity as a short-covering rally, or pre-report position-squaring day. Does that mean it will take numbers well outside the range of pre-report guesses to trigger a market reaction?

Posted at 7:26PM CST 02/08/10 by Pat Hill

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Blog Home Pages

	July2010
S	M	T	W	T	F	S
				1 June 1 Wheat Stocks Buildup Where the Corn Is Cash Corn, Wheat Bids Bump Up	2 A Look Back at Wheat Marketings Informa: Corn 13.2 b bu, Beans, 3.385 b bu HRW Protein, Test Weight Update, and Market Advice Cash Indexes Build Gains	3
4	5	6 Guesses, Anyone? Out the Window, Out the Windshield Can Cash Corn Continue the Rally?	7 Biotech Wheat Back on the Drawing Board Macro Forecast - IHS Global Insight Cash Bids Mixed Tuesday	8 Big Gains for Grain Bids	9 Biggest Changes: World Stocks Numbers Another Step Up the Ladder	10
11	12 Mopping Up After the Lockup Cash Soybeans Top Off Big Week	13 Cash Indexes Mixed to Start the Week	14	15 Chicago Wheat Hits 13-Month High	16 Big Rally Sends Wheat Prices Skyrocketing	17
18	19 Wheat Prices Fall Back on Market Correction	20	21 Wheat Indexes Fall on Profit Taking	22 Cash Corn Index Rebounds on Futures Strength	23 Taking Commodity ETFs to Task Early SRW Quality Reports Wheat Indexes Pad Gains	24
25	26 Bean Counters -- For Real Corn Index Sags	27 Grains Council: No Word on Quality Issues for China Corn Shipment Spring Wheat Tour Under Way Indexes Start Week Sliding Downhill	28 Big Advances, So What? Wheat Horse Has the Bit in Her Teeth	29 IGC Monthly Forecast Cuts Wheat Production Another Leg Up for Cash Bids	30	31

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