08-28-2013 06:45 AM - edited 08-28-2013 01:46 PM
At the close:
The Sep. corn futures settled 5 cents higher at $5.04 per bushel. The Dec. corn futures contract closed 5 cents lower at $4.80. The Sep. soybean futures contract ended 19 cents higher at $14.33, new-crop Nov. soybeans settled 2 cents higherat $13.72. Dec. wheat futures finished 4 cents lower at $6.59 per bushel. The Dec. soymeal futures closed $1.10 per short ton lower at $429.30. The Dec. soyoil futures finished $0.26 higher at $44.78.
In the outside markets, the NYMEX crude oil is $0.95 per barrel higher at $109.00, the dollar is higher and the Dow Jones Industrials are 53 points higher.
The Sep. corn futures are 2 cents higher at $5.01 per bushel. The Dec. corn futures contract is trading 5 cents lower at $4.81. The Sep. soybean futures contract is trading 10 cents higher at $14.23, new-crop Nov. soybeans are trading 1 cent lower at $13.70. Dec. wheat futures are trading 2 cents lower at $6.61 per bushel. The Dec. soymeal futures are trading $1.80 per short ton lower at $428.60. The Dec. soyoil futures are trading $0.23 higher at $44.75.
In the outside markets, the NYMEX crude oil is $0.84 per barrel higher, the dollar is higher and the Dow Jones Industrials are 53 points higher.
Peter Meyer, PIRA Energy Group senior director of agricultural commodities, says it's a weather market.
"We’re trading a weather market," Meyer says. "Since some relief to the heat has surfaced in the forecasts, along with a chance of showers for some areas over the weekend, we’ve seen some selling come back into the market." Overall, investor sentiment is still bearish in corn, though traders seemed to have taking a liking to soybeans over the past week or so, Meyer says. "The markets looks like it will remain pretty volatile in the short term, until a clearer picture develops with the release of the September Farm Service Agency's acreage data, the September Quarterly Stocks Report, and the October WASDE. We believe that the September WASDE will be a non-event," Meyer says.
At the open:
The Sep. corn futures are 2 cents lower at $4.97 per bushel. The Dec. corn futures contract is trading 3 cents lower at $4.83. The Sep. soybean futures contract is trading 4 cents higherat $14.18, new-crop Nov. soybeans are trading 1 cent higher at $13.72. Dec. wheat futures are trading 3 cents lower at $6.61 per bushel. The Dec. soymeal futures are trading $2.00 per short ton higher at $432.40. The Dec. soyoil futures are trading $0.08 higher at $44.59.
In the outside markets, the NYMEX crude oil is $1.47 per barrel higher, the dollar is higher and the Dow Jones Industrials are 16 points higher.
--USDA announces Wednesday that China bought 120,000 tons of U.S. soybeans for 2013-14 delivery.
--USDA announced Wednesday that an 'unknown' buys 119,000 tons of U.S. wheat for 2013-14.
--Japan seeks 320,000 tons of feed wheat Wednesday.
--S. Korea buys 60,000 tons of Ukraine and Brazilian corn Wednesday.
--Egypt tenders for 55,000-60,000 tons of milling wheat. Some of that will be of U.S. origin.
--Reports out of the U.S. South indicate corn yields are very strong.
Early calls: Corn is seen 1-2 cents higher (old-crop), soybeans 4-5 cents higher (old-crop), and wheat 1-2 cents higher. Meanwhile, new-crop corn 1-2 cents higher and soybeans are seen 2-4 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.57 per barrel higher at $109.00 per barrel, a six month high.
Wall Street=Seen cautiously higher, as the market eyes developments in Syria.
World Markets=Asia/Pacific stocks were lower, Europe stocks lower.
More in a minute,
08-28-2013 06:58 AM
Marketeye, thanks for all the great updates! Hope it cools off in your neck of the woods soon. It finally has here, got some rain too!
Some pics from my recent bicycle riding tour:
Rice harvest has begun on Iki island, close to Kyushu but a little warmer climate so they can get the crops planted earlier:
Found my first soybean field in Japan! These don't look very good either.
Aren't you glad you do not have to spray like this? Was told they are spraying an insecticide but due to the language barrier I could be wrong, didn't stick around long to try and figure it out!!
08-28-2013 07:47 AM - edited 08-28-2013 07:52 AM
Great photos and information. You are in the running for some of the more interesting posts of the year. I love the updates from Japan. I'd be interested to know how many bushels of rice per second can that auger unload?
I'd also like to see a U.S. farmer wear pink flip-flops while harvesting!
No, that soybean field does not look good. However, acccording to an Iowa farmer that I talked with yesterday, the beans here are aborting and the hot/dry weather that we are having is really doing a number on this U.S. soybean crop.
There's now talk of more normal temps for next week. Also, slight chances of rain to follow this weekend. We'll see.
Take care and thanks again for your contributions with pictures.
08-28-2013 08:04 AM
Hot forecast for the next 4 days at least...possibly hitting 100 here in eastern Kansas.Soybeans in my fields are starting to drop pods, which will accelerate at a hell of a pace if forecast is correct..what looked good 2 weeks ago now looks dismal
08-28-2013 08:07 AM
Thanks for checking in. It sounds like you are seeing the early signs of a smaller crop. I was just thinking the other day how July was the killer month last year, as corn yields suffered. And this year, August has proven to be the soybean killer.
08-28-2013 02:32 PM
Ethanol production drops, according to the Energy Information Center:
According to EIA data, ethanol production averaged 820,000 barrels per day (b/d) — or 34.44 million gallons daily. That is down 24,000 b/d from the week before. The 4-week average for ethanol production stood at 843,000 b/d for an annualized rate of 12.92 billion gallons.
Stocks of ethanol stood at 16.3 million barrels. That is a 1.4% decrease from last week.
08-28-2013 03:07 PM
Mike, I was at my local ethanol plant today. There were way more tanker trucks in line waiting to load than there were trucks bringing corn in. It looks to me that the bins have been swept. I was talking with one of the guys there at the plant and they have been taking wheat in since harvest. They usually blend about 10% wheat in with the corn. The net ethanol production is about the same. The oil extracted is lower (corn oil). But what surprised me is that he said the DDGs protein levels were about the same as well. I would've thought it would have been higher with the wheat added in.
08-28-2013 06:24 PM