- Agriculture.com Community
- Announcements & Forum Help
- Farm Business
- Young & Beginning Farmers
- Cattle Talk
- Crop Talk
- Hog Talk
- Machinery Talk
- Machinery Marketplace
- Shops, buildings and bins
- Ask the SF Engineman!
- Computers & more
- Precision Agriculture
- People & Rural Life
- Ag Forum
- Women In Ag
- Agriculture.com Blogs
- Your Farm in the Future
- Women in Ag: Lisa Foust Prater
- Women in Ag: Brenda Frketich
- Women in Ag: Anne Miller
- Women in Ag: Jennifer Dewey
- Women in Ag: Talkin' Turkey with Lara Durben
- Women in Ag: Heather Lifsey Barnes
04-12-2012 06:37 AM - edited 04-12-2012 03:22 PM
At the close:
The July corn futures closed 2 cents higher at $6.29. The July soybean contract finished 20 1/4 cents higher at $14.44 1/2. The July wheat futures settled 11 cents higher at $6.44 1/2. The July soymeal futures settled $7.70 per short ton higher at $396.60. The July soyoil futures ended $0.76 higher at $57.60.
In the outside markets, the NYMEX crude oil is $0.90 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 172 points.
The July corn futures trade 5 3/4 cents higher at $6.32 3/4. The July soybean contract is trading 18 cents higher at $14.42 1/4. The July wheat futures are trading 9 1/2 cents higher at $6.43. The July soymeal futures are trading $6.60 per short ton higher at $395.50. The July soyoil futures are trading $0.37 higher at $57.21.
In the outside markets, the NYMEX crude oil is $1.13 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 141 points.
One analyst says, "Yes, demand is the reason here along with weaker US dollar and stronger crude oil and stocks. The soybeans weekly sales were poor, but the sales overnight to China and Unknown wiped that out. Corn sales strong. Specs are buying, South America quiet so far. Weather also a factor due to the freeze we saw here in the Midwest overnight, but I doubt any lasting damage was done. I think the demand story is the key for the price action today."
Soybeans are riding the demand train, as prices go 20¢ higher Thursday.
At the open:
The July corn futures trade 5 cents higher at $6.32. The July soybean contract is trading 12 1/4 cents higher at $14.36 1/2. The July wheat futures are trading 9 1/2 cents higher at $6.43 1/4. The July soymeal futures are trading $5.10 per short ton higher at $393.70. The July soyoil futures are trading $0.27 higher at $57.10.
In the outside markets, the NYMEX crude oil is $1.04 per barrel higher, the dollar is lower and the Dow Jones Industrials are 80 points.
--USDA announces Thursday that 115,000 mt of U.S. soybeans were sold to China.
--USDA announces Thursday that 189,000 mt of U.S. soybeans were sold to an 'unknown' buyer.
--Japan buys 145,123 mt of milling wheat from multiple origins Thursday.
USDA Weekly Export Sales are bullish for corn market:
Corn=975,800 mt vs. the trade's expectations of 625,000 metric tons (mt).
Soybeans=636,400 mt compared to the trade's expectations of 900,000 mt.
Wheat=515,500 mt vs. the trade's expectations of 500,000 mt.
On Wednesday, the Energy Information Agency announced that the weekly ethanol production averaged 896,000 barrels per day (b/d) – or 37.63 million gallons daily. That is up 23,000 b/d from the week before. The 4-week average for ethanol production stood at 888,000 b/d for an annualized rate of 13.61 billion gallons.
Stocks of ethanol stood at 21.8 million barrels.
Early calls: Corn 1-2 cents higher, soybeans 5-7 cents higher, and wheat 3-4 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.33 per barrel higher.
Wall Street=Seen trading higher, as investors await U.S. jobs data and producer prices reports. Earnings season continues today.
USDA Weekly Export Sales will be out at 7:30am central time.
More in a minute,
04-12-2012 06:44 AM - edited 04-12-2012 07:19 AM
I had a chance to plant some corn yesterday. My brother and a neighbor were rolling south of Des Moines, Iowa. I brought my camera and notepad. I thought I would share what I saw and heard. My favorite footnote has to do with the seed dealer being able to go turkey hunting on 'opening' day this year. Find out why.
By the way, the farmers told me they are eyeing this corn market. Watching cash prices creep closer to that $5.00 cash area is concerning.
04-12-2012 07:24 AM
The ground looks like ours for moisture, quite dry.
Have had little precipitation in the last month here so ground is dry enough to plant but we are cold.
That was my thoughts when I saw the coats in your pictures it is always better to get the seed into warm ground and we do not have that yet with temps staying below 10C lately for highs and below 0 at night.
That is probably why few planters are rolling in Ontario yet because the soil is certainly dry enough to plant.
Rain this weekend and into next week so maybe some will try planting ahead of that just in case it does not stop raining after that.
04-12-2012 07:30 AM
It might have been, considering it was bottom ground. But, I did some digging myself and found some moisture down there. But, you make a decent point. Looks like rain is on the way later today or tomorrow for that area. Hopefully, a little rain will fall on that field. Yes, there was some dust flying but not much, it didn't seem like, when you're out there in the field.
04-12-2012 07:32 AM - edited 04-12-2012 08:12 AM
My brother mentioned that about his coat. He put it on when he left the house. But, once he loaded the seed and got rolling for the day, he found out he really overdressed.
Thanks for the comments. I had a great time. I had a light windbreaker on and it was fine.
04-12-2012 08:21 AM
At least one analytical firm is directing farmers' attention to the bullish May/July corn (9 1/4 cents) and May/July soybean (8-mo. high) contract spreads. With Midwest rain on the way and possible plantng delays, the market may see this as a window of opportunity for a switching of acres from corn to soybeans.
What do you think?
04-12-2012 08:46 AM
04-12-2012 09:15 AM
NO planting here (can't be too far from the planting pictures.
The ground is working as good as it ever has. Just finished NH3 yesterday and could not see the bar about half the time because of dust.
The 175hp rated Challenger tracked machine didn't have much to do to pull it at 8mph. 13 knife conventional applicator.
Instead of mud clods there was a fine teepee of silt on every flat surface. Beautiful conditions to plant in if it weren't too early and 4 or five days of moisture forcast. That ground would make a 2" crust with a hard rain. I don't need a half a$$ed crop stand out there. IT IS STILL EARLY.
Of the last 4 years I have had to replant about half the acres three of those ... I do not want to do it again this year. I farm mostly river bottom type ground. I saw many frost damaged weeds and Mulberry trees around the bottoms yesterday. At this point in time I am glad every seed for my farms in still in the bag.
Had a call from a friend just SE of Indy this morning, he said it looked like every planter but his was running. (Rushville, In. area) He doesn't carry crop insurance and says it is too early and too cold with a 2" rain forcast in the next few days for his area. He will start AFTER this event.
04-12-2012 09:22 AM - edited 04-12-2012 09:24 AM
Take a look at these photos just sent to me by a market analyst. This corn, hit by frost, is in Champaign County and Logan County, Illinois.
What will the market think of early planted corn dinged by frost?