12-04-2012 06:09 AM - edited 12-04-2012 12:56 PM
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?
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?
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!
12-04-2012 07:33 AM
As Jeff said - Taiwan passed on the beans -citing to high . lowest offer was made by Agrex was U.S. beans -shipment - jan 16-30 from gulf of mexico around 2.53 over may futures on CBT
AlsoTaiwan brought 60,000 of Brazilian corn shipment jan1--15 , they brought it at 1.09 a bu. over CH CBT
offers from U.S. was at 1.74 over CH
12-04-2012 08:03 AM
I think you will find your country adopted the metric system a long time ago, well over 100 years.
The problem has been the long time spent using the old system for so many things which leads to errors in calculating things.
Don't think things are a mess with 2 systems then why are football fields measured in feet or yards but foot races are run on tricks measured in metres?
Then there are the 2 different gallons, 2 or 3 different sized bushel's, fortunately though when people say bushel they really mean 60 lbs or 56lbs or 48 lbs or 37 lbs. but then of course a tonne is still a tonne or 1,000 kilograms even if you like to make things difficult and redundant by calling 1,000 kgs a 'metric ton(ne)'
The sooner everything is in hectares and other metric measure the sooner things will be more efficient and less likely for errors in converting.
12-04-2012 08:12 AM
But, check this out, ECIN: According to a wire report just across a couple minutes ago, it says though we're probably headed for a mixed, choppy day today, "increased buying interest from global end users on price weakness limit losses to keep markets trading range bound," one firm said this morning.
So, are these trading partners starting to act like jilted lover/drama queens and turning up their noses at any price move, or is it a legitimate new fundamental to these grains? Just seems like these global trading partners are almost playing the market and shifting their buys more with each price fluctuation more than they ever have. Or, am I just short-sighted?
12-04-2012 08:30 AM
It was reported on August 30 that the Serbian corn crop was going to be cut in half....so no "new news" in this report regarding the size of the crop
Junk?? How do you define that based on the news story?? I sure didn't see any aflo levels quoted, but maybe I missed something...
You want to be careful reading too much into these kind of reports.....sometimes they are promoted by the folks who stand to make money off the situation---like a company selling aflo testing kits and services.....
12-04-2012 08:37 AM
Good point, Ray. And, in the Serbian ag ministry's statement (or the translation I read), they came across as mighty defensive. They must know there's a lot of greenbacks hanging on the development of a story like that one.