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10-29-2012 09:12 AM - edited 10-29-2012 02:40 PM
And hey, everybody, please stay safe out there! Hope everybody who's going to get hit by this old rip of a storm takes care and makes it through okay! Good luck and stay safe, everybody!
Well, Sandy's still hogging all the headlines here this morning. Sounds like she could throw a bigger wrench in things for a lot of farmers than earlier thought! Here are a few snapshots of the storm and what she's up to now.
Corn's still hanging on by the skin of its teeth to some tiny gains, but wheat's joined soybeans (which are down sharply on South American crop weather, mainly) in the red. Dec. corn's half a cent higher at 7.38 1/4, while Dec. wheat's 8.60 1/2, down 3 1/4. Beans are leading the slide at 1531 3/4, down 32 cents. Ouch!
So, do you think this lack of other markets trading today (namely the equities) is doing anything to add to the slide in the grains?
Well, I am late getting things rolling in Mike's stead this morning because I've been keeping track of Sandy and what she might mean to our bsuiness. Short answer's not much -- nothing's trading in NYC this morning, so there won't be much influence of outside markets today, it sounds like. I've talked to a couple of weather folks in the D.C. area, and one gentleman told me there's already some major flooding along the coast, and the surge in NYC is expected to be 1 1/2 feet higher than it was with Hurricane Irene, and that storm flooded the subways in that city. So, sounds like that will be a foregone conclusion. It also sounds like there's going to be effects as far west as Chicago, though that's likely only relating to the power grid. Anybody here in Ohio or Indiana getting some rain this morning?
Soybeans continue to really struggle, with the November contract 15 3/4 lower at $15.48. Corn and wheat are still in the black, at $7.40 and $8.68 1/4, respectively. That's up 2 1/4 for corn and 1 1/2 for wheat.
Overall, don't look for too many fireworks this morning, it sounds like. This hurricane's got all the attention, and trading volume will really creep along because of it, it sounds like.
10-29-2012 09:40 AM
10-29-2012 09:42 AM
Check out this map: It's showing, in realtime, the winds around the country. Here in Iowa, we're right in the trough! Things look to really be picking up out east.
10-29-2012 09:45 AM
Rain here in central Ohio since Friday night. We have only had 6 days of harvest weather so far in October. I still have one farm of beans to run yet. Almost no winter wheat planted in our area. This storm could get ugly, the weather map shows us on the edge.
Nervous in Ohio
10-29-2012 11:50 AM
There is crop out there but I don't know exactly where most of it might be. I know a friend in Ohio quit trying to get through the mud to harvest beans and had quite a bit out.