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08-15-2012 06:27 AM - edited 08-15-2012 02:41 PM
At the close:
The Dec. futures corn contract settled 15 cents higher at $8.04. The Nov. soybean contract closed 36 cents higher at $16.34 3/4. Dec. wheat futures finished 8 cents higher at $8.66 per bushel. The Dec. soymeal futures contract settled $14.40 per short ton higher at $493.50. The Dec. soyoil contract closed $0.28 higher at $53.71.
In the outside markets, the NYMEX crude oil is $0.87 per barrel higher, the dollar is higher and the Dow Jones Industrials are 10 points lower.
USDA will release its Weekly Export Sales Report at 7:30am CT tomorrow. What's expected?
Corn=400,000-600,000 mt., according to the Dow Jones Newswire estimates.
The Dec. futures corn contract is trading 9 3/4 cents higher at $7.98 3/4. The Nov. soybean contract is trading 33 3/4 cents higher at $16.31 3/4. Dec. wheat futures are trading 5 1/2 cents higher at $8.63 per bushel. The Dec. soymeal futures contract is trading $13.10 per short ton higher at $492.50. The Dec. soyoil contract is trading $0.23 higher at $53.66.
In the outside markets, the NYMEX crude oil is $0.41 per barrel higher, the dollar is higher and the Dow Jones Industrials are 2 points higher.
One analyst says China buying rumors move today's market. "Crops are considered past their key yield time of development, moving us out of weather's influence on pricing," he says.
We're moving into a demand-driven market and with ending stocks projected at historic lows, any demand news will be over traded."
Today's rally is coming from rumors China is in buying beans, he says. South America is sold out of beans leaving the U.S. as the sole port of origin in the world to buy from, he says.
"The small crop will restrict this year's exports but harvest is in three weeks and we certainly will meet as much of our foreign commitment as possible," he says.
At the open:
The Dec. futures corn contract is trading 6 cents higher at $7.95. The Nov. soybean contract is trading 25 cents higher at $16.23. Dec. wheat futures are trading 4 cents higher at $8.62 per bushel. The Dec. soymeal futures contract is trading $13.10 per short ton higher at $492.50. The Dec. soyoil contract is trading $0.23 higher at $53.66.
In the outside markets, the NYMEX crude oil is $0.31 per barrel lower, the dollar is higher and the Dow Jones Industrials are 4 points higher.
Noteworthy: I knew corn was yellow, but I didn't realize it was golden. If you are a farmer, did you know you are growing one of the hottest commodities that is traded, globally?
SmartMoney reports that corn and gold are tied for first as the top-performing global asset classes of the past five years, with returns of 144% each, according to a Deutsche Bank report.
The world is watching the U.S. corn grower. And you thought you were in that tractor cab and combine cab alone. Oh no, the world is watching.
--China's 2012 corn output estimated at 197 mmt, up 2.2% on year, but lower than previous estimates in that country. Meanwhile, a severe bug infestation is threatening China's corn, this year, according to a Dow Jones Newswire story.
--China's pork inputs are seen rising 29% on-year.
Early calls: Corn 5-7 cents higher, soybeans 15-17 cents higher, and wheat 7-9 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.29 per barrel lower.
Wall Street=Seen opening lower.
More in a minute,
08-15-2012 07:10 AM
Freese-Notis Weather Radar shows light rain in the eastern Corn Belt. I can't imagine this is amounting to much. You can't see it, but it is raining in southern Minnesota and northern Iowa, this morning too.
08-15-2012 07:57 AM
08-15-2012 11:28 AM
China's growing middle class wants more protein in its diet. Thus they'll have to have more pork to feed them.
The question I get from this, if pork prices raise to help offset the increase in production cost will the Chinese consumer just bite the bullet or stop buying pork? And if pork consumption DECREASES in China, will pork production Decrease as well, thus freeing up more corn in the China market. Its an interesting time watching Asia "grow up" . As they try and become more like the United States, are the consumers buying trends just a natural reaction or are the learned over time. What I mean is well the Chinese consumer respond the same to market forces as the US consumer does?
In my opinion pork production and consumption in China is something we need to watch to see if we really get a $10 a bushel corn price. If China's economy stays strong, its even possible that pork consumption INCREASES.
Markets are like water, for the most part they follow the path of less resistance.
08-15-2012 11:40 AM - edited 08-15-2012 11:40 AM
The 'big' money is pulling out of China, due to a slowing economy and weak outlook, according to financial reports Wednesday. Where's the big investment going? The great states of the U.S.
The world investors are apparently tired of chasing phantom economies in Europe and Asia. We will see how this strategy works. Hopefully, it means more U.S. jobs. What say you? And what would this mean for the U.S. farm markets, in your mind?