10-30-2012 07:26 AM - edited 10-30-2012 10:27 AM
Hey, we're 16 higher on beans, 5 higher on corn and 3 higher on wheat this morning. Turnaround Tuesday for the B-Team for sure, right? Okay, maybe not...
Hey, got some good information from Scott Shellady here today on the stock trade being closed and reopening later this week (whenever that will be...hope they have some good sump pumps at the NYSE!):
"I think it will busy. Tomorrow is end of month. Friday is non farm payrolls. Election next Tuesday...Lots of positioning needs to take place. 2 days of trading needs to get caught up...I think equities open lower..."
So, wil this do much to the grains once it does reopen? And what about the idea of any lost acres in those areas being hit by the storm right now? In his report this morning, John Roach said the market's yet to account for those lost acres. But, are there enough acres that will ultimately be "lost" to be a market-mover?
I chatted with a gal at the office of the New York Corn & Soybean Growers Association earlier this morning. She's still making calls to farmers in the Hudson Valley up there, but she just told me that in the calls she's made around the southern tier of New York (The Oneoneta/Delhi region), the crops haven't been damaged too badly and that once Sandy is long gone, they ought to be able to finish harvest okay.
Well, 3 feet of water's standing in the NYSE pit this morning and Wall Street's all boarded up. So, we'll definitely be running the grains in the absence of any outside factors that originate in New York today. Think that's a good or bad thing?
At any rate, it's looking okay to start the day, anyway. Overnight prices have been slightly higher, so we may be headed for a Turnaround Tuesday. Corn, soybeans and wheat are all hanging on to single-digit gains. Nothing to write home about, but it's on the plus side, anyway. Dec. corn's 4 1/4 higher at $7.41 1/4, Nov. beans are 7 3/4 higher at $15.37 1/2 and Dec. wheat's 5 1/2 higher at $8.63 1/2. So, will we hang on?
Here's our latest from the Sandy story. For you guys over in the eastern Corn Belt, are you still seeing rain from her? Yesterday, we found out that there could be up to 5 million acres out in the field left to harvest yet. As of now, when do you think you might be able to get that knocked out? We won't know what USDA says about everybody's harvest progress for a while yet; yesterday, they were closed down and I understand the agency's closed today as well. So, we may not see a Crop Progress report from them until Thursday or Friday, maybe. I'll keep an eye out!
So, what else is new this morning? I've been glued to the TV/web watching all this Sandy coverage. It is pretty amazing. New York is really in trouble! Hope everybody there's staying safe!
10-30-2012 08:24 AM
we have snow here in swoh and calling for 50mph winds, still alot of crop out in this area, including some bean acres of my own. I would guess PA,OH and WVA has some crop damage. been raining here for 5 days its gonna be awhile before we get back in. also heard of alot of wheat seed being returned.
10-30-2012 08:25 AM
I'm kinda of wondering what the Stock exchange will do when it opens up again? And does anyone know how long it will take to get the markets back open?
I am a little concerned that it might be negative to the markets when it reopens. Just because people might need cash to get things up and running again. I've never been to New York City, but I can't imagine being in that town with electricity.
10-30-2012 08:41 AM
10-30-2012 08:42 AM
I was chatting with my neighbor last night who's a firefighter, and he said he's heard of a ton of search-and-rescue crews heading northeast. Something like 2,000 people going to NYC specifically. So, they're definitely preparing for the worst when the waters start to recede.
I heard something that the last time the stock exchange was closed for 2 days was back in the 1880s. Will definitely be interesting to see how much the days off move the market once trading resumes.
10-30-2012 08:44 AM
Ha! You're totally right, ECIN...I will try to get my rear end out of bed and up and running earlier tomorrow! Ha!
So, do you think you'll wind up getting enough rain to put a dent in the overall dryness?
10-30-2012 08:44 AM
Almost 2 inches of wet snow last night here in Central Ohio. Corn seems to be standing ok, beans are leaning toward the south. We are currently only 2 inches shy of our yearly rain average. Over 6 inches of rain in October. The drought here is broken, and mud is now our concern. Very little drying at this time of year, may have to wait until a deep freeze to get back in the fields.
10-30-2012 09:14 AM
10-30-2012 09:18 AM
Ha! I may need to do that! Hey, I blame the 1-year-old at home. She's "sleeping in" (in other words, not screaming bloody murder at 4:30 or 5:00 every morning), so I don't have my usual "alarm clock!"
Just heard from a friend in D.C. this morning. Said everything's going to be closed down -- Fed, schools, most businesses -- again today, but apparently the subways are going to start running there maybe later today, so by tomorrow, they ought to be back up and running. NYC is a different story.
So, the federal government will be up and running, but not the financial markets! Are we all doomed?! Ha!