- Agriculture.com Community
- Announcements & Forum Help
- Farm Business
- Young & Beginning Farmers
- Cattle Talk
- Crop Talk
- Hog Talk
- Machinery Talk
- Machinery Marketplace
- Shops, buildings and bins
- Ask the SF Engineman!
- Computers & more
- Precision Agriculture
- People & Rural Life
- Ag Forum
- Women In Ag
- Agriculture.com Blogs
- Your Farm in the Future
- Women in Ag: Lisa Foust Prater
- Women in Ag: Brenda Frketich
- Women in Ag: Anne Miller
- Women in Ag: Jennifer Dewey
- Women in Ag: Talkin' Turkey with Lara Durben
- Women in Ag: Heather Lifsey Barnes
02-25-2014 07:46 AM - edited 02-25-2014 02:30 PM
At the close:
The March corn futures contract closed 3 1/2 cents higher at $4.61. The May soybean futures contract settled 12 1/4 cents higher at $13.87. May wheat futures closed 1 cent higher at $6.18 per bushel. The May soymeal futures contract ended $5.00 per short ton higher at $453.70. The May soyoil futures finished $0.18 lower at $40.85.
In the outside markets, the NYMEX crude oil is $1.09 per barrel lower, the dollar is lower and the Dow Jones Industrials are 6 points lower.
Matt Connelly, Futures International LLC floor trader, says corn and soybeans are somewhat over bought, but the hot money flow continues to come into the markets.
"USDA this am reported 560k bns to unknown. I believe this sale is to Indonesia. We cannot continue this export pace, unless maybe last year's crop was understated. We will find that out in March Stocks Report," Connelly says.
Money flows have been active for last month or so, he says.
"We still need more bean acres, and we need to have good yields. A sub-43.0 national yield with 80 million bean acres continues a very tight scenario with demand unchanged. Corn situation a little looser, but that can change quickly," Connelly says.
Peter Meyer, Senior Director of PIRA Energy Group, says outside money is helping underpin the markets.
"Slight money flow from the Funds sees very little resistance. Funds are very long soybeans and slightly long corn. Gonna be a long wait until planting intentions at the end of March."
The March corn futures contract is trading 3/4 of a cent lower at $4.57. The May soybean futures contract is 3 1/2 cents higher at $13.78. May wheat futures are 6 1/4 cents lower at $6.10 per bushel. The May soymeal futures contract is trading $1.70 per short ton higher at $450.40. The May soyoil futures are trading $0.24 lower at $40.79.
In the outside markets, the NYMEX crude oil is $1.21 per barrel lower, the dollar is lower and the Dow Jones Industrials are 13 points higher.
At the open:
The March corn futures contract is trading 1/4 of a cent lower at $4.57. The May soybean futures contract is 1 3/4 cents lower at $13.73. May wheat futures are 2 3/4 cents lower at $6.14 per bushel. The May soymeal futures contract is trading $1.50 per short ton lower at $447.20. The May soyoil futures are trading $0.03 higher at $41.06.
In the outside markets, the ICE Brent crude oil is $0.32 per barrel lower, the dollar is lower and the Dow Jones Industrials are 22 points lower.
HOLY COW! USDA announces Tuesday that China bought 568,000 tons of U.S. soybeans for 2013-14. A huge amount of old crop.
--Egypt cancels 110,000 tons of SRW wheat for 2013-14.
--Ukraine's grain exports rise 30% from July 1-Feb. 24 to 23.9 million metric tons. Corn exports totaled 14.23 million metric tons. As a sidenote, I talked with my Ukrainian source, late yesterday. He says the political unrest will not hamper that country's ability to export grain. He says new export markets are being opened in China and Southeast Asia, and Japan. His quote: "As cruel as war can be, the next meal must be served."
Early calls: Corn is seen 1-2 cents lower, soybeans 1-2 cents lower, and wheat 1-2 cents higher.
Overnight grain, soybean markets=Trading mostly lower.
ICE Brent Crude Oil=$0.45 per barrel lower.
Wall Street=Seen slightly lower.
World Markets=Asia/Pacific stocks were higher, Europe stocks lower.
More in a minute,
02-25-2014 09:35 AM - edited 02-25-2014 09:43 AM
Yesterday, I was in Paranaguá, Paraná. And as you can see on those photos that I provied exclusively to Agriculture.com that the traffic jams have already started. The port authority is optimistic saying that management, dredging, more information and four new shiploaders will increase the port's productivity by 30%. They ship currently 3 tons per terminal. There are seven private terminals and two government-run terminals in Paranaguá. The new shiploaders, however, would just be installed between August and October. Last year's waiting hours for the trucks were eight hours. Now, according to the port's, this was reduced to average of four to six hours.
By the way, by the time I visited the port there was an operation from the Brazilian Federal Police which uncovered that at least 14 employees of Paranaguá were not working, but even so getting paid. They used the check-in time cards to make the fraud. So it's one of the clues to unveal why Brazilian logistics is so chaotic.
02-25-2014 11:06 AM
I understand one of the ship loaders at Rio Grande port failed and fell onto a ship and will have to be replaced or major repairs. I believe that was one of the five in that port.
02-25-2014 11:10 AM
Here there are some images of the current crop conditions in Sorriso, Mato Grosso. Farmers are worried that all of this water might delay the soybean harvest and, therefore, the corn planting. This was broadcast by Globo Rural at TV Globo. I contribute with the magazine under the same brand name.
02-25-2014 11:21 AM
BR-163 has still a lot of wholes such as this one. Major accidents have been happening frequently. It is still very hard to get the bean through that road. The photo is provided by the Nova Mutum city, which charges the federal government to make new investments to make new investments in that road.
02-25-2014 11:40 AM
Shiploader at Brazil's No. 2 soy exporting port damaged
SAO PAULO, Feb 24 (Reuters) - A shiploader at the Tergrasa terminal at Brazil's No. 2 soy shipping port Rio Grande has been damaged, interrupting shipments from one of the port's five berths, CCGL, the company operating the terminal, said on Monday.
The shiploader on Sunday fell on top of the ship Hokuetsu Hope 2, which is unable to continue loading. A local market source said the ship, which was carrying wood chips, should be able to leave later this week although the shiploader could take two weeks to fix.
CCGL said technicians were still evaluating the accident and it did not know how long it would take to fix the shiploader.
Soy shipments from Rio Grande in Brazil's far south have increased the past two years as exporting companies seek alternatives to the long ship lineups at Santos, the largest port in Latin America.
In 2013, Rio Grande was the No. 2 soybean exporting port, surpassing Paranagua. Driving to Rio Grande from Brazil's interior, where the soy harvest is well underway, requires trucks to make a 1,600-kilometer (1,000-mile) detour.
The port has traditionally exported grains produced in No. 3 soy state Rio Grande do Sul, where the soybean harvest has not yet started.
Yet three ships carrying soy and four carrying corn have already left the port this year, according to Williams Shipping Agents, a sign exporters consider the detour worthwhile.