12-05-2012 06:11 AM - edited 12-05-2012 03:15 PM
Alright, see you all in the a.m.! Have a good 'n'!
By golly, now we're cookin' with peanut oil! January beans are 22 1/2 higher at $14.78. They seem to be separating themselves from the pack, with March corn 4 1/2 higher and March wheat just 4 higher. Sounds like this nervousness about the weather in Argentina's rolled in front-and-center now. Think this has legs beyond tonight or tomorrow morning, or is it just the seesaw going back the other direction? Sure enough to make you want to let go of a little grain?
Hey, maybe things aren't going to fall to pieces on us today after all! Looks like March corn's staying on the plus side at 3 1/4 higher and soybeans have extended their gains, trading almost 19 cents higher. Wheat's 2 1/2 higher, too. Not too shabby after a weaker start, eh?
Forgive me for veering slightly off the marketing topic here, but I just posted something up on the site that I thought was REALLY cool. Our machinery guru Dave Mowitz wrote this a couple of years ago about a vo-tech class rehabbing an old Deere 4010 that once belonged to Elvis Presley. Somehow the teacher was able to keep it all a secret! Here's a slideshow on it.
Her name is Stella. Besides the occasional 4-letter words you may call your tractors sometimes, anbody got their tractors or other machinery named?
Here's what's shakin' as the 3 pits head into today's open-outcry session, from the newswire:
Thinking about writing up a story for the News section on sorghum. What questions or points are the biggest ones to you? What's the most important thing to you when looking at sorghum as an alternative to more water-intensive crops?
It's been interesting to hear traders and analysts talk about how much South America's weather is influencing our prices here, but it's mostly come without anybody being as overt as John Roach is this morning: "We would not advise making a big sale because most of 2013 growing season and weather risk is still ahead...We plan on selling additional increments of beans (and corn) during weather scares further into the Brazilian and Argentine growing season and again during the U.S. spring."
Sure seems like the right time to make a statement like that, though, if our friend Luis Vieira is right. Everybody see Luis' post here in Marketing Talk this morning? If not, here it is. Luis, many thanks for keeping us informed here!
But, I'll be horn-swaggled if we can't keep a rally moving today. Looks like we're trimming earlier gains -- corn's dipped 3/4 cent into the red and wheat's hanging on to 1 cent higher. Beans are 6 3/4 higher yet, but they're moving in the wrong direction for the bulls, too. Remember: Blame Marketeye, not the B-Team!
Just ran the traps on the weather front and it sounds like Old Man Winter's on his way (finally), and he's going to arrive without enough moisture to help anybody out too much, especially the wheat guys out on the Plains. Ouch. Anybody had any moisture lately that you need something more than half a bottlecap to measure?
Here's a reason for at least a little optimism for soybeans, it sounds like: China expects to import 10 million tons of soybeans for 'the November-December period,' which would help add up to a yearly import total of 58 million tons. So, will we see any of that action here soon? That's got to be bullish at some point, right?
Well, yesterday we didn't have any feed for the bulls, but this morning it looks like the feed bunk's loaded back up again with the same basic factors we had the other day. The grains are on the plus side again this morning, mainly supported by continued rain delays to soybean planting in Argentina and expectations for lower wheat output in Australia. These factors are already seen boosting prices in the Asian grain markets, and the same kind of support is likely here in the States today, analysts say.
Note in this report that Rabobank officials say they expect wheat prices to run around $9.10/bushel through 2013. Think that's about right?
So, early calls are 2-4 higher for corn, 7-10 higher for soybeans and 2-4 higher for wheat. A few minutes ago, March corn was sitting at 2 3/4 cents higher at 7.54 3/4, January beans were 8 3/4 higher at 14.64 1/4 and March wheat was 2 1/4 higher at 8.58 3/4.
Off to the coffee pot. More in a few...
12-05-2012 06:29 AM
I think that I read that Jeff is out in Iowa , right ? and its about 6:29 there -- So heres my question , IS the B-team pre tapeing the marketeye the night before ? And as I type , then is Jeff really laying in Bed out there with a Automatic reply button ?
Preety good idea Jeff ! lol
12-05-2012 07:39 AM
Hey, now! Heck, after the grief you all gave me a few weeks ago, I figured I'd better get my ducks in a row early!
Actually, ECIN, you're not far off. I had a bottle shoved in the 1-year-old's mouth while I was digging up this morning's info. Actually, here she is prognosticating on the markets a few days ago. Think she's already on her way to becoming a market analyst?!
12-05-2012 07:53 AM
Hey Jeff got a question , can I copy and paste a article offf of Bloomberg , it's on the water wars for Missouri river water , didn't know if there was a copyright issue , thanks , ken
12-05-2012 07:55 AM
I think that's probably alright, Ken. Just to be on the safe side, make sure you've got the dateline and attribution included, I guess. But, by all means, add it here!
12-05-2012 08:04 AM - edited 12-05-2012 08:07 AM
I delt with that a few weeks ago also. Jeff's on the money, your in pretty good shape if you give credit where credit is due. not much different than posting the link. Links are just quicker.
Saw a similar article this morning and thought about it. It is very interesting and timely to production problems. This drought has a lot of things running through minds.
Like irrigation moving into new areas and dry irrigation areas looking for new sources.
Jeff, I got that loud and clear--------------markets rising today on continued dry forcasts. The hand gestures added emphasis and made me listen.
12-05-2012 08:06 AM
Too all my friends on here if i end up in jail on a copyright deal , just remeber JEFF told me it was OK ! lol
Anyway got this morning on a e mail , good read on the water wars out west , thought you guys would like to read it ----------- BTW what do you think -- hope this don't start another water war , have a good one !