04-08-2013 06:38 AM - edited 04-08-2013 01:52 PM
Ethanol Update: Agriculture.com's Dan Looker reports that a turnaround is underway for U.S. ethanol.
At the close:
The May futures corn contract closed 4 cents higher at $6.33. The May soybean futures contract finished 16 cents higher at $13.78. May wheat futures finished 13 cents higher at $7.12 per bushel. The May soymeal futures closed $1.50 per short ton higher at $393.30. The May soyoil futures ended $0.69 higher at $49.52.
In the outside markets, the NYMEX crude oil is $0.39 per barrel higher, the dollar is lower and the Dow Jones Industrials are 2 points lower.
I just received an interesting comment from a grain analyst. I'm throwing it out here to see what folks think. His quote is referring to this Wednesday's USDA Report. What do you think? I'm curious.
He says, "As you probably know, many professionals anticipate an adjustment to the acreage numbers in the coming months, given the late start to the planting season due to the colder than usual winter. Also of note, the deadline for crop insurance is the same day."
The May futures corn contract is trading 4 cents higher at $6.33. The May soybean futures contract is trading 13 cents higher at $13.75. May wheat futures are trading 15 cents higher at $7.14 per bushel. The May soymeal futures are trading $1.50 per short ton higher at $393.30. The May soyoil futures are trading $0.64 higher at $49.47.
In the outside markets, the NYMEX crude oil is $0.39 per barrel higher, the dollar is lower and the Dow Jones Industrials are 37 points lower.
One analyst says, "First, it looks like China bought 1.0 million tons of srw, that is a good reason to rally. We got reports on Wednesday and after the beating these markets have taken to move higher would not be a shock and I think we are getting some bottom picking and or short covering going today. No real news for corn and beans. People concerned about planting delays here but it is too early to make that a big issue, and in the meantime lots of beneficial precip around. I think it is mostly being overdone last week, the Chinese markets holding better than ours in response to the bird flu. Plus buying wheat here, so not a whole lot to sell on especially after the price action last week!"
At the open:
The May futures corn contract is trading 4 cents higher at $6.32. The May soybean futures contract is trading 11 cents higher at $13.72. May wheat futures are trading 5 cents higher at $7.04 per bushel. The May soymeal futures are trading $2.60 per short ton higher at $394.40. The May soyoil futures are trading $0.39 higher at $49.22.
In the outside markets, the NYMEX crude oil is $0.53 per barrel higher, the dollar is lower and the Dow Jones Industrials are 5 points lower.
At 6:36 am:
Early calls: Corn is seen 5-7 cents higher, soybeans 14-16 cents higher, and wheat 2-4 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.89 per barrel higher.
Wall Street=Seen opening higher, ahead of Alcoa's earnings.
World=Asia/Pacific stocks were lower and Europe's stocks are higher.
Green means go, for corn.
More in a minute,
04-08-2013 07:02 AM - edited 04-08-2013 07:07 AM
Good morning, Mike.
have you heard yet what the average analysts' expectations for 2012-2013 ending stocks for all the grains for Wed. report?
----interesting etoh story----had no idea US was IMPORTING corn out the wazzou from SA last July. Funny how stories like that get buried.....that means rationing began just as the crop was beginning harvest. Hmmmm
04-08-2013 07:21 AM - edited 04-08-2013 07:22 AM
Corn is up! And I'm not talking just about the overnight prices.
Remember the picture of the Texas corn that was planted in early March? Well, three weeks and a few freezes later, it is still growing, according to the Williamson County, Texas Grain Company. The area has received three rains in the last four weeks that have saved their 'bacon'. Since the area corn was planted, there have been a few frost events. However, the damage has been just a blistering of the leaves. The earliest planted corn is now 12-inches tall or (shin-high). No replanting reported. And, even if there would need to be replanting, seed is short. So, some other crop would replace corn. These pictures were taken over the weekend:
I realize that Texas corn has little to do with the direction of the market. But, isn't it a pleasant feeling to know that something is growing somwhere. Thanks to the Texas grain company for sending the photos. They are now big Agriculture.com fans, especially Marketing Talk.
04-08-2013 07:29 AM - edited 04-08-2013 08:06 AM
04-08-2013 07:31 AM
The same with corn. I found it weird to be writing that corn is up over a 2-3 cent range. When I saw that it was 5 cents higher, I thought WOW!!! What a rally!!
Green means go, for corn.
04-08-2013 07:47 AM - edited 04-08-2013 08:05 AM
These trade estimates are like giving a complicated tax return to 10 different CPAs. You'll get 10 different answers........and, they are all wrong.
04-08-2013 08:08 AM
What I find interesting is that my local grain elevators still have ALL their piles out yet. No one has cleaned them up. Think they are waiting for a rally? or are they just as dumb as I was?!?!?