Monday, January 3, 2011 2011年01月03日 周一.doc

Monday, January 3, 2011 2011年01月03日 周一 Grain closed mixed. Early calls were higher after an overnight rally in wheat offered support to corn and soybeans. Some profit taking weighed on corn and soybeans. Some of the selling was linked to a better Argentina weather forecast and uncertainty over what USDA will say on Jan 12. One technician released a chart that shows current July corn and soybean contract laid over 2008 and 1994. Prices rallied after the Jan 2008 report. Prices dropped after the 1994 report. SH closed down 22 cents and near 13.81. CH closed down 9 cents and near 6.20. WH closed up 10 cents and near 8.05. 译文：谷物期货涨跌不一。昨日隔夜盘小麦期价对玉米和大豆给予支撑，早间竞价走高。有获利盘锁定利润，对玉米和大豆期价形成压力。有一些卖盘，是基于阿根廷较好的天气预报和对1月12日USDA公布的数据的不确定性。 一个技术人士发布的图表显示目前7月玉米和大豆合约期价超过了2008年和1994的期价水平。 价格自2008年1月报告以来反弹上涨。在1994年1月报告以后是下跌。 3月大豆期价下跌22美分，收于1381美分/蒲。3月玉米期价下跌9美分，收于620美分/蒲附近。3月小麦上涨10美分，收于805美分/蒲附近。 SOYBEANS… Soybeans closed lower. Early calls were mixed. Early overnight trade started lower after weather watchers added 2 rain events for parts of the dry areas of Argentina over the next 10 days. Rally in wheat due to cold US temps and wet Australia harvest and higher commodity prices helped rally SH to near 14.09. Fact some of the best bulls suggested taking profits today due to the chance for rain in Argentina and in front of key USDA Jan 12 report weighed on futures into the close. Weekly US soybean export inspections were near 20 mil bu vs 39 ly. Season to date exports are near 790 mil bu vs 752 ly. USDA goal is 1590 mil bu vs 1501 ly. ?A few analysts have begun to think about lowering their est of China soybean imports due to lower domestic margins. China high food inflation could also slow demand. USDA est China soybean imports near 57.0 mmt vs 50.3 ly. Argentina could have 2 chances of rain over the next 10 days. Noon weather update actually reduced the amounts of rainfall for the weekend event. Still, some have reduced their est of 2011 Argentina So