- Agriculture.com Community
- Announcements & Forum Help
- Farm Business
- Young & Beginning Farmers
- Cattle Talk
- Crop Talk
- Hog Talk
- Machinery Talk
- Machinery Marketplace
- Shops, buildings and bins
- Ask the SF Engineman!
- Computers & more
- Precision Agriculture
- People & Rural Life
- Ag Forum
- Women In Ag
- Agriculture.com Blogs
- Your Farm in the Future
- Women in Ag: Lisa Foust Prater
- Women in Ag: Brenda Frketich
- Women in Ag: Anne Miller
- Women in Ag: Jennifer Dewey
- Women in Ag: Talkin' Turkey with Lara Durben
- Women in Ag: Heather Lifsey Barnes
08-06-2013 07:59 AM - edited 08-06-2013 01:48 PM
At the close:
The Sept. futures corn contract settled 3 cents higher at $4.72. The Dec. corn futures contract closed 2 cents lower at $4.59. The Aug. soybean futures contract finished 6 cents lower at $13.24, new-crop Nov. soybeans settled 16 cents lower at $11.67. Sept. wheat futures closed 5 cents higher at $6.50 per bushel. The Dec. soymeal futures ended $5.90 per short ton lower at $345.70. The Dec. soyoil futures closed $0.62 lower at $42.59.
In the outside markets, the NYMEX crude oil is $1.55 per barrel lower, the dollar is lower and the Dow Jones Industrials are 96 points lower.
--USDA announces Tuesday that China bought 110,000 tons of U.S. soybeans for 2013-14 delivery.
--Egypt has tendered for an unspecified amount of wheat for Sept. delivery.
--The Goldman Roll out of September futures starts Wednesday.
Early calls: Corn is seen 1-2 cents higher (old-crop), soybeans 1-2 cents higher (old-crop), and wheat 2-4 cents higher. Meanwhile, new-crop corn 1-2 cents lower and soybeans are seen 6-8 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.40 per barrel higher.
Wall Street=Seen lower.
World=Asia/Pacific stocks were mostly lower and Europe's stocks are mostly lower.
More in a minute,
08-06-2013 08:36 AM
Grain buyer in KC yesterday quoted informa at 14+B. Elated with the big crop to come.
It was annoying at first and he did not understand why the producer is not also excited. I started to repeat my dad's lecture on selling something you don't have. But then I remembered------ that is his world, trading something he doesn't have or own.
It was a reminder of how much a drought and short crop hurts us all.
08-06-2013 09:07 AM
When the August report comes out, will it address acres of corn that will be harvested? I have a real problem with the 89+ million acres, that are to be Harvested for Dry Grain. When I look at the State by State numbers of the June report, I find the amounts of increase, hard to believe.
08-06-2013 09:32 AM
08-06-2013 11:09 AM
The domestic marketers are playing this "big crop getting bigger" theme because it is working. It is shaking some new crop loose.
What are the chances that the domestic market, being short on supply going into harvest, looses the first 30% of the crop to export business in a fire sale??
I'd like to see a few more years where we don't just give away our extra supply. And if it must be, at least do it when we have it, not when the bins are empty.
08-06-2013 01:16 PM
Allendale releases its Crop Production estimates:
Slight changes to acreage (harvested corn -250,000 and harvested soybeans -500,000) were made. True acreage changes will not be shown until survey data is reconciled with FSA insurance data in October.
Corn - Allendale estimates yield at 156.2 vs. USDA July 11 guess of 156.5. Record yields in IL, IN, OH, and MI partially offset problems in the West.
Soybeans - Old crop stock expected lower than USDA July due to domestic crush. USDA delay recognition until the September 30 Grain Stocks report. Allendale estimates yield at 43.35 vs. USDA July 11 guess of 44.5.
08-06-2013 03:57 PM
Thanks Mike, first corn planted around May 20 started to tassel, looks good, but slow growth rate here. I guess I went with 89 day corn near the lake Mich and not my normal 87 day, may have to pay the price for getting greedy.
08-07-2013 05:05 AM
December Corn is less than $4.60....are you saying that competing Ukraine and Brazil bids are going to drive this market below the $4 mark?
Or when you say "newcrop", are you really referring to late season US "old crop" vs Ukraine and Brazil supplies of their current crop???
08-07-2013 10:55 AM
I've wondered about that too. Is their COP $.60 lower that ours? Do they have as much per bushel into it as we do? If they do what does it mean for them next year? Cost cutting?