04-17-2014 07:46 AM - edited 04-17-2014 01:47 PM
VIDEO: Scott Shellady's The Big Picture
Recorded Wednesday, but he offers up forward-thinking macro-based market thoughts. I invite you to take a moment to watch.
At the close:
The May corn futures contract finished 2 3/4 cents lower at $4.94. The Dec. corn futures finished 2 1/4 cents lower at $4.96. The May soybean futures contract closed 4 3/4 cents lower at $15.14. The Nov. soybean futures finished 2 cents higher at $12.39. May wheat futures closed 3 1/4 cents higher at $6.91 per bushel. The May soymeal futures contract finished $2.70 per short ton lower at $488.30. The May soyoil futures closed $0.30 lower at $43.41.
In the outside markets, the Brent crude oil is $0.11 per barrel lower, the dollar is lower and the Dow Jones Industrials are 11 points higher.
The May corn futures contract is trading 3 1/4 cents lower at $4.94. The Dec. corn futures are trading 2 3/4 cents lower at $4.96. The May soybean futures contract is 5 3/4 cents lower at $15.13. The Nov. soybean futures are trading 2 1/2 cents higher at $12.39. May wheat futures are 6 cents higher at $6.94 per bushel. The May soymeal futures contract is trading $4.20 per short ton lower at $486.80. The May soyoil futures are trading $0.11 lower at $43.60.
In the outside markets, the Brent crude oil is $0.37 per barrel lower, the dollar is lower and the Dow Jones Industrials are 8 points lower.
Corn and soybeans are trading lower, while wheat is up 7¢. Helen Pound, Sr. Futures Market Specialist for KCG Futures, is telling newsletter customers that weather is playing a big part in the markets. "Unrest in Ukraine and a forecast for continued mostly dry weather in the US southwest over the next ten days has brought buyers into the wheat futures. A forecast for warmer, drier weather in the US Midwest has corn and bean buyers on the sidelines."
In other news, MGEX today announces record-breaking open interest after Wednesday's trade date. Five of the last six trade days have broken the record.
At the open:
The May corn futures contract is trading 1/4 of cent higher at $4.97. The Dec. corn futures are trading 2 cents lower at $4.96. The May soybean futures contract is 3 cents lower at $15.15. The Nov. soybean futures are trading 2 cents higher at $12.39. May wheat futures are 6 cents higher at $6.94 per bushel. The May soymeal futures contract is trading $2.30 per short ton lower at $488.70. The May soyoil futures are trading $0.08 lower at $43.63.
In the outside markets, the Brent crude oil is $0.37 per barrel lower, the dollar is lower and the Dow Jones Industrials are 18 points lower.
--USDA announces Thursday that S. Korea bought 125,000 tons of U.S. corn for 2013-14 delivery.
USDA Weekly Export Sales Report:
Corn= 794,600 tons vs. the trade's expectations of 625,000-950,000 metric tons,
Soybeans= 419,900 tons vs. the trade's expectations of (200,000)-100,000 metric tons
Wheat= 797,900 tons vs. the trade's expectations of 75,000-400,000 metric tons,
Soybean meal= 100,600 tons vss. the trade's expectations of 120,000-250,000 metric tons.
Early calls: Corn is seen 1-2 cents lower, soybeans 2-4 cents higher, and wheat 3-5 cents higher.
Overnight grain, soybean markets=Trading mostly higher.
Brent Crude Oil=$0.37 per barrel lower.
Wall Street=Seen higher, as more big companies report earnings. U.S. Jobless Report shows fewer claims than expected.
World Markets=Europe stocks were higher, Asia/Pacific stocks mostly higher.
More in a minute,
04-17-2014 10:45 AM - edited 04-17-2014 10:52 AM
Ukraine-Russia Unrest Update:
Agriculture.com: I see Putin is saying there are no Russian military in Ukraine. Instead, the people making the uproar are Ukrainians that support Russia. What say you? Are you hearing this or believe it?
Ukrainian Source: A month ago he had said that there were no Russian troops in Crimea outside Sevastopol. Now he has admitted that "green men" were in fact Russian troops. He lied month ago and he continues to lie now. According to the Ukrainian State security the prisons in the South-East Ukraine are now overpacked with the Russian secret serveice officers.
Agriculture.com: Putin is on a video on the Wall Street Journal site saying to prove what he is saying, these so-called Russian military in Ukraine should take off their masks.
Ukrainian source: I planned to visit Scotland in September with my wife. But with all this mess I am quite uncertain about going abroad both of us. The Ukrainians has no restrictions going out of Ukraine. The restrictions are visas. Fortunately, I have a multiple American and European (excluding UK and Ireland) visas.
Others report that despite the unrest, the grain exports are undisturbed. Ukraine's export season tends to wane in May. Ukraine's grain planting season is making good progress.
--Russia grain stocks, as of April 1, estimated at 19.4 million metric tons, are 8% higher than a year ago. Farmers are holding onto 20% more grain than a year ago.
Separetely, in Brazil, soybean harvest is 85% complete, and the safrinha corn is 99% planted.
04-17-2014 08:24 PM - edited 04-17-2014 08:34 PM
Word I get is there are no russian uniforms in Ukraine ---------- but there are definitely troops from russia.
My ukraine friend arrived this week. He confirms your Ukrainian Source on the scope and type of russian troups.
04-18-2014 05:44 AM
Hey Mike -- About a month or 2 ago - Didn't you have a guy from the Ukraine do a report on here , as to crops and weather ?? He worked for a mag like SF or something like that ? If so have you heard from him or is he now in Sibera
Thanks , Ken