08-19-2013 06:59 AM - edited 08-19-2013 01:57 PM
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At the close:
The Sep. corn futures settled 19 cents higher at $4.93 per bushel. The Dec. corn futures contract finished 22 cents higher at $4.85. The Sep. soybean futures contract finished 38 cents higher at $13.22, new-crop Nov. soybeans settled 44 cents higher at $13.03. Dec. wheat futures finished 10 cents higher at $6.53 per bushel. In the outside markets, the NYMEX crude oil is $0.32 per barrel lower, the dollar is lower and the Dow Jones Industrials are 42 points lower.
At mid-session, the Sep. corn futures are trading 11 cents higher at $4.84 per bushel. The Dec. corn futures contract is trading 13 cents higher at $4.76. The Sep. soybean futures contract is trading 28 cents higher at $13.11, new-crop Nov. soybeans are trading 33 cents higher at $12.92. Dec. wheat futures are trading 7 cents higher at $6.50 per bushel. In the outside markets, the NYMEX crude oil is $0.45 per barrel lower, the dollar is lower and the Dow Jones Industrials are 12 points lower.
One analyst says, "Weather leans bullish for row crops, short term, but soybeans continue to outperform corn due to the questionable new crop supply outlook, demand, and bullish new crop calendar spreads. The warm and dry forecast in the 5 day map has put the early frost/freeze discussion on hold for now and the trade is refocusing their attention on crop conditions, which at the moment remain up in the air or likely trending lower."
At the open:
At the open, the Sep. corn futures opened 8 cents higher at $4.82 per bushel. The Dec. corn futures contract opened 8 cents higher at $4.72. The Sep. soybean futures contract is trading 20 cents higher at $13.03, new-crop Nov. soybeans are trading 20 cents higher at $12.79. Dec. wheat futures are trading 8 cents higher at $6.51 per bushel. In the outside markets, the NYMEX crude oil is $0.77 per barrel lower, the dollar is lower and the Dow Jones Industrials are 16 points lower.
Jeff Coleman, The Trean Group floor trader, says the market turn has scared the 'shorts'.
"September and November soybean futures are both 22 cents higher this morning blowing through the 200 day moving average as some firms are predicting a smaller harvest than predicted by the USDA and the fund net shorts had to turn and run last week," he says.
Thanks to Jeff Caldwell for a stellar performance, while I was away changing a few diapers.
It looks like the market is considering the 16-day weather outlook that shows hot and dry weather for much of the rest of August.
Are you a seller on this rally? Or, did you buy a new lock for the grain bins?
Early calls: Corn is seen 9-10 cents higher (old-crop), soybeans 18-20 cents higher (old-crop), and wheat 3-5 cents higher. Meanwhile, new-crop corn 6-8 cents higher and soybeans are seen 17-18 cents higher.
Overnight grain, soybean markets=Trading sharply higher.
Crude Oil=$0.43 per barrel lower.
Wall Street=Seen flat, as investors try to figure out the Fed Reserve's intentions on tapering.
World=Asia/Pacific stocks were lower and Europe's stocks are lower.
More in a minute,
08-19-2013 07:58 AM - edited 08-19-2013 08:00 AM
the old crop corn still has a positive basis but they just won't pay over so much for that,, around home here they just adjust the basis. New crop might be a good time to get some sold if we can hold a rally...But my new crop keeps getting smaller. If it wouldn't had been for this cool weather we wouldn't have had much this year. We might still be headed towards a record crop without an early frost.
Course we have the Crop tour this week. In the past Its been wise to sell on Monday of that tour and buy back on the last day. We shall see.
08-19-2013 08:01 AM
Hope the diaper changing went well. BTW, the bin will stay locked for a while, I am sure this crop will have a 3 in front of it soon enough!
Welcome back Marketeye trivia!
So what is this?
08-19-2013 08:39 AM