04-03-2012 06:31 AM - edited 04-03-2012 02:34 PM
At the close;
The July corn futures settled 2 cents higher at $6.53. While the May soybean contract reached a 7-month high on falling Argentine crop estimates, the July soybean contract closed 6 cents lower at $14.21 1/4. The July wheat futures ended 1/2 of a cent lower at $6.69. The July soymeal futures closed $5.00 per short ton lower at $387.90. The July soyoil futures ended $0.28 lower at $56.29.
In the outside markets, the NYMEX crude oil is $1.13 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 90 points.
The July corn futures trade 6 3/4 cents higher at $6.57 3/4. While the May soybean contract reached a 7-month high on falling Argentine crop estimates, the July soybean contract is trading 3 cents higher at $14.30 1/4. The July wheat futures are trading 3 1/2 cents lower at $6.66. The July soymeal futures are trading $0.90 per short ton lower at $392.00. The July soyoil futures are trading $0.23 higher at $56.80.
In the outside markets, the NYMEX crude oil is $0.78 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 66 points.
In early trading:
The July corn futures trade 2 1/2 cents higher at $6.53 1/2. The July soybean contract is trading 1 1/2 cents lower at $14.25 3/4. The July wheat futures are trading 5 cents lower at $6.64 1/2. The July soymeal futures are trading $1.80 per short ton lower at $391.10. The July soyoil futures are trading $0.04 lower at $56.53.
In the outside markets, the NYMEX crude oil is $0.78 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 2 points.
USDA's first-of-the-year Crop Progress Report shows 3% of the U.S. corn has been planted. This equates to a 14% completed pace by April 15, signaling a possible above average yield. Is this what you thought? Or, did you think it would be a faster pace?
Illinois has 5% of its corn in the ground. That sounds like a lot at this point, doesn't it?
FWIW: CME Group announced Tuesday that its first quarter trade volume, for 2012, fell. "CME Group agricultural commodities volume averaged 1.1 million contracts per day, down 3 percent compared with the prior-year period, but up 12 percent compared with fourth-quarter 2011," the Exchange stated in a press release.
Separately, traders have said in recent months that they thought the MF Global bankruptcy had a long tail, impacting the trade activity.
Early calls: Corn 1-2 cents higher, soybeans 4-6 cents lower, and wheat 4-6 cents lower.
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.65 per barrel lower.
Wall Street=Seen trading lower, with the Fed Reserves meeting minutes, and factory orders eyed. Plus, earnings season starts next week. So, investors are looking ahead.
World Markets=Asia/Pacific stocks trade mostly higher, while Europe' s stocks fall.
More in a minute,
04-03-2012 06:36 AM
PFGBest.com released estimates today for next week's USDA Report. Do you think SA's crop is dropping?
2012 U.S. Inventory Forecasts
PFG 2012 2011
Corn = 710 801 1,128
Soybeans= 265 275 215
Wheat= 810 825 862
2012 Global Inventory Forecasts
Prior USDA Estimates
PFG 2012 2011
Corn = 124.10 124.53 129.07
Soybeans= 56.50 57.30 68.76
Wheat = 209.00 209.58 199.49
South American Production Forecasts
Prior USDA Estimates
PFG 2012 2011
Corn = 21.80 22.00 22.50
Soybeans =46.20 46.50 49.00
Corn = 62.00 62.00 57.50
Soybeans= 68.10 68.50 75.50
04-03-2012 06:55 AM - edited 04-03-2012 06:55 AM
I think we need another report from someone who is in South America........................News out of there has been rather scarce recently.
04-03-2012 07:15 AM - edited 04-03-2012 07:18 AM
Ask and you shall receive. In fact, I have an interview set up for this afternoon with a contact in southern Brazil. I hope to tap him for some answers on that country's situation. I'll certanly pass along what I findd out. Do you have any questions that you would ask if you had the chance? I can throw them in.
Separately, I do hear that Brazil exported a record amount of soybeans in March at 4.2 mmt.
04-03-2012 08:49 AM - edited 04-03-2012 08:50 AM
I think the thing that struck me was the pace of spring wheat, oats, barley, rice and cotton.................cotton and spring wheat still strike me as two crops that could buy acres against corn, especially looking at the USDA numbers............
corn number is a nothing to see here number...........April 20-May10 is the sweet spot............
04-03-2012 09:40 AM
Mike, We hear talk that Brazil ramped up corn production, but also we've heard that they have increased their sugarcane acres to produce more ethanol. Has this had an effect on their soybean acres? Or, are they just bringing more acres into production? Also, will Brazil continue to be an ethanol importer? Thanks!
04-03-2012 10:15 AM