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12-20-2013 08:08 AM - edited 12-20-2013 02:07 PM
At the close:
The March corn futures contract settled 2 3/4 cents higher at $4.33. The March soybean futures contract finished 12 cents higher at $13.31. March wheat futures ended 2 3/4 cents higher at $6.13 per bushel. The March soymeal futures contract settled $5.10 per short ton higher at $433.60. The March soyoil futures closed $0.10 higher at $39.74.
In the outside markets, the NYMEX Brent crude oil is $1.19 per barrel higher, the dollar is lower and the Dow Jones Industrials are 90 points higher.
--USDA announces Friday that Japan bought 180,000 tons of U.S. corn for 2014-15 delivery.
--USDA announces Friday that it is now confirmed that China has rejected 545,000 tons of U.S. corn due to unapproved traits of GMO.
The March corn futures contract is trading 3/4 of a cents higher at $4.31. The March soybean futures contract is trading 10 1/2 cents higher at $13.29. March wheat futures are 3/4 of a cent higher at $6.11 per bushel. The March soymeal futures contract is trading $4.20 per short ton higher at $432.70. The March soyoil futures are trading $0.14 lower at $39.78.
In the outside markets, the NYMEX Brent crude oil is $0.01 per barrel lower, the dollar is lower and the Dow Jones Industrials are 85 points higher.
Onhe analyst says, "Today is purely a function of the spec trade. The news is conflicting with export cancellations and further Chinese interest. Additionally there's conversation regarding destination switches to Brazil and at the same time drought in Argentina. The market appears confined to arrange between 1320 and 1350. Today is honoring that range," Mike North, First Capitol's Risk Management Advisor.
At the open:
The March corn futures contract is trading 3/4 of a cent lower at $4.30. The March soybean futures contract is trading 1/4 of a cent lower at $13.24. March wheat futures are 2 cents higher at $6.13 per bushel. The March soymeal futures contract is trading $3.70 per short ton higher at $432.20. The March soyoil futures are trading $0.13 lower at $39.51.
In the outside markets, the NYMEX Brent crude oil is $0.46 per barrel higher, the dollar is higher and the Dow Jones Industrials are 12 points higher.
Early calls: Corn is seen 1-2 cents lower, soybeans 1-2 cents higher, and wheat 1-2 cents higher.
Overnight grain, soybean markets=Trading mostly higher.
Brent Crude Oil=$0.54 per barrel higher.
Wall Street=Seen higher, as economic numbers improve.
World Markets=Asia/Pacific stocks were lower, Europe stocks higher.
More in a minute,
12-20-2013 01:24 PM
Just amazing these people are allowed to be in charge of anything higher teck than a long handled shovel .
Class action suit anyone?
12-20-2013 02:19 PM
Here's an interesting summary of a U.S. Grains Council report on this year's quality of the 2013 harvest.
Record production, high quality, and minor weather-related impacts are the top-line findings of the 2013/2014 Corn Harvest Quality Report, released today by the U.S. Grains Council.
“After a record drought last year, the world has been watching intently the 2013 U.S. corn crop,” said USGC President and CEO Tom Sleight. “Production has rebounded, and quality is high despite some weather challenges. It’s good news all around.”
Total U.S. corn production of 13,989 million bushels (355.3 million metric tons) is an all-time record, and the average yield of 160.4 bushels/acre (10.1 tons/hectare) is the second highest on record. Weather was again the challenge, as a cold and wet spring delayed planting across much of the corn belt. Some areas also experienced flash-drought conditions in mid-summer, although this was generally offset by cooler temperatures.
These weather adversities slightly reduced planted acreage and yield, while harvest quality remained very high. As compared to prior years, weather related impacts were modest and predictable. Aflatoxins were significantly lower than in the 2012 crop, with 99.4 percent of the samples testing below the FDA aflatoxin action level of 20 parts per billion. Starch content was up, while protein content, which is inversely related to starch, was down slightly. Oil content was similar to 2011 and 2012. Moisture content, reflecting weather conditions, was slightly higher, as were stress cracks, but total damage levels remained very low, comparable to 2012 and below 2011 levels. Average test weight remained well above the limit for No. 1 grade corn, indicating overall good quality.
“The report compares a wide range of quality factors across time,” Sleight noted, “and after the rollercoaster ride last year, the message in 2013 was that there were no surprises. A few test factors ticked up, others ticked down, consistent with weather conditions, while overall quality at harvest was very high. With record production, this is certainly a good news report.”
Corn quality will be affected by further handling, so the Council annually publishes a second report, the Corn Export Quality Report, which assesses quality at the point of loading for international shipment. The 2013/2014 Export Quality Report will be published in March 2014.
The two reports, utilizing consistent methodology to permit the assessment of trends over time, are intended to provide reliable, timely, and transparent information on the quality of U.S. corn as it moves through export channels.
“The takeaway message this year is that the United States has abundant supplies of high quality corn,” Sleight said. “We would remind buyers that they will get the quality level that they contract for, but with record production and good quality, it is a buyers’ market as we head into 2014.”