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02-21-2012 06:43 AM - edited 02-21-2012 02:28 PM
At the close:
The March corn futures close 12 1/4 cents lower at $6.29 1/2. The March soybean contract finished 3 cents higher at $12.71. The March wheat futures settled 11 cents lower at $6.33. The March soymeal futures finished $2.30 per short ton lower at $330.20. The March soyoil futures closed $0.66 higher at $54.06.
In the outside markets, the NYMEX crude oil is $2.64 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 7 points.
The March corn futures trade 13 1/4 cents lower at $6.28 1/4. The March soybean contract is trading 2 cents lower at $12.65 1/2. The March wheat futures are trading 17 1/4 cents lower at $6.26 3/4. The March soymeal futures are trading $1.20 per short ton lower at $331.30. The March soyoil futures are trading $0.25 higher at $53.65.
In the outside markets, the NYMEX crude oil is $1.66 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 37 points.
One analyst says, "After finishing the week at their highs last week, we come in today and priced in the weather in South America first. Rains in the driest areas of Argentina and southern Brazil were very good and more rain today and possibly late week takes much of last week's drought rally out. Putting a floor under the break is the strength in outside markets. But, grains will get to trading that later in the session and Tuesday. But, pricing rain or no rain is always how we start the week," he says.
At the open:
The March corn futures trade 5 1/4 cents lower at $6.37. The March soybean contract is trading 1/2 cents lower at $12.68. The March wheat futures are trading 7 cents lower at $6.37. The March soymeal futures are trading $1.00 per short ton lower at $331.50. The March soyoil futures are trading $0.24 higher at $53.64.
In the outside markets, the NYMEX crude oil is $1.32 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 8 points.
--USDA announces Tuesday that China bought 250,000 mt of U.S. soybeans for 2012-13 delivery.
--USDA announces that an unknown buyer purchased 110,744 mt of U.S. corn for 2011-12 delivery.
News & Noise:
--Global price competitiveness has the U.S. wheat exports set to exceed the USDA's estimate of 26.5 mmt, according to the Dow Jones Newswire.
--China agreed to buy 13.7 mmt of U.S. soybeans last week.
--In January, China's soybean imports were 4.61 mmt, down 10% on-year.
--China's January corn imports were 751,138 mt. vs. 1.80 mt a year ago.
--China's Dalian Exchange soybean market hit a 17-week high last night.
Early calls: Corn 6-8 cents lower, soybeans 1-2 cents higher, and wheat 7-9 cents lower.
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$1.27 per barrel higher.
Wall Street=Seen trading higher, after having yesterday off. Also, the news of a second bailout in the works for the Greek debt crisis is supportive.
World Markets=Asia/Pacific stocks are higher, Europe's stocks are lower.
More in a minute,
02-21-2012 08:52 AM
Greece is going to need a third and fourth bailout. The country doesn't produce much but some tourism, shipping and olive oil. Squeezing the people will just create more problems for their tourism and then what because of the constant protests. I say let them out orderly.
02-21-2012 10:52 AM - edited 02-21-2012 02:30 PM
Just got off the phone with the Army Corps of Engineers office. They say that although Midwest flooding is less likely this spring, there are still two months to go and folks have to remain vigilant. But, the snowpack is below normal in many areas and essentially non-existent in the Plains. This is making folks think the chances are lower of a spring flood. Keep in mind though, history shows that flooding has occurred somewhere along the Missouri River, each of the last 25 years.
What do you think the market would do in either case, flood or no flood?