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02-12-2013 05:35 AM - edited 02-12-2013 02:26 PM
At the close:
The March futures corn contract settled 6 cents lower at $6.96. The March soybean futures contract finished 10 cents lower at $14.20. March wheat futures ended 9 cents lower at $7.32 per bushel. The March soyoil futures contract finished $0.14 lower at $51.10. The March soymeal futures settled $2.70 per short ton lower at $410.30.
In the outside markets, the NYMEX crude oil is $0.45 per barrel higher, the dollar is lower and the Dow Jones Industrials are 52 points higher.
One analyst says the markets are lower, due to improved South America's weather. "We're in the key yield development time for corn and beans in Argentina and Brazil. Grains are breaking as we entered the week with measurable rain totals called for the recent dry areas of southern Brazil and northern Argentina. Todays update on weather increased the total rain fall and coverage with more expected in the 15 day outlook. That would take you through 80% of the key yield time.This has traders selling out of recent longs and going short, as this rainy event all but assures record crops."
The March futures corn contract is trading 7 cents lower at $6.95. The March soybean futures contract is trading 12 cents lower at $14.19. March wheat futures are trading 12 cents lower at $7.29 per bushel. The March soyoil futures contract is trading $0.27 lower at $50.97. The March soymeal futures are trading $3.30 per short ton lower at $409.70.
In the outside markets, the NYMEX crude oil is $0.34 per barrel higher, the dollar is lower and the Dow Jones Industrials are 38 points higher.
In early trading:
The March futures corn contract is trading 5 cents lower at $6.97. The March soybean futures contract is trading 8 cents lower at $14.23. March wheat futures are trading 8 cents lower at $7.33 per bushel. The March soyoil futures contract is trading $0.27 lower at $50.97. The March soymeal futures are trading $1.70 per short ton lower at $411.30.
In the outside markets, the NYMEX crude oil is $0.48 per barrel higher, the dollar is lower and the Dow Jones Industrials are 24 points higher.
--Japan seeks 96,538 tons of milling wheat. The suppliers are usually U.S., Canada, and or Australia.
--Goldman Sachs cut its corn and soybean price forecasts.
Corn=lowered to $7.50 per bushel vs. its previous $8.25
Soybeans=lowered to $14.00 vs. its previous idea of $15.25.
Soybeans=$13, unchanged from previous.
Let's all sing, "Slip sliding away, slip sliding away, you the know the nearer your destination, the more you slip sliding away.........."
All information courtesy of the Dow Jones Newswire.
Early calls: Corn is seen 5-7 cents lower, soybeans 3-5 cents higher, and wheat 3-5 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.20 per barrel lower.
Wall Street=Seen lower, as Fed Reserve speeches fire up. Two Fed presidents that oppose quantitative easing speak this week. Also, the market will get a small business report, and job openings data to trade today.
World=Asia/Pacific stocks were mostly higher and Europe's stocks were mostly higher. A meeting of G-7 countries has brought news that the group will not target exchange rates, bringing a sigh to financial markets.
More in a minute,
02-12-2013 05:55 AM - edited 02-12-2013 06:54 AM
If crop insurance is a big part of your marketing plan, you are probably aware that it is exempt from Congress's current sequestration debates. However, the word is that farmers should plant first, this year, and then worry about signing up for ACRE or Direct Payments. Take a look:
I hope this is helpful,
02-12-2013 07:14 AM
I read an article that they are getting to much rain and cloudy weather in Mato Grosso. To much rain hurts the early maturing beans losing up to 10% of yield and the cloudy days are not allowing full photosyntheis in the later maturing beans.
02-12-2013 07:26 AM
Kinda busy today mike, But biggest news of the week is gonna be the G-7 allowing the durrency war to continue. By this summer should be far bigger than the little skirmishes we are seeing now. Japan's targets are gonna reack havoc on china. Venezuela, Argentina, brazil are in a real pizin match and the swiss are gonna beat themselves up till they can compete with the EU. And don;t forget our ability to find a way to beat em all in the race to the bottom.
THE G-7 is gonna tell us where we end up for the year. Or at least prime us for the real news from the G-20.
Gotta go. Have a load of hay coming from SD today for the cows. Wish they would trade that on the CBOT!
02-12-2013 08:15 AM
Hay may be the new 'cash crop' especially if corn and bean prices continue sown.
Have a dairy neighbour who is always buying hay.
Has approached me about renting ground from me to grow hay.
Think he is looking for more control over his source of hay rather than buying from all over.
There is probably a reason for that and I expect $$ are at least part of it.
02-12-2013 08:43 AM
Just to let you know marketeye...I sold 4 semi loads of praire hay last week ...loaded on their trucks at $145 per ton. Might be cheap, but I will have less cows and wont need the hay without water to fill ponds...
02-12-2013 09:55 AM
Neighbor got some hay delivered about 2-3 weeks ago. He paid $230 a ton delivered for 2nd cutting alfalfa. He called the guy about another load, but he said the price went up to $300, so he didn't get any more as of yet.
Cornstalk bales are bringing $150-175, sometimes even more, if it wasn't picked before the big wind, and has a lot of ears of corn in it.