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This Week in Grain- Flying the W

by

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Good morning friends

Corn  347’2  +1’4

Soybeans  989’6 +’4

Chi Wheat   415’6   -2’0

KC Wheat 414’2   -1’2

Cotton  69.05    +.46

 

My apologies for the brevity of the report today.  Other than the birth of my two children, I have never been this emotionally drained.  My like Aroldis Chapman, I’m running on fumes.

There is a lack of grain news in the overnight but the big story will be Egypt allowing their currency to free float. ON the announcement last night the Egyptian pound went from 8:1 to 14:1.  ON face value this is bearish wheat as Egypt, one of the largest wheat buyers in the world, will have to pay up even more to get USD to enter our market. The reason why this really does not matter is because Egypt has bought US wheat in a long while. Regardless, it may knee jerk prices lower in the short run.

USDA exports came out this morning, here is the takeaway for commitments and then shipments:

Corn: Bullish/Bearish

Soybeans: Bullish/Bullish

Wheat: Bearish/Bearish

Cotton: Neutrral/Neutral

Thats all I got, my apologies.  Ill be back tomorrow.

 

 

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About John Payne

John Payne is a Senior Futures & Options Broker and Market Strategist with Daniels Trading. He is the publisher of the grain focused newsletter called This Week in Grain, along with being a co-editor of Andy Daniels’s newsletter, Grain Analyst. He has been working as a series 3 registered broker since 2008.

John graduated from the University of Iowa with a degree in economics. After school, John embarked on a 4 year career with the United States Navy. It was during two tours in Iraq and the Persian Gulf where John realized how important commodities are to the survival of society as we know it. It was this understanding that brought about John’s curiosity in commodities. Upon his honorable discharge in 2007, John’s intense interest in the world of commodities inspired him to move to Chicago and pursue his passion in a career in the futures arena.

After a three year position with a managed futures firm specialized in livestock trading, he was given the opportunity to join the team at Daniels Trading. Being in the business and seeing how other IB’s operated, it was the integrity and straightforward approach of the Daniels management team and brokers that attracted him to make the move. Since joining Daniels, John has broadened his fundamental and technical analysis of the markets even further. John has been writing his newsletter This Week in Grain under the Daniels banner since 2011.

Working in high pressure industries like the military and capital markets, John has learned the value of preparation in times of stress. He believes that instilling within his clients the value of a good plan and a cool head for dealing with the day to day swings of commodity markets. He treats every client as a teammate, understanding that his job is to help clients achieve their goals, whatever they may be.

John is a proud supporter of the Iraq and Afghanistan Veterans of America, the Veterans of Foreign Wars and the National Corn Growers Association. When he is not working, he enjoys athletics of all kinds and spending time with his wife and their two kids.

John’s commentary is featured in the following publications:

* All Ag Radio – Sirius Channel 80
* AM 880 KRVN – Lexington, Nebraska
* RFD TV
* Wall Street Journal
* Barron’s
* China News Daily (English version)