Markets took a pounding yesterday to end the month, catching its collective breath to start a new. At 0530 CK23 a ¼¢ higher at $6.30 ½ on trade vol of near 17K contracts. CK23 holding a 4 ¾¢ range. SK23 now 9 ½¢ higher at $14.88 ½ in a 14 ¼¢ range on trade vol of near 23K.

CK23 lost 47 ¼¢ for the month of February in a 54 ¾¢ high to low range. SK23 down 49¢ in February in a 72¢ range.

Funds estimated still long north of 200K contracts of corn to go with the above.

CH23 deliveries same 352 lots this morning. JP Morgan (Cargill?) a stopper of 175. Bean deliveries down to 178 lots with ABN CLR stopping 172.

Corn breaking below key technical support points yesterday. CK23 has lost near 62% of the late July – October rally. Open gap on the daily chart remains from when that rally started. Soybeans testing chart support.

Argentine drought story old news perhaps. Trader attention now on huge Brazil corn and soybean potential. Bearish looking balance table from USDA AG Outlook also in the mix.

Final words - Many of you knew of (or suspected) my impending retirement. The official date is May 1st with an unofficial date of April 1st. EMT comes to an end today. Thanks for the feedback and patience over the years with my lack of typing, spelling, and grammatical skills.

This month, the transition with PJ intensifies. Many have already built a relationship with or had contact with PJ. He has my full confidence and proves to be professional, thoughtful, and effective in gathering, promoting and discussing opportunities in the grain arena. He will serve you well.

Wish you all the best in your careers, and a heartfelt thank you for your trust and friendship over the years.

INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

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