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04-24-2013 10:08 AM - edited 04-24-2013 10:18 AM
--USDA announces Wednesday that an 'unknown' bought 116,000 mt of U.S. soybeans for 2013-14.
At mid-session, the July futures corn contract is trading 4 cents higher at $6.18. The July soybean futures contract is trading 11 cents lower at $13.47. July wheat futures are trading 4 cents lower at $6.91 per bushel. The July soymeal futures are trading $4.80 per short ton higher at $393.10. The July soyoil futures are trading $0.06 higher at $48.47.
In the outside markets, the NYMEX crude oil is $0.90 per barrel higher, the dollar is higher and the Dow Jones Industrials are 7 points lower.
Sorry this post is delayed. I'm blaming it on the furlough of air traffic controllers.
By the way, no real surprises in STATS Canada Planting Intentons Report..
04-24-2013 10:14 AM
What gives with the air traffic controller situation? Are the managers that poor that they cannot come up with a plan to cut 2% without cutting out men actually in the booths, manning the store? Maybe its an indication that the government system isn't working.
My bet is that this is all orchestrated to get the public riled up. First the AIC tried to cut out the whitehouse tours for high school kids, and then my money says they are trying any other visual means to make a point.
04-24-2013 10:22 AM
Don't you know, it all comes back to agriculture. The FAA took out some May corn calls that didn't pan out. So, they have to trim staff to maintain budget goals. There's talk they are looking into selling soybean puts, with the idea that planting delays will cause a switch of 3.0 million acres of corn to beans. Now, what do you think of that spin?
04-24-2013 10:36 AM
Good morning Mike, I'm kind of curious what will happen with Canada's planting intentions in a month when no seed will have gone in the ground yet lol. Looking out my window and seeing 2-3 feet of snow pack that has to melt yet along with the record flooding they are predicting it will be atleast a month before it dries up enough to get in the field and that's with ideal weather. Which is something of a rarity these days, it is almost May and farmers aren't even talking about fieldwork yet actually there is more talk of not seeding this year. I can guarantee there will be atleast 5-10 million more acres of summerfallow and more barley and oats with alot less wheat and canola. Not that my comments will make a difference to any traders but I just figured others should know. Heck if its freezing in Kansas it's not warmer up in Canada lol.
04-24-2013 10:40 AM
Yep. Plan was to reduce Gov't functions where it would produce the largest complaints. Agencies like the Park service first found ways to take the decrease without impacting visitors. They were told wrong, all cuts have to be in customer service areas in an attempt to make it appear that Congress is responsible for Johnny not getting to wee the White House on the spring school trip to Washington. Oh, and by the way make travel more difficult, those traveling are notorious for making lots of noise when they suffer inconveniences. It's working.
04-24-2013 01:12 PM
04-24-2013 01:56 PM
Interesting to note the average price of a new home has now rebounded to $246,800... not that far behind the March 2007 high of $262,600
- Several states still with ZERO corn planted, including large production states like: CO, IA, NE, MI, MN, ND, SD, WI.
- IL just 1% planted vs. 56% planted last year; IN 1% vs. 43% last year; OH 1% vs. 34% last year; KS 5% vs. 30% last year.
- Barley 23% planted vs. 24% on average vs. 43% planted last year.
- Cotton 10% planted vs. five-year average of 14% vs. 17% planted last year.
- Oats 41% planted vs. 59% on average vs. 79% planted last year.
- Rice 34% planted vs. 44% on average vs. 65% planted last year.
- Sorghum now 25% planted vs. five-year average of 24% vs. 26% last year.
- Spring Wheat 10% planted vs 24% on average vs. 52% last year at this time.
- Winter wheat 8% headed vs. 19% headed on average vs. 42% headed last year at this juncture.
- Winter wheat conditions once again got worse. This time we essentially had 1% of the crop that had been rated "good" and 1% of the crop that had been rated "fair" both move to the "very poor" category. We now have 33% of the crop in the "Poor-to-Very Poor" category. Last year just 10% rated P/VP.
Producers however should be careful getting all bulled up simply on the planting delays. Keep in mind back in 2009 we were only 5% planted at this juncture and ended up with the highest ever national yield of 164.7 bushels per acre. A yield anywhere near that this time around would produce a crop of more than 14.5 billion bushels and an extremely burdensome carryout closer to 3.0 billion bushels. You don't need me to tell you where corn prices will be in this scenario...sub-$4 is almost a guarantee. In 2009, with just over a 13 billion bushel crop, prices in September fell to below $3.00 per bushel. Point is "IF" we get a weather related rally, be smart and use it wisely!!!
Interesting to note that Chinese soymeal exports were up close to 60% from the previous month and up close to 295% on the year. The talk is China's soymeal demand has drastically fallen as the recent bird-flu epidemic has killed off a large portion of the countries poultry demand.
Ukraine's agriculture ministry said it may lift a cap on 2012-13 exports of the grain enforced after a disappointing harvest last year.