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04-09-2013 06:14 AM - edited 04-09-2013 01:48 PM
NOTICE: Today at 2:30 pm CT, the CME Group will host a live Analyst Outlook ahead of Wednesday's WASDE Report. Join us in Marketing Talk today.
At the close:
The May futures corn contract closed 11 cents higher at $6.44. The May soybean futures contract settled 17 cents higher at $13.95. May wheat futures finished 4 cents lower at $7.08 per bushel. The May soymeal futures finished $1.50 per short ton higher at $394.80. The May soyoil futures closed $0.46 higher at $49.98.
In the outside markets, the NYMEX crude oil is $0.91 per barrel higher, the dollar is lower and the Dow Jones Industrials are 99 points higher.
The May futures corn contract is trading 10 cents higher at $6.43. The May soybean futures contract is trading 5 cents higher at $13.82. May wheat futures are trading 4 cents lower at $7.08 per bushel. The May soymeal futures are trading $0.60 per short ton lower at $392.70. The May soyoil futures are trading $0.05 lower at $49.47.
In the outside markets, the NYMEX crude oil is $0.02 per barrel higher, the dollar is lower and the Dow Jones Industrials are 21 points higher.
Corn and soybeans roar higher. One CME Group floor trader says the wheat market is seeing some decent spreading action. "From the March continuation low in Wheat-Corn at 50 under, this traded 80-cents over yesterday. What a move!"
What I gather is:
--Japan seeks 120,108 tons of milling wheat Tuesday.
--China bought 700,000 mt of U.S. wheat, in recent days.
--China's soybean imports, during a period ending Sept. 30, 2013, will total 59.0 million metric tons, down 1/2% from a year ago, according to a Chinese information center Tuesday.
--China's Dalian Exchange had higher soybean prices Tuesday, due to bird-flu bargain hunting, according to the Dow Jones Newswire.
Early calls: Corn is seen 5-7 cents higher, soybeans 1-2 cents higher, and wheat 2-4 cents lower.
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$0.21 per barrel higher.
Wall Street=Seen opening mixed. Alcoa's earnings beat the street Monday. JCPenney is up today. Fed Chairman Ben Bernanke says the stress tests have made U.S. banks stronger. China reports less than expected inflationary figures.
World=Asia/Pacific stocks and Europe's stocks are mostly higher.
Green means go, for corn.
More in a minute,
04-09-2013 06:19 AM - edited 04-09-2013 06:20 AM
Good Morning Mike. Is the floor putting a premium on the winter blast of weather that will be moving through the center part of the country the next couple of days? A few weather forecasters are calling for low temps. In the mid to low 20's in parts of Kansas on Wednesday night, just curious if the floor was taking notice in the wheat pit.
04-09-2013 06:37 AM - edited 04-09-2013 06:39 AM
I'm finding out right now about the floor's feeling on this winter blast in April. Meanwhile, I see China and possibly Japan sure like the U.S. wheat price right now.
Also, Monday's USDA Crop Progress report showed winter wheat crop ratings improving by 2% from last week to 36% good to excellent. However, this rating is down 23% from last year.
For the month, soybeanand corn prices are down 6% and 10% respectively, while wheat is up nearly 2%. Wheat certainly has been stealing the show, in April.
04-09-2013 06:53 AM - edited 04-09-2013 06:57 AM
Here's a full response to your question from a wheat trader. In his own words:
"The concern is valid. That is why KC lit up yesterday, gaining heavily against corn and CHI wheat. Crop ratings yesterday afternoon did not show any real improvement in HRW regions. The Plains states (TX, OK, KS, NE, CO and SD) saw poor/very poor increase by 9 points while good/excellent increased by only 7 points. The crop is polarizing and the trend is smaller for HRW while SRW continues in almost pristine shape. With frost concerns Wednesday and Thursday, as far south as central KS, the bigger risk from the fundamental side lies with HRW. Chicago still has a catalyst in their 40K fund short. Both markets have rallied significantly, with subtle signs this may continue through the WASDE report, as jointing and development proceed," he says.
04-09-2013 09:43 AM