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12-10-2012 06:37 AM - edited 12-10-2012 02:25 PM
And we're back...
At the close, the March futures corn contract settled 7 cents lower at $7.30. Jan. soybean futures contract finished 2 cents higher at $14.74. March wheat futures settled 12 cents lower at $8.48per bushel. The Jan. soyoil futures contract settled $0.02 higher at $51.15. The Jan. soymeal futures contract finished $2.00 per short ton higher at $444.90.
In the outside markets, the NYMEX crude oil is $0.33 per barrel lower, the dollar is higher and the Dow Jones Industrials are 27 points higher.
At mid-session, the March futures corn contract is trading 6 cents lower at $7.31. Jan. soybean futures contract is trading 2 cents lower at $14.70. March wheat futures are trading 10 cents lower at $8.51 per bushel. The Jan. soyoil futures contract is trading $0.25 lower at $50.88. The Jan. soymeal futures contract is trading $0.70 per short ton higher at $443.60.
In the outside markets, the NYMEX crude oil is $0.28 per barrel higher, the dollar is higher and the Dow Jones Industrials are 31points higher.
One analyst says today's Weekly Export Inspection Report is bearish for corn and wheat, while bullish for the soybean market.
At the open:
At the open, the March futures corn contract is trading 11 cents lower at $7.26. Jan. soybean futures contract is trading 16 cents lower at $14.55. March wheat futures are trading 8 cents lower at $8.52 per bushel. The Jan. soyoil futures contract is trading $0.37 lower at $50.76. The Jan. soymeal futures contract is trading $6.00 per short ton lower at $436.90.
In the outside markets, the NYMEX crude oil is $0.22 per barrel higher, the dollar is higher and the Dow Jones Industrials are 17 points higher.
--USDA reports 115,000 mt of U.S. wheat sold to Egypt for 2012-13 delivery Monday.
--My South America contact tells me Argentina and Brazil are producing less and less wheat. This could be bullish for the U.S. wheat market, longterm.
--China reports Nov. soybean imports at 4.16 mt, 27% on-year. Meanwhile, soybean imports from Jan.-Nov. are estimated at 52.49 mt, up 11% on-year.
--China's soyoil imports for Nov. were 920,000, up 37% on year.
--Malaysia palm oil stocks are record-large at 2.56 mmt, according to the Malaysia Palm Oil Board.
--Parts of Minnesota received over 10-inches of snow.
--South America' weather is turning market-negative, according to the experts. As of Friday, 89% of Brazil's soybean crop had been planted vs. 97% a year ago.
Separately, Tuesday's USDA Report is expected to get some attention. Will it be bearish or bullish? What do you think?
--The trade sees the USDA dropping 2012/13 corn and wheat export estimates, pushing up ending stocks.
--USDA is seen raising 2012/13 soybean exports, dropping ending stocks.
Early calls: Corn 1-2 cents lower, soybeans 1-2 cents higher, and wheat 4-6 cents lower.
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.55 per barrel higher.
Wall Street=Seen opening lower off of Italy's political turmoil. Italy's Prime Minister has announced he will resign once the budget is passed.
World=Asia/Pacific stocks are higher, and Europe's stocks are lower.
More in a minute,
12-10-2012 12:58 PM
beans are well off of their lows and actually turned positive for a breif moment...........good price action if you ask me.........at least shows some are expecting a bullish report in a.m.