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08-21-2013 07:18 AM - edited 08-21-2013 01:41 PM
At the close:
The Sep. corn futures settled 14 cents higher at $4.98 per bushel. The Dec. corn futures contract finished 8 cents higher at $4.83. The Sep. soybean futures contract closed 23 cents higher at $13.33, new-crop Nov. soybeans finished 13 cents higher at $13.04. Dec. wheat futures finished 3 cents higher at $6.49 per bushel. In the outside markets, the NYMEX crude oil is $0.04 per barrel higher, the dollar is higher and the Dow Jones Industrials are 43 points lower.
The markets trimmed gains a bit, but still finished higher. One analyst says, "I think this has been a weather rally, plus crops are behind and in some cases way behind. Producers are worried about the lateness and not too willing to sell, as they are not sure the crop will get home. Overall, the crop looks to be out there but we need some precip and a long fall to finish. The market knows it."
--Vietnam buys 120,000 tons of U.S. soymeal for 2013 delivery.
--According to EIA data, ethanol production averaged 844,000 barrels per day (b/d) — or 35.45 million gallons daily. That is down 13,000 b/d from the week before. The four-week average for ethanol production stood at 846,000 b/d for an annualized rate of 12.97 billion gallons.
Stocks of ethanol stood at 16.5 million barrels. That is a 0.3% increase from last week..
At mid-session, the Sep. corn futures are 10 cents higher at $4.93 per bushel. The Dec. corn futures contract is trading 6cents higher at $4.81. The Sep. soybean futures contract is trading 16 cents higher at $13.26, new-crop Nov. soybeans are trading 19 cents higher at $13.09. Dec. wheat futures are trading 4 cents higher at $6.50 per bushel. In the outside markets, the NYMEX crude oil is $0.04 per barrel higher, the dollar is higher and the Dow Jones Industrials are 74 points lower.
At the open, the Sep. corn futures are 6 cents higher at $4.90 per bushel. The Dec. corn futures contract is trading 4cents higher at $4.79. The Sep. soybean futures contract is trading 18 cents higher at $13.27, new-crop Nov. soybeans are trading 20 cents higher at $13.10. Dec. wheat futures are trading 2 cents higher at $6.48 per bushel. In the outside markets, the NYMEX crude oil is $0.04 per barrel higher, the dollar is higher and the Dow Jones Industrials are 36 points lower.
STATS Canada estimates All-Wheat production at 30.56 tons vs. the trade's expectations of 30.0 tons.
Early calls: Corn is seen 4-6 cents higher (old-crop), soybeans 12-14 cents higher (old-crop), and wheat 4-6 cents higher. Meanwhile, new-crop corn 4-6 cents higher and soybeans are seen 15-17 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.04 per barrel higher.
Wall Street=Seen lower, ahead of housing data and the release of the FOMC meeting minutes.
World=Asia/Pacific stocks were lower and Europe's stocks are lower.
More in a minute,
08-21-2013 10:09 AM
I know you want to know what it will import in August and September, but here's what China imported in July.
July soybean imports= 7.2 million tons, up 23% from a year ago. 5.4 million tons of those soybeans came from Brazil in July, 1.3 million tons from Argentina, and almost half a million tons from Uruguay.
08-21-2013 10:36 AM
what's going to happen when SA runs out of exporting capacity?
someone posted just yesterday Brazil is up to 95% of planned export sales with 3 months left....that part didn't make sense.
Do you know the dates of their mktg yr, Mike?