A couple interesting reads from one of our contributors that I just got up on the site. First, a bit on the likelihood of more soybean acres here next year. Sounds like more beans. Are you doing it?
One big hitch in that plan, though, is whether or not you can make as much money planting more beans.
Here's a little on that. At this point, could you make it work? Or, will you keep after the same acreage mix or even more corn?
Man, the dogs are really howlin' on the CME Floor now. March corn is about the same -- just 2 3/4 lower -- and January beans are 8 1/2 lower, but March wheat's really turned south compared to earlier, to the tune of 7 1/4 cents lower at $8.53 1/2 per bushel. Whew...blame the B-Team, I guess!
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Right or wrong, this is going to make a lot of folks in the driest parts of the countryside jealous! Our crops technology editor Gil Gullickson went back to his family's home farm in South Dakota the other day to see that it's still way on the damp side. A problem not a whole lot of folks are having right now!
The losses are sharpening in the grains: March corn's 3 3/4 lower, January beans are 9 1/4 lower and March wheat's 5 1/4 lower. Looks like it could be downhill sledding all the way to the close.
Calling all smart money: Of the global factors we've been talking about the last few days -- too wet in Argentina, too dry everwhere else, namely -- which one do you think will be the one that thrusts its head up and causes the next big move in prices? Will it be the issues in South America or will something else come along and stoke things up?
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I guess the bull's not getting fed today, and that's got things in the corn and bean pits sagging. March corn's 2 1/2 lower and January beans are 5 lower. Wheat's holding on by the skin of its teeth, at 1/2 cent higher. But, looks like it's going to follow 'em down.
Sounds like there's just not enough fresh news for soybeans to keep the bulls fed and sustain the gains from yesterday and overnight. Argentina's already factored in and it sounds like it could take a heck of a lot more on top of the current situation there to add to the support its already lent to the grains.
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So,
this wire story tells us that we're in for a choppy, mixed day, and that these prices are essentially range-bound because demand will come and go and kick in when prices get too low. So, is that going to remain the story for a while?
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What do I owe you for the scoop, Ray?! Just found some info from the Serbian ag ministry and wrote up a quick story here.
Sounds like they're being a tad defensive, and that maybe there was some previous reporting on the situation that ruffled some feathers. But, it sounds like the drought did a number on them there, too -- cut their crop by almost half. Saw one report that shows their output will be about 3.5 or 3.6 million metric tons. So, Ray, is this enough of a supply cut, in the global grand scheme of things, to make a difference to the supply/demand picture as a whole?
Wow, aflatoxin's really become the latest 4-letter word out there, hasn't it?
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Good morning, everybody. What's the big news out in everybody's neck of the woods this morning? It's felt more like May than December around central Iowa here. It's nuts! Now if we could just squeeze a raindrop or 2 out...
At any rate, it almost feels like the grains are fighting and clawing to hold on to gains from yesterday as we head into the late stretches of the overnight session and into open outcry this morning. A couple minutes ago, the March corn futures contract was 1 1/2 cents higher at $7.56 1/4 while January soybeans -- also 1 1/2 cents higher -- were at $14.55 1/4 per bushel. March wheat was 4 cents higher at $8.64 3/4 per bushel. So, it sounds like early calls are corn unchanged to 2 cents lower, soybeans 1-3 cents lower and wheat 1-3 cents higher. What do you think will happen today?
A couple of news notes here to start the day: A firm in Taiwan has cancelled a 60,000-metric-ton order of U.S. soybeans, citing high prices. Demand appears to be slowing for EU wheat, which analysts say could last through the year-end holidays. Finally, another report shows new expectations for record-high corn plantings in the U.S. next spring. Think that will happen?
Hey, time to grab some coffee and get after it. More in a few! Have a good 'n' today!
JC
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Jeff Caldwell
Agriculture.com Multimedia Editor
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