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04-03-2017 06:48 AM - last edited on 04-03-2017 01:36 PM by marketeye
At the close:
At the close, the May corn futures settled 3 1/2¢ higher at $3.67 3/4, while December futures finished 3 3/4¢ higher at $3.92. May soybean futures closed 7 3/4¢ lower at $9.38 1/4. November soybean futures ended 3 3/4¢ lower at $9.50 1/4. May wheat futures closed 1 1/4¢ higher at $4.27 3/4. May soy meal futures settled at $0.80 per short ton lower at $307.60. May soy oil futures finished $0.35 lower at 31.43¢ per pound. In the outside markets, the Brent crude oil market is $0.18 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 82 points lower.
Jack Scoville, The PRICE Futures Group’s senior market analyst, says that good buying is surfacing in the grains and selling in soybeans.
“Soybeans are moving lower in reaction less to the reports and more to the threat of increased selling from Argentine and Brazilian farmers, as the harvest starts to move past the point of no return,” Scoville says.
He adds, “I have not seen much actual selling from Brazil today, but I am sure it is out there. Corn looking at Midwest weather and potential for harvest delays in Argentina. Wheat watching the Ruble and the Black Sea. Specs are buying and I suspect it is mostly short covering in the wheat market.”
At mid-session, the May corn futures are 7¢ higher at $3.71, while December futures are 6 1/4¢ higher at $3.94. May soybean futures are 3 1/2¢ higher at $9.42. November soybean futures are 1 1/4¢ lower at $9.52. May wheat futures are 6 1/4¢ higher at $4.32. May soy meal futures are unchanged at $308.40. May soy oil futures are $0.22 lower at 31.56¢ per pound. In the outside markets, the Brent crude oil market is $0.38 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 103 points lower.
In early trading, the May corn futures are 4¢ higher at $3.68, while December futures are 4¢ higher at $3.92. May soybean futures are 1 3/4¢ higher at $9.47. November soybean futures are 2 3/4¢ higher at $9.56. May wheat futures are 4 1/2¢ higher at $4.31. May soy meal futures are $0.50 per short ton higher at $308.90. May soy oil futures are $0.15 higher at 31.93¢ per pound. In the outside markets, the Brent crude oil market is $0.04 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 8 points higher.
Corn and wheat were higher overnight after Friday's planting report showed acres for both crops will drop at the expense of soybeans. Corn was up 2 cents while wheat gained almost a nickel. Soybeans were slightly higher, following the grains. Speculative investors were more bearish in the week that ended on March 28, pushing their net-long positions in beans down while increasing bets against corn and wheat prices. In weather news, cold and potentially snowy weather is headed toward the southern Plains starting today, which could boost soil moisture for hard-red winter wheat, or, if temperatures drop too low, may damage crops. It's going to depend on how low temperatures go.
Here's what happened overnight:
Brent Crude Oil = 0.1% higher.
West Texas Intermediate Crude Oil = 0.1% higher.
Dollar = up 0.3%.
Wall Street = U.S. stock futures mixed in pre-market trading.
World Markets = Global stocks mixed amid global data.
04-03-2017 09:43 AM
Nice to see a little green on the screen. (markets, not rain) Just wondering how many areas could be planting corn soon? They are calling for rain almost every day this week here in NW Ohio. So.......no early planting around here. Gonna take a while to dry out. We usually don't get started until the last week of April anyways. Too early to think about switching acres, but this could become a reality.
04-03-2017 12:40 PM
Too cool at higher plains elevations and acres are shifting in Kansas to beans on irrigation but that will not be massive numbers. Big acres in Kansas depend on the central I-35 areas where dry land beans work.
With wheat in the basis tank and wet ground the shift could get bigger....
04-03-2017 10:10 PM
There was a little NH3 put on along I-80 east, but not much. Very little field work. So, we have fertilizer, tillage for those who use it, weed control for those who spray. Then planting. Would this push some crops into soybeans?
04-04-2017 07:41 AM
Good point EC...It is has always amazed me that some want it to be warm and dry the first week of April. The best thing for yield potential is warm and wet in early April, and then warm and dry the last week of April.
04-04-2017 10:13 AM
Time - I have a moth trap out for Purdue = ( John Obermeyer ) I have been catching a lot of black cutworm Moths - Now this is a quote from John that he sent me the other day :
There is ZERO correlation between moth captures and actual infestations. What information is important is WHEN we capture SIGNIFICANT numbers, especially in multiple traps through the state. We then begin tracking the BCW development and can predict, with pretty good certainty, when we should scout for them and treat if necessary. Hope that helps.
Just added this in so you can keep an eye out on the Chat 'n' Chew Café -