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MIDWEST MARKET SOLUTIONS
July 2, 2009
By: Brian Hoops, President

HEADLINES

*The 6-10 day forecast has normal to above normal temperatures moving into the cornbelt, however precipitation is expected to also be normal to above normal.

*July 4th Holiday Schedule: All markets close normal time on Thursday July 2nd. Grain and Livestock markets are closed Thursday evening and Friday July 3rd.

*Next USDA supply/demand report is July 10 at 7:30 am ct.

OPENING CALLS

Corn: 3 to 5 lower.
• South Korea purchased 55,000 mts of U.S. corn.
• December corn has resistance at $3.75 with support at $3.52.

Soybeans: 15 to 20 lower.
• November soybeans rallied to a 50% retracement of the June decline at $10.21.
• November soybeans have chart resistance at $10.17 and support at $9.44.

Wheat: 3 to 5 lower.
• Japan purchased 108,000 mts of wheat at its weekly tender.
• September Chicago wheat has resistance at $5.57 and support at $5.27.

Live and Feeder Cattle: 15 to 30 lower.
• Showlists are estimated at 300,300 head; down 21,000 head from a week ago.
• Bids are $81 with asking prices at $86.
• August live cattle have chart resistance at $86.37 and support at $83.40.

Lean Hogs: 5 to 10 higher.
• Cash calls are steady.

Our newsletter this week is titled "Window of Opportunity."
Highlights of this newsletter include:
* Is the "window of opportunity" for marketing beginning to close?
* Which grain market has closed below a long term uptrend line.
* Which grain market continues to have large commercial selling.
* Updates on hedge recommendations for corn and soybeans.
* Updated technical charts, including a possible double bottom in the US Dollar.
* A look at a possible bottom in the cattle market.
* A look at the quarterly hog and pig report.
* A look at a report on index trader positions in the wheat market.
* The latest Stats Canada report.
* A new record at the MGEX.
* All this and much more.

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The risk of loss in trading commodity futures may be substantial and therefore may not be suitable for the recipients of this information. Those acting on this information are responsible for their own actions.

Copyright 2009 Midwest Market Solutions, Inc.

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There is risk of loss in trading commodity futures & options. The MarketInsider.com is designed to help you gather the information you need to help you make your own decisions. You are responsible for your own investment and hedging decisions and for properly analyzing and verifying any information you intend to rely upon." Derivative transactions are complex and carry a high degree of risk. They are intended for sophisticated investors and are not for everyone. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.

 

Comment: Commodity Symbol Lookup Note: Commodities quotes require three(3) parts: Commodity Code --------{J F M A M J J A S O N D} Month - [F G H J K M N Q U V X Z] - [Jan ... Dec] Year - Last number of the year, [0 - 2000] [1 - 2001] For example: USM1 is US(T-Bond) M(June) 1(2001) CZ2 is C(Corn) Z(December) 2(2002) ECY0 is EC(Euro FX) Y(Cash) 0(Cash)