08-22-2013 07:01 AM - edited 08-22-2013 11:22 AM
At mid-session, the Sep. corn futures are 5 cents lower at $4.93 per bushel. The Dec. corn futures contract is trading 12 cents lower at $4.71. The Sep. soybean futures contract is trading 3 cents higher at $13.36, new-crop Nov. soybeans are trading 3 cents lower at $13.01. Dec. wheat futures are trading 5 cents lower at $6.43 per bushel.
In the outside markets, the NYMEX crude oil is $0.04 per barrel higher, the dollar is lower and the Dow Jones Industrials are 66 points higher.
One analyst says, "Better-than-expected rainfall in the northern tier of the Corn Belt triggered some profit taking and lower trade in corn today. The forecast into next week remains warm and dry which will keep the downside limited. December corn futures are likely to trade in a wide range until the market has a better handle on the broader production outlook although market fundamentals and sentiment lean bearish," he says.
At the open, the Sep. corn futures are 2 cents lower at $4.95 per bushel. The Dec. corn futures contract is trading 5 cents lower at $4.78. The Sep. soybean futures contract is trading 2 cents lower at $13.31, new-crop Nov. soybeans are trading 9 cents lower at $12.95. Dec. wheat futures are trading 4 cents lower at $6.45 per bushel.
In the outside markets, the NYMEX crude oil is $0.16 per barrel higher, the dollar is higher and the Dow Jones Industrials are 51 points higher.
Weak Export Sales and a weather map like this one have the markets headed for the 'red':
Who's getting the rains today?
Thursday's USDA Weekly Export Sales are not friendly for corn and soybeans. Here are the sales:
Corn= 492,600 mt vs. the trade's expectation of between 550,000-950,000 mts.
Soybeans= 946,900 mt vs. the trade's expectations of between 1,350,000-2,000,000 mts.
Wheat= 494,000 mt vs. the trade's expectations of between 400,000-650,000 metric tons
Soybean meal= 176,700 mt vs. the trade's expectations of between 150,000-400,000 metric tons.
Meanwhile, Japan buys 153,090 tons of milling wheat Thursday. Most of this total is coming from the U.S.
Early calls: Corn is seen 4-6 cents lower (old-crop), soybeans 10-12 cents lower (old-crop), and wheat 4-6 cents lower. Meanwhile, new-crop corn 4-6 cents lower and soybeans are seen 15-17 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.53 per barrel higher.
Wall Street=Seen higher, with overseas strength.
World Markets=Asia/Pacific stocks were lower, Europe stocks higher.
More in a minute,
08-22-2013 07:18 AM
While traveling through the Midwest this week, here is how one analyst rates the crops that he is scouting. In his own words, "Corn about average, so far. Bean pod counts are very low," he says.
For what it's worth.
08-22-2013 07:47 AM
I just have one question ---- how in the world do you come up with anything close on numbers this year when we have states like Iowa -- top to wet early - then to dry - the southern part great then dry ---parts are very good - this is the same for IL - some in the south are great - other - not - Indiana ? was a RECORD - now going down hill fast - as in NO rain - and so on and so on .
The ONLY thing I know is them DANG Buckeyes are hogging all the rain -- still must be pizzed that I.U.kicked there butts -- lol
Last year was easy ! it all sucked ! this year ?
08-22-2013 08:01 AM - edited 08-22-2013 08:02 AM
A football talk sounds like a good breakout session for your big marketing meeting over there? Maybe you could get Jim Tressel as a guest speaker. Go big or go home. By the way, how's registration coming for that powow?
Regarding the difficulty of coming up with a crop number this year. I agree. It seems like conditions have been all over the map. It shall be interesting when the truth comes in, once the combines roll.
08-22-2013 08:17 AM
Football ????????????? You are kidding ?-- Right ??? Indiana don't have football - lmao - well they say they have it - but -- lol How about Basketball ? Maybe I could get the General For the breakout ! Thanks for the Idea !
As far a registration - it WAS going pretty good TILL you up'd the Annie and started throwing in FREE stuff -- Like FREE laptops ???? and APPs. for it !!!! Wonder where you got that idea from ? maybe from old ECI with my FREE steak knife set's AND FREE pass's for the cement pond ?
Anyway - maybe someday we can put our 2 shows togather .
Have a good one !
08-22-2013 08:56 AM
All I know is I have never been so glad to see a half to three quarters of an inch of rain in my life! Not that it fixes everything and makes everything perfect but I am very grateful and will take it with a smile! We have been holding on pretty good here. We got everything planted between May 1st and May 14th so while that is later than normal not horrible either. We didn't have a lot of drowned out spots but a spot or two in most fields with some stunted corn. These spots would be the size of a machine shed or smaller. We went into summer with a full subsoil profile so we have been riding out the dry weather on subsoil. We were getting pretty dry by the first of August and were then lucky to get 1.5" to 1.75" that week. Since then we haven't had any rain until this morning. Yard were starting to turn brown and there was some firing in corn. Nothing close to the ear yet but things have started to deteriorate a little. I have been in and out of my corn over the last couple of weeks but have not done in depth scouting to gauge yield. My impression has been that kernel counts are fantastic but kernel depth and test weight are very much up in the air yet. Hopefully this little shot of moisture today will help hold together some depth and test weight. We'll see. Next week sounds like it will be tough on everyone's crops. I will probably begin to scout in earnest next week to gauge yield. It never pays to go out real early trying to do yield checks. We are all dented now and should be able to get an idea of depth and weight in another week or two. I will say that I think we have lost some top end off our yield but I don't know how much just yet. I still think it is going to be pretty good. Beans are another matter. Pod counts are unimpressive and this dry weather has shut them down. Hot and dry next week could spell big trouble for beans. Still think beans could end up being the bigger story this year.
08-22-2013 09:16 AM - edited 08-22-2013 09:52 AM
Yep, beans will be the bigger story this year.........for next few days, however, expect more selling, esp. in new crop - maybe down to 1250......EDIT: let me qualify....if we take out yesterday's high, small correction over and bets are off on the selling - today will be interesting!, and it's up, up and away in my............
thanks, and have a good day
08-22-2013 09:20 AM - edited 08-22-2013 11:18 AM
Putting our two shows together sounds like a mighty fine idea. First, why don't you come to The Successful Farming Marketing Academy.
You can then get a better idea on what we should meld together with your show and WoW, what a show we could have. What do you say? For our first class of the course, we have multiple locations for you to pick. Which location works best for you:
Kansas City, MO - December 2, 2013
Chicago, IL - December 6, 2013
Des Moines, IA - December 9
Sioux Falls, SD - December 12
ECIN, let's get you in.