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02-26-2014 07:41 AM - edited 02-26-2014 04:08 PM
At the close:
The March corn futures contract settled 1/4 of a cent lower at $4.61. The May soybean futures contract finished 9 3/4 cents higher at $13.97. May wheat futures ended 12 1/2 cents lower at $6.05 per bushel. The May soymeal futures contract closed unchanged at $453.70. The May soyoil futures finished $0.61 higher at $41.46.
In the outside markets, the NYMEX crude oil is $0.67 per barrel higher, the dollar is higher and the Dow Jones Industrials are 18 points higher.
Jeff Coleman, The Trean Group analyst, wraps the day's trade up this way: "
It was a mixed bag of trade today on the CME Group grain floor as corn and wheat futures closed to the down side while soybean futures continued their tear upward.
Corn futures were higher early in the day as the USDA announced a sale of 2.4 million bushels of US corn overnight to Taiwan while another 4 million bushels went to “unknown destinations”. Ethanol production increased by 2,000 barrels a day staying roughly 10% ahead of last year’s pace. May futures closed off a quarter of a cent ending the day at $4.61 per bushel as traders were active in rolling their March positions to May and July before first notice day which is this Friday. December futures lost 1.25 cents to end the session at $4.66.5 per bushel.
The rally continues in the soybean markets as March futures rallied 8.25 cents and closed above the $14 level, ending the day at $1407.25 per bushel. May futures rose 9.75 cents today to close at $13.97 per bushel as yesterday’s announced sale of 21 million bushels of old crop US soybeans provided strength to the front month futures markets. The May/July spread widened by 6.5 cents today as traders are becoming increasingly nervous about our ever tightening supplies of soybeans as exports continue at a torrid pace. The usual logistics problems that are coming to light once again in South America also provided support to US futures. November futures gained 1.75 cents to close at $11.68.25 per bushel.
Late selling in the wheat complex had May Chicago wheat futures off by 12.5 cents to end the day at $6.05.5 per bushel while December futures dropped 13 cents, closing at $6.32 per bushel. Fears of the coming winterkill are starting to wane with traders thinking that the heavy snows will provide protection. Egypt, which canceled a deal for US soft red winter wheat earlier in the week, announced a snap tender after the close now that the prices have fallen to a level with which they are more comfortable," Coleman says.
The March corn futures contract is trading 3/4 of a cent higher at $4.62. The May soybean futures contract is 3 1/4 cents higher at $13.90. May wheat futures are 6 3/4 cents lower at $6.11 per bushel. The May soymeal futures contract is trading $3.00 per short ton lower at $450.70. The May soyoil futures are trading $0.71 higher at $41.56.
In the outside markets, the ICE Brent crude oil is $0.92 per barrel higher, the dollar is higher and the Dow Jones Industrials are 48 points higher.
Jack Scoville, PRICE Futures Group vice president, says there is a war going on in the beans today.
"Increased selling interest is showing against 1400 May, both producers and specs selling a bit. Bulls still talking demand, bears talking that crushers here are covered and Brazil is 30% done and exporting a dollar or so cheaper than we are. Lots of debate on China and if they will buy or cancel. I guess they got a big problem cancelling as they bought CIF and the freight got booked so they are kind of stuck which means they should go out of the market soon if they have not already. Still others to buy, but I am sure interest is flowing south. Corn has not much going on today but is holding together very well and chart wise looks like it can go to 492 May. Wheat is weather, not quite as cold as forecast and this has pushed prices lower as winterkill is not much of an issue. Spec selling I think in the wheat," Scoville says.
At the open:
The March corn futures contract is trading 1 cent lower at $4.60. The May soybean futures contract is 3 1/4 cents lower at $13.84. May wheat futures are 3 cents lower at $6.15 per bushel. The May soymeal futures contract is trading $3.90 per short ton lower at $449.80. The May soyoil futures are trading $0.46 higher at $41.32.
In the outside markets, the ICE Brent crude oil is $0.13 per barrel higher, the dollar is higher and the Dow Jones Industrials are 23 points higher.
--USDA announces Wednesday that an unknown purchased 101,600 tons of U.S. corn for 2013-14 delivery.
--NASS data shows that Texas farmers are 3% finished on corn planting, below 8% a year ago. The Lone Star state produces about 2% of the nation's corn crop.
Early calls: Corn is seen 1-2 cents lower, soybeans 2-4 cents lower, and wheat 2-4 cents lower.
Overnight grain, soybean markets=Trading lower.
ICE Brent Crude Oil=$0.15 per barrel lower.
Wall Street=Seen higher.
World Markets=Asia/Pacific stocks were lower, Europe stocks lower.
More in a minute,