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02-22-2013 06:48 AM - edited 02-22-2013 02:30 PM
At the close:
The March futures corn contract settled 1 cent lower at $6.90. The March soybean futures contract finished 28 cents lower at $14.59. March wheat futures finished 6 cents lower at $7.15 per bushel. The March soyoil futures contract ended $0.96 lower at $50.35. The March soymeal futures settled $10.40per short ton lower at $426.90.
In the outside markets, the NYMEX crude oil is $0.32 per barrel higher, the dollar is higher and the Dow Jones Industrials are 88 points higher.
The March futures corn contract is trading 1 cent higher at $6.92. The March soybean futures contract is trading unchanged at $14.87. March wheat futures are trading 1 cent higher at $7.22per bushel. The March soyoil futures contract is trading $0.79 lower at $50.52. The March soymeal futures settled $3.20per short ton higher at $440.50.
In the outside markets, the NYMEX crude oil is $0.10 per barre lower, the dollar is higher and the Dow Jones Industrials are 72points higher.
News: The Brazilian port strike has been suspeded! And, I notice that soybeans have fallen into negative territory. Any relation, you think?
At the open:
The March futures corn contract opened 3 cents higher at $6.94. The March soybean futures contract opened 13 cents higher at $15.01. March wheat futures opened 3 cents higher at $7.24 per bushel. The March soyoil futures contract opened $0.09 lower at $51.22. The March soymeal futures are trading $5.80 per short ton higher at $443.10.
In the outside markets, the NYMEX crude oil is $0.01 per barre higher, the dollar is higher and the Dow Jones Industrials are 47 points higher.
Hold onto your hats cowboys!
--USDA announces Friday that China bought 410,000 tons of U.S. soybeans. This is separate from today's weekly export sales
USDA releases bearish soybean, bullish corn Weekly Export Sales Report:
Corn= 381,900 metric tons vs. the trade's expectations of 100-300,000 metric tons.
Soybeans= 58,500 mt vs. the trade's expectations of 500-900,000 metric tons
Wheat= 755,900 mt vs. the trade's expectations of 350-600,000 metric tons.
It almost seems like the corn and soybean numbers got switched around, doesn't it?
USDA's Ag Outlook Balance Sheet
U.S. Corn Supply/Demand (mln bu)
USDA USDA USDA USDA
10/11 11/12 12/13 13/14
Planted 88.2 91.9 97.2 96.5
Harvested 81.4 84.0 87.4 88.8
Yield (bpa) 152.8 147.2 123.4 163.5
Carryin 1708 1128 989 632
U.S. Soy Supply/Demand (mln bu)
USDA USDA USDA USDA
10/11 11/12 12/13 13/14
Planted 77.4 75.0 77.2 77.5
Harvested 76.6 73.8 76.1 76.6
Yield (bpa) 43.5 41.9 39.6 44.5
Carryin 151 215 169 125
Early calls: Corn is seen 1-2 cents higher, soybeans 18-20 cents higher, and wheat 3-5 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.21per barrel higher.
Wall Street=Seen opening higher, after Hewlett-Packard beat and stronger German data was released Friday.
World=Asia/Pacific stocks were higher and Europe's stocks were higher.
More in a minute,
02-22-2013 07:31 AM - edited 02-22-2013 08:20 AM
A lot of negatives but we still going up, short term for Soybeans.
Negatives Huge planting acres for US anticipated.
SA crop expected to be huge
Positives: SA infrastructure slow but eventually they will get crop to customers
China still in demand.
02-22-2013 08:18 AM - edited 02-22-2013 08:28 AM
From my source in Brazil, this morning. I am hearing that all Brazilian ports will remain closed until 1pm today. The ports will not operate Saturday or Sunday. Regular hours will be held on Monday. But, again Tuesday, port dockworkers will strike until 1pm.
Why are they striking? The dockworkers are striking against the likely privatization of the ports. They want the government to give up on the measure.
And now my source is saying, "There was a court injunction prohibiting this strike. I think these workers are likely to get in trouble."
I hope this helps,
02-22-2013 08:28 AM
I wouldn't get too excited about the sale this morning as 350,000 tons was for 2013/2014 crop year. They will cancel those if they get comfortable with the S.A. crop this spring. Only 60,000 for 2012/2013
02-22-2013 08:30 AM - edited 02-22-2013 08:31 AM
Wait, so are soybeans going limit up or limit down today lol.
Actually, and here's a trade that works most of the time, according to historical patterns you're supposed to buy May wheat futures today. The May contract has taken off nearly $2 since fall, so maybe a rally is in order. But who knows really.