04-26-2013 06:41 AM - edited 04-26-2013 02:11 PM
Video Story: U.S. To Struggle To Reach 97.3 mill Corn Acres
At the close:
The July futures corn contract closed 4 cents lower at $6.19. The July soybean futures contract settled 8 cents higher at $13.81. July wheat futures finished 11 cents lower at $6.92 per bushel. The July soymeal futures ended $4.60 per short ton higher at $404.70. The July soyoil futures ended $0.06 higher at $49.54.
In the outside markets, the NYMEX crude oil is $0.46 per barrel lower, the dollar is lower and the Dow Jones Industrials are 31 points higher.
The July futures corn contract is trading 4 cents lower at $6.20. The July soybean futures contract is trading 5 cents higher at $13.77. July wheat futures are trading 6cents lower at $6.97 per bushel. The July soymeal futures are trading $3.00per short ton higher at $403.10. The July soyoil futures are trading $0.05 higher at $49.53.
In the outside markets, the NYMEX crude oil is $0.80 per barrel lower, the dollar is lower and the Dow Jones Industrials are 4 points lower.
One analyst says, "July beans are higher as those long May roll over to long July futures. On Tuesday, those holding long May positions have to be out or risk getting a delivery notice. With cash prices a dollar over May futures and July futures 50 cents under may it’s a easy decision to roll over. Corn prices are lower, as next week's rains look lighter with talk of the planting window opening up ate May 6 and staying drier into the last half of May."
At the open:
The July futures corn contract is trading 5 cents lower at $6.18. The July soybean futures contract is trading 4 cents lower at $13.67. July wheat futures are trading 8 cents lower at $6.95 per bushel. The July soymeal futures are trading $0.30 per short ton higher at $399.80. The July soyoil futures are trading $0.28 lower at $49.20.
In the outside markets, the NYMEX crude oil is $0.40per barrel lower, the dollar is lower and the Dow Jones Industrials are 11 points higher.
Early calls: Corn is seen 2-4cents lower, soybeans steady, and wheat 4-6 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.68 per barrel lower.
Wall Street=Seen opening lower with the GDP set to be released and more economic data.
World=Asia/Pacific stocks were lower and Europe's stocks are lower.
More in a minute,
04-26-2013 06:52 AM
Hi Cat, maybe this will help.
Story from a month ago but has a number in it.
Because of pricing and availability a lot of livestock rations have been using up some of our surplus wheat in Ontario for the last couple years replacing the expensive corn.
It should be pointed out that normally Canada is a net importer of corn.
WINNIPEG, Manitoba/CHICAGO, March 19 (Reuters) - Canadian corn is flowing to U.S. ethanol plants and feed suppliers in larger than usual volumes, with up to 1 million tonnes expected in 2012/13, as a large Ontario crop backfills demand after last year's severe U.S. drought.
Canada is normally a net importer of corn, feeding Eastern Canada's pigs and poultry and supplying Ontario ethanol plants. But the worst U.S. drought in more than 50 years has forced corn buyers to look north.
04-26-2013 07:21 AM
I'll look into getting a figure for you. I know that corn is being imported from Brazil to the U.S. Southeast. Also, sugarcane ethanol is imported to the California market. I failed to mention this a few weeks ago. But, I attended a marketing meeting in Chicago, sitting next to a grain buyer for a South Korean company. He said his company's purhaases of U.S. corn are down 75% from a year ago. And, he said that is not likely to change. Why? Because, he says, they can buy corn from Brazil $30/ton cheaper vs. the U.S.
04-26-2013 07:52 AM
Ray J said that Argentina port corn was $ 29 metric ton = 75 cents per bu less than Gulf corn. What would the freight cost to ship corn from Argentina or Brazil to the US Gulf? (1 metric ton corn = 39.3679 bu)
04-26-2013 09:07 AM
Agsplayer----thanks for jumping in with that freight rate........matches up with what I was told yesterday PM
Tom-----today, the play is to get corn delivered to coastal areas where the freight spread is less than what is being quoted for that run between Argentina and the Gulf......and those places are also likely to be "at the end of the supply chain" from the midwest and have pretty high corn costs today due to rail rates out of midwest locations....so, be careful thinking "that doesn't work" because there are a lot of numbers in the mix.......
what I am seeing is that a lot of far northern corn being loaded on barges is staying in domestic markets and will never make it to the gulf this year.....not surprising given low volumes for the US export program.....
the market is working.....just not perfectly to suit everyone!
04-26-2013 09:48 AM
since we are importing corn into the US, is that where the increase in stored bushels came from on the commerical side in the last report? Do they store that imported grain awhile at the ports before it is shipped out? I just wondered how that all worked, if a commerical was asked how much corn was in storage, if they just got a ship load of corn from Brazil that day that the question was asked is the imported corn counted on the report?