02-27-2014 07:50 AM - edited 02-27-2014 02:42 PM
At the close:
The May corn futures contract closed 6 1/2 cents lower at $4.54. The May soybean futures contract finished 7 cents lower at $13.90. May wheat futures finished 16 1/4 cents lower at $5.89 per bushel. The May soymeal futures contract closed $2.10 per short ton lower at $451.60. The May soyoil futures finished $0.31 lower at $41.15.
In the outside markets, the ICE Brent crude oil is $0.23 per barrel lower, the dollar is lower and the Dow Jones Industrials are 63 points higher.
For you wheat watchers, the International Grains Council sees less global wheat in 2014-15. On Thursday, the IGC estimated world output at 696 million metric tons vs. 708 mmt in 2013-14.
Separately, U.S. ethanol plants are reportedly making $1.50 per bushel, right now. So, there world looks bright. On the soybean side, it's believed the 70 U.S. crushing plants are covered, regarding supplies. So, maybe they are avoiding the current soybean price spike.
And this bit of news can't be hurting the soybean market:
"Farmers from the Brazilian state of Mato Grosso will harvest 1.2 million acres less of the soybean area, according to a new survey from the Association of Soybean and Corn Growers of the state of Mato Grosso, reports AgroSouth-news.com. The smaller productivity is due to increased precipitation in the last few days. The yields lost might be 487,000 tons. The total crop would be reduced to 26.8 million tons."
The March corn futures contract is trading 1/4 of a cent lower at $4.60. The May soybean futures contract is 26 cents higher at $14.23. May wheat futures are 2 cents lower at $6.03 per bushel. The May soymeal futures contract is trading $9.00 per short ton higher at $462.70. The May soyoil futures are trading $0.44 higher at $41.90.
In the outside markets, the ICE Brent crude oil is $0.16 per barrel lower, the dollar is lower and the Dow Jones Industrials are 43 points higher.
Tim Hannagan, Walsh Trading Inc. grain analyst, says demand-side fundamentals ruled trading today. "The weekly export sales came in weak for corn and wheat, but beans saw China in for 387,000 metric tons for old crop year delivery. Note, ending stocks are the second lowest on record and fear is the March 10 USDA Crop Report may show it the lowest. Demand has exceeded the forcast by 2.4 million metric tons. Last March, China backed off with sharply lower shipments and new sales."
At the open:
The March corn futures contract is trading 1 3/4 cents lower at $4.59. The May soybean futures contract is 15 1/2 cents higher at $14.12. May wheat futures are 6 cents lower at $5.99 per bushel. The May soymeal futures contract is trading $6.10 per short ton higher at $459.80. The May soyoil futures are trading $0.07 lower at $41.39.
In the outside markets, the ICE Brent crude oil is $0.43 per barrel lower, the dollar is higher and the Dow Jones Industrials are 9 points higher.
South America's unfavorable crop-weather is helping beans rally, Thursday.
--USDA Thursday announces 112,000 tons of optional origin soybeans sold to China for 2013-14 delivery.
--USDA announces 281,480 tons of U.S. corn sold to Mexico for 2013-14 delivery.
USDA's Weekly Export Sales Report Thursday:
Wheat= 564,900 tons vs. the trade's expectations of 150,000-750,000 metric tons.
Corn=842,300 tons vs. the trade's expectations of 400,000-850,000 metric tons.
Soybeans= 642,900 tons vs. the trade's expectations of 200,000-850,000 metric tons.
Soybean meal= 264,500 tons vs. the trade's expectations of 125,000-320,000 metric tons.
Early calls: Corn is seen 2-4 cents lower, soybeans 6-8 cents higher, and wheat 5-7 cents lower.
Overnight grain, soybean markets=Trading mostly lower.
ICE Brent Crude Oil=$0.43 per barrel lower.
Wall Street=Seen higher, but choppy ahead of Yellen testimony to Congress.
World Markets=Asia/Pacific stocks were mixed, Europe stocks lower.
More in a minute,
02-27-2014 08:28 AM - edited 02-27-2014 08:34 AM
Hey, thanks for the kind words about the video. We plan to do more of this. So, I'm glad you liked it, jr. And, you picked up on something that I hope these worldly interviews will do for us. And that is to connect the dots on what is going on around the grain market world. So, again, thanks. We're always open to interview suggestions too. If you think there is a corner of the world that would be neat to find out more about, maybe we can dig something up.
02-27-2014 08:40 AM
02-27-2014 08:52 AM
I "laughed out loud" when I saw the trade's range of expectaions on the weekly export figures. You ought to be able to hit that report right with those expectations......."Soybeans= 642,900 tons **bleep**. the trade's expectations of 200,000-850,000 metric tons."
Sounds like our weather guy -- "It will snow an inch today, but it could be a foot."
02-27-2014 09:39 AM
With That kind of range of estimites it gives fodder to those that want ot put out a bullish or bearish spin on the deal. In other words they are clueless before hand
02-27-2014 10:12 AM
Can't you just see a bunch of congressmen ordering an investigation into why "we" exported soybeans to CHina for half the price of what "we" later had to buy them back for , and ship them in, from Brazil???
Propane...$1.30 harvest lows...to $6 plus peak? Soybeans $12 to...?????