04-03-2013 06:28 AM - edited 04-03-2013 06:44 AM
--Monsanto and ConAgra are expected to release third quarter earnings, today.
--Also today, Informa releases its estimates for next Wednesday's USDA Supply/Demand Report.
--Japan seeks 320,000 tons of feed wheat, barley
--S. Korea seeks 140,000 tons of corn for August delivery.
--China is reporting more cases of Bird flu. The soybean market reacted negatively, according to the Dow Jones Newswire.
--Market thought: One analyst says this morning that he thinks any rallies in corn and soybeans will be sold unless some new news pops up. What do you think? Will rallies be thwarted unless China knocks on the door?
Early calls: Corn is seen 2-4 cents higher, soybeans 5-7 cents lower, and wheat 9-11 cents higher.
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$0.56 per barrel lower.
Wall Street=Seen opening higher, following a record-high Tuesday and ahead of the ADP Payroll Report.
World=Asia/Pacific stocks were mixed-to-lower. Europe's stocks are mixed-to-lower.
More in a minute,
04-03-2013 07:03 AM
04-03-2013 07:15 AM - edited 04-03-2013 07:17 AM
bkadds, I agree.......You scratch our a__............and we'll save yours.......
Mike, Of course the rallies will get sold on old crop......That is hardly rocket science. What would be news is if farmers could sell something they don't have.
04-03-2013 10:06 AM
I am still sitting on just "Gambling Stocks" of old crop corn now, only around 12,000bu. Does anyone think that near-by corn will go up 30 cents a bushel in the next 2-3 months? This would put cash corn back to $7 a bushel. Any thoughts on this or am I just looking at "Pie in the Sky"? It would be nice to get $7 corn again to keep my 2012 average selling price over $7.50. I know for a fact that just about everyone around me in North-Central Iowa is completely sold out of corn or down to just Gambling Stocks like I am. And yes, last year I had a chance to get over $8 and I did sell alot at that price, but every year I do keep a very small amount of corn, which in this case just 12,000bu as Gambling Stocks. Any thoughts or a price that cash corn will get too? Perhaps up another 20 cents?
04-03-2013 10:25 AM
Say, I take back the numbers on my last post, one of the local ethanol plants has just changed there basis level for June/2013 Delivered corn to 60 cents over Chicago. This brings back corn for June to $6.87, only a 13 cent increase is now needed to hit $7 cash corn. Yes, a 13 cent increase is probably in the cards for the near future I believe. I think the ethanol plant knows that there is not alot of corn left in the farmers Tin Cans to be sold. Maybe we can still get at least a half-way decent price for our Gambling Stocks of corn we have left. $7 would probably get enough guys to sell what little they have left on the farm, after that, only the Corn God in the sky will know where they will find corn, it sure will not be out in the country on the farm. We will be completely out with no corn left. I think the ethanol plants have a good handle on how little corn is left in our bins/Tin Cans on the farm. Much better than the USDA does.
04-03-2013 10:29 AM
A very small amount of gambling stock (12,000 bushels)????? Would that very small amount be, like, 1 %? If so, then you have already sold 1,200,000 bushels at $8 ($9,600,000). Why are you so worried about another $0.30 on 12,000 bushel (a measly $3600).
04-03-2013 10:37 AM
I think $7 corn is still in the works. I think we see a basis rally vs. the futures, the futures will rally just to keep up with cash price.
the locals around me bought alot of corn before the March report. that was probaly the last for alot of guys for 2012, since most had alot forward contracted and only had 1/2 a crop last year. So Yes I think cash corn has a good chance of going OVER $7,