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Another impressive performance for May contract

30
Mar '07
Futures started out on a firm note in the E-session, following on from yesterday's late session strength. There were definitely some early bids under the market from commercial traders. The US Export report was friendlier than expected, which somewhat justified the late run up yesterday.

The open outcry session initially ran prices up to around the 54.20 area in May, though there was enough resistance at this level to shimmy prices down to unchanged by mid session and then lower before finding bids at the 53.75 level. This encouraged more spec buying and going into the close there was a lot of spec buying across the board, wanting to take length into the acreage report tomorrow.

Spreads traded narrow all day, whilst option trading again featured large out of the money call buying from one of the largest merchants covering exposures. Prices closed the session on the highs, with active month gains of between 26-40 points. Estimated volume was a healthy 17,635 lots.

In a survey conducted by Dow Jones Newswires yesterday, there was a consensus of 12.3 million acres for the USDA planted acreage estimate which is due out on Friday morning. From 10 surveyed companies, mostly brokerage desks, a high of 12.8 and a low of 11.8 were established.

For the record we are expecting a figure closer to 12.4-12.5 from the USDA. The most interest appears to be directed towards the grain numbers, particularly the Corn acreage which could see in excess of a 10 million acre increase.


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