appena i funds cercano di girarsi si trovano il vuoto in danaro e si precipita in un buco nero
limit down anche nell'ah notturno , ma meglio andare con i piedi di piombo con sta vola
Pre-Opening Wheat Market Report for 10/3/2007
December wheat traded 22 1/2 cents lower in the overnight session.
After a period of several weeks where the US was the primary supplier of wheat for new export business, cash traders yesterday were surprised to see more wheat offered from several countries in the Egypt optional origin tender. With global freight rates moving to a new all-time record high this week, many other suppliers (Russia, France, Germany, UK and Kazakhstan) have a significant advantage over US wheat depending on the location of the buyers. Egypt, Morocco and Bangladesh appear to be the best new buyers in tenders looking foreword. Bangladesh issued a tender overnight to import 50,000 tonnes of wheat. News that Egypt bought Russian wheat yesterday seemed to be the catalyst for the sharp sell-off, and the news sparked aggressive long liquidation selling from funds and speculators. Funds were noted sellers of near 6,000 contracts yesterday. The weekly crop updates showed winter wheat planting had reached 42% complete (as of Sunday) compared to 49% last year and 51% as the 5-year average. Stats Canada will release a wheat crop production report on Thursday, which is expected to confirm a smaller crop. In July, the government projected a crop of 20.32 million tonnes, down nearly 20% from last year.
Fund selling helped drive the market to limit down shortly after the delayed opening yesterday, as long liquidation selling from fund traders and speculators was active. KC wheat was also limit down, and both markets remained near or at limit down for much of the session. A sharp drop in other commodity markets like gold and crude oil and a surge up in the US dollar were seen as bearish forces. News that Egypt bought 80,000 tonnes of wheat from Russia and none from the US in their overnight tender was also seen as somewhat negative. A combination of high prices and the turn up in the dollar raised concerns that export business would slow. South Korea bought 73,000 tonnes of US wheat and Japan offered to buy a total of 160,000 tonnes of wheat from the US and Canada in their weekly tender.
Only light and scattered rains are expected for Australia growing regions for the next 5 days with a little more in the forecast for Western Australia and less rain in the east. Production losses are likely to continue. Gulf basis was steady. As of September 25th when December wheat closed at 887 1/4, the Commitment of Traders report with options showed that non-reportable traders (small specs) were net short a record high 36,848 contracts.
