Marketing

[marketeye]

At the close:

The March corn futures closed 13 3/4 cents lower at $5.80 3/4. The Jan. soybean contract closed 18 1/2 cents lower at $11.00. The March wheat futures settled 19 3/4 cents lower at $5.80 3/4. The January soymeal futures contract settled $1.20 per short ton lower at $282.20. The January soyoil futures settled $0.83 lower at $48.80.

In the outside markets, the NYMEX crude oil is $5.22 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 159 points.

Mike

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At mid-session:

At the open, the March corn futures are trading 12 1/4 cents lower at $5.82 1/4. The Jan. soybean contract is trading 20 1/2 cents lower at $10.98. The March wheat futures are trading 16 1/2 cents lower at $5.84. The January soymeal futures contract is trading $4.50 per short ton lower at $278.90. The January soyoil futures are trading $0.77 lower at $48.48.

In the outside markets, the NYMEX crude oil is $4.43 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 129 points.

One analyst is saying, "On the grains, this lower market is all about the selling related to Europe and the Euro.  The Euro broke some big support today and this brought buying to the US Dollar and lots of selling to commodities and the grains were not immune. Otherwise, the news is a little price- positive with dryness in South America and things like that. "

Mike

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At the open:

At the open, the March corn futures opened 4 1/4 cents lower at $5.90 1/4. The Jan. soybean contract opened 12 1/4 cents lower at $11.06 1/2. The March wheat futures opened 11 1/2 cents lower at $5.89. The January soymeal futures contract opened $0.80 per short ton lower at $282.60. The January soyoil futures opened $0.32 lower at $48.93.

In the outside markets, the NYMEX crude oil is $3.20 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 59 points.

Mike

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At 7:35am:

Japan seeks 260,000 mt of feed wheat, barley, it was announced Wednesday.

Mike

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At 6:20am:

Early calls: Corn and wheat 2-4 cents lower, and soybeans down 5-7 cents.

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$1.36 per barrel lower.
Dollar=Higher.
Wall Street=Seen trading higher,  after yesterday's lower close. 

World Markets=Lower, after no action from the Fed Reserve.

More in a minute,

Mike

[marketeye]

I thought you might find this floor trader's response interesting. After I asked what is being talked about in trader circles, this floor trader responded with a personal reference to the MF Global issue:

"Sorry I havent been in touch. I'm kind of winding the year down and preoccupied with MF Global stuff...yes, unfortunately I was a customer. Haven't heard Chinese US bean purchase rumors, perhaps they are buying from SA? I have heard that China is replenishing corn reserves with domestic purchase program."

Mike

[p-oed Farmer]

MF global is and has been a bigger problem than a lot of market analyst  have been talking about.....Outside  moneys have been very slow to come back into these markets... ... IMO..... p-oed

[sandiego77]

gold and silver in a major downtrend and the us dollar is a major uptrend, so looks like all commodities get liquidated by the funds this morning... crude oil backing away large as well 0ff -3.37 at this moment... so it looks like another sit on hands day for the grains if one is flat (too late to short and too early to get long) ..cheers!!

[p-oed Farmer]

Good thing that the funds have already puked most of there length in the grains and oilseeds....... Will they want to get shorter?...... That will be the big question....... Good time to be an enduser......... p-oed

[vrbuck]

There are still some index funds still out there. Traditional funds can still go short. Look at the length funds had going long, imagine them going short with the same amount.