Analysis of USDA WASDE Grains Report Released Today

[MoeAgostino]

[charliep]

Thanks Moe.

Any thoughts on soyoil? How much attention are US markets paying to the canola situation in western Canada?

Charlie

[charliep]

You asked what numbers I paid attention to and the answer would be wheat. Nothing bullish in the world/US wheat situation but I suspect spring/milling wheat need some watching - particularly given the lateness of the western Canadian crops and risk around quality.

[MoeAgostino]

The market is starting to pay attention
to western barley as futures prices have
finally woken up but with the weather
issues in Western Canada the market has
largely ignored that with respect to
soyoil or canola. Frankly as soybeans
futures have rallied canola futures have
lagged. Over the next 30 days we will
know more of the damage that has been
done.

Moe