02-13-2013 06:53 AM - edited 02-13-2013 02:36 PM
At the close:
The March futures corn contract settled 1 cent lower at $6.95. The March soybean futures contract closed 2 cents higher at $14.23. March wheat futures are trading 3 cents higher at $7.35 per bushel. The March soyoil futures contract is trading $0.56 higher at $51.60. The March soymeal futures are trading $2.20 per short ton lower at $408.10.
In the outside markets, the NYMEX crude oil is $0.51 per barrel lower, the dollar is higher and the Dow Jones Industrials are 60 points lower.
The March futures corn contract is trading 4 cents higher at $7.00. The March soybean futures contract is trading 1 cent higher at $14.22. March wheat futures are trading 5 cents higher at $7.37 per bushel. The March soyoil futures contract is trading $0.38 higher at $51.48. The March soymeal futures are trading $1.20 per short ton lower at $409.10.
In the outside markets, the NYMEX crude oil is $0.18 per barrel lower, the dollar is higher and the Dow Jones Industrials are 55 points lower.
Corn and wheat prices have moved into positive territory. Meanwhile, the Energy Information Agency reported higher ethanol production, as of Friday last week. The week's production jumped 2% vs. a week earlier. But, the daily rate of production is the lowest since the weekly numbers started to be tallied in 2010.
Though some plaqnts idled or shutdown in the past 6-months, due to higher corn prices, some analysts report Wednesday that the talk is there are plants that will be coming back online and the push is on to increase ethanol production.
At the open:
The March futures corn contract is trading 3 cents lower at $6.92. The March soybean futures contract is trading 7 cents lower at $14.14. March wheat futures are trading 5 cents lower at $7.27 per bushel. The March soyoil futures contract is trading $0.19 lower at $50.91. The March soymeal futures are trading $2.90 per short ton lower at $407.40.
In the outside markets, the NYMEX crude oil is $0.25 per barrel higher, the dollar is higher and the Dow Jones Industrials are 6points lower.
Deere's quarterly profit jumps 22%, the company announced Wednesday. For the quarter ended Jan. 31, Deere reported a profit of $649.7 million, or $1.65 a share, versus a year-earlier profit of $532.9 million, or $1.30 a share. Revenue grew 10% to $7.42 billion. Sales of equipment rose 11% to $6.79 billion, just above the company's expectations of about 10%.
Ag sales grew 16%, while construction equipment sales grew 6.7%
--No fresh export sales reported Wednesday.
--Brazil's soybean harvest is nearly 7% complete, up 3% points from a year ago. Farmers in Mato Grosso and southern Mato Grosso are rushing to make up lost time, due to heavy rainfall.
--Russia is selling 64,186 tons of Intervention grain. They are doing it, again.
--Japan canceled a tender for 320,000 tons of feed wheat, barley.
Early calls: Corn is seen 5-7 cents lower, soybeans 7-9 cents lower, and wheat 7-9 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.22 per barrel higher.
Wall Street=Seen higher, with all eyes on today's U.S. Retail Sales Report.
World=Asia/Pacific stocks were mostly higher and Europe's stocks were higher.
More in a minute,
02-13-2013 08:36 AM - edited 02-13-2013 08:42 AM
Not sure. But, I was warned recently to take note of the pension funds exiting commodities. In the end, when the big money gets out, the commodity prices could look differently. Is it a coincidence about Barclay's and this nine consecutive days of a lower corn market? Not sure. But, keeping one eye on the direction of "Big Money" is probably not a bad idea. And for people reading this, you have to think about longterm trends. I know I mentioned the last nine days, but what we're really talking about is what the farm market picture looks like in months to come, years to come if the "Big Money" shifts to the bond, housing, equity, or overseas markets.
02-13-2013 09:10 AM
corn has to be around $5 or more a bushel doesn't it??
Hell I have some neighbors that have over a $5 breakeven out here. Everyone says it won't be like the 80's. Yes it might not be it might be worse.
With the way the speech went last night i really didn't here anything that was great for ag in my opinion. wasn't one mention about ethanol. was there? Maybe I missed it.