Marketing

[marketeye]

At the open:

The March futures corn contract settled 3 cents lower at $6.98. The March soybean futures contract finished 8 cents higher at $14.26. March wheat futures closed 9 cents higher at $7.41 per bushel. The March soyoil futures contract closed $0.05 higher at $51.75. The March soymeal futures are trading $2.80 per short ton higher at $410.00. 


In the outside markets, the NYMEX crude oil is $0.50 per barrel higher, the dollar is higher and the Dow Jones Industrials are 7 points lower.

Mike

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At 8:10am:

--USDA announces Friday that an 'unknown' canceled 250,000 tons of U.S. soybeans for 2012-13.

--Corn has not finished lower 11 consecutive days since 1965. Today, would match that mark, if prices fall. However, the market is expected to be higher.

--Rumors swirl that Brazil and China are in the market for U.S. wheat.

Mike

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At 7:35am: 

Early calls:  Corn is seen 6-8 cents higher, soybeans 6-7cents higher, and wheat 6-8 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.47 per barrel lower. 
Dollar=Higher. 
Wall Street=Seen lower, as more company's report earnings. Kraft missed the street's expectations when it reported Friday.

World=Asia/Pacific stocks were mostly lower and Europe's stocks were higher.

More in a minute,

Mike

[c-x-1]

did you ride your horse out to Kentucky, Marketeye?..some beautiful hills/mtns out there....where the semi's run about 120 mph downhill......and about 35 uphill.

the grains held up overnight ok...beans might take a run towards 1455 (good day entry now? around 1422), Corn maybe try for 709-710 resist, ey?.....it's should be TurnaroundTGIF.....

i believe Corn was down only 8-9 days consecutive, unless my counter is off

c-x-1

[roarintiger1]

Must be looking at the March.......In following the crop insurance price discovery, I have Dec. corn being up three times in the last 10 days.

[giolucas]

Considering we have a holiday on Monday I think we might be negative by closing today for soy and corn.

[bkadds]

Looks like the unknown, probably China, is trying to feed the bear and keep the down trend in place. Can somebody explain in today's day and age how it is unknown? Thanks!

[Kstater85]

Unknown simply means that a particular shipper sold it and hasn't declared where he is shipping it from yet.   Unknown doesn't indicate the buyer is unknown it means the USDA doesn't know for certain it is going to be sourced in the USA.

[bkadds]

Thanks, kstater85! Appreciate you clearing that up.

[c-x-1]

either way, eco-psycho-nomically, it is adds a + in the supply column of ledger.......put THAT one in Meriam-Webster.

looks like -maybe, not a big up day- but i'm still looking at a + close.....

[bkadds]

Looks like bulls may head for the barn over the weekend.

[c-x-1]

not a chance bkadds