Marketing

[marketeye]

At the close:

The March corn futures closed 7 3/4 cents higher at $6.39 1/2. The March soybean contract settled 23 cents higher at $12.52. The March wheat futures finished 11 1/4 cents higher at $6.41 1/4.  The March soymeal futures ended $10.50 per short ton higher at $330.50. The March soyoil futures settled $0.52 higher at $53.05.
In the outside markets, the NYMEX crude oil is $2.33 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 83 points.

Mike

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At 11:15am:

The USDA Monday updated its 2012 U.S. Planting estimates:

Corn=94.0 million acres

Soybeans=74.0 million

Wheat=56.5 million

Not a big shocker here. What do you think? Is the corn estimate big enough for the market?

Mike

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At mid-session:

The March corn futures trade 8 3/4 cents higher at $6.40 1/2. The March soybean contract is trading 13 1/2 cents higher at $12.42 1/2. The March wheat futures are trading 8 cents higher at $6.38.  The March soymeal futures are trading $4.70 per short ton higher at $324.70. The March soyoil futures are trading $0.27 higher at $52.80.
In the outside markets, the NYMEX crude oil is $1.39 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 58 points.

Mike

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At the open:

The March corn futures trade 4 1/4 cents higher at $6.36. The March soybean contract is trading 9 1/2 cents higher at $12.38 1/32. The March wheat futures are trading 6 1/4 cents higher at $6.36 1/2.  The March soymeal futures are trading $2.50 per short ton higher at $322.50. The March soyoil futures are trading $0.25 higher at $52.78.
In the outside markets, the NYMEX crude oil is $.77 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 40 points.

Mike

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At 8:15am:

USDA announces Monday that an 'unknown' buyer purchased 120,000 mt of U.S. soybeans for 2012-13.

Mike

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7am:

News & Noise:

--Egypt buys 55,000 metric tons of U.S. wheat for April delivery.

--S. Korea is buying 385,000 mt of feed wheat for June/July delivery.

--Russia's grain exports in January dropped by 50%.

--USDA updates its annual 'baseline' S&D estimates Monday. The trade will pay little attention. The information was collected last November for the 2012/2013 U.S. Budget. However, next week's USDA baseline projections
for 2012/13 corn, soybean and wheat balance sheets will be watched.

--China's Vice President is visiting Iowa this week. What do you think, will the Chinese delegation announce a big purchase of U.S. soybeans, while they are here? I'm hearing whispers that they will. What do you think?

Mike

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At 6:45am:

Early calls: Corn 5-7 cents higher, soybeans 9-11 cents higher, and wheat 9-10 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.88 per barrel higher.
Dollar=Lower.
Wall Street=Seen trading higher as Greece approves austerity measures that assures bond-swap support and bailout funds for its debt crisis. Investors are going 'long'.

World Markets=Higher.

More in a minute,

Mike

[Mizzou_Tiger]

nope, demand is dead...........we got all kinds of links and knowledge telling us so.............

[roarintiger1]

Maybe this is old news, but I just read that ethanol exports set a monthly record back in December of 172.7 million gallons.  Of that number, only 40% went to Brazil. That means there are other countries who want our ethanol.  I'm sure that January's numbers are somewhat lower, but that December record number is impressive.  

[vrbuck]

older inefficient plants are closing down from profits being in the red.  According to eia numbers ethanol production is in retreat,  and even with those metric the ethanol stocks keep climbing.  I don't know the figures but when Brazil changed their mandate it hurt all ethanol exports.

[roarintiger1]

Vrbuck,  point well taken on the slowing of production. I have no doubt that this is happening.   But in that report I read, it's good to see that 60% of the exports of ethanol went to some place other than Brazil. That tells me that it is an expanding market.

Whether we export our corn using real physical bushels of corn,  DDGs, ethanol, or through the meat industry,  that diversity is a good thing for American farmers.

[oncearound]

Brazil was 1st, Canada 2nd in that report of exports. 

[oncearound]

"Total 2011 ethanol exports were an annual record and came to 29,050,884 bbl, representing a 192% increase from 2010"

[Red Steele]

Buck, you sure seem to be looking for ways to always talk the market down...what gives here? Are you one of those grain buyers that come on here trying to loosen up selling?

With your outlook on things, if the murder rate suddenly went to zero you would be lammenting about how undertakers would be going out of business.

Lighten Up, Francis.