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02-05-2014 07:34 AM - edited 02-05-2014 01:59 PM
At the close:
The March corn futures contract settled 1 1/2 cents higher at $4.43. The March soybean futures contract finished 3 cents higher at $13.16. March wheat futures finished 3 cents higher at $5.87 per bushel. The March soymeal futures contract closed $5.00 per short ton lower at $442.00. The March soyoil futures finished $0.52 higher at $38.23.
In the outside markets, the NYMEX crude oil is $0.09 per barrel higher, the dollar is lower and the Dow Jones Industrials are 6 points lower.
Less ethanol is being made, according to the Energy Information Agency's weekly report.
The March corn futures contract is trading 1 1/2 cents lower at $4.40. The March soybean futures contract is trading 2 cents lower at $13.11. March wheat futures are unchanged at $5.84 per bushel. The March soymeal futures contract is trading $6.60 per short ton lower at $440.40. The March soyoil futures are trading $0.46 higher at $38.17.
In the outside markets, the Brent crude oil is $0.06 per barrel lower, the dollar is lower and the Dow Jones Industrials are 11 points higher.
One analyst describes today's markets like this: "There’s really a vacuum of any usable news at the moment. The corn market seems to have found both buyers and sellers around the $4.40 level while the soybean market appears willing to take its cue from the money flow. Concerns over Chinese cancellations seem to have abated though tomorrow’s export sales report may offer some additional information. In wheat, the state condition reports scared more than a few of the shorts out yesterday, a trend that seems to be continuing today."
At the open:
The March corn futures contract is trading 1/2 of a cent lower at $4.41. The March soybean futures contract is trading 1 3/4 cents lower at $13.11. March wheat futures are 4 1/2 cents lower at $5.80 per bushel. The March soymeal futures contract is trading $3.80 per short ton lower at $443.20. The March soyoil futures are trading $0.09 higher at $37.80.
In the outside markets, the Brent crude oil is $0.20 per barrel higher, the dollar is unchanged and the Dow Jones Industrials are 4 points lower.
--USDA announced Wednesday that 236,728 tons of U.S. corn was sold to an 'unknown' buyer.
Well, if shoveling snow (for the 20th time) doesn't make you irate, try this piece suggesting corn trading with a 2 in front of it in 2015:
Early calls: Corn is seen 1-2 cents lower, soybeans 4-6 cents lower, and wheat 2-4 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.20 per barrel higher.
Wall Street=Seen lower.
World Markets=Asia/Pacific stocks were mixed-to-lower, Europe stocks mostly lower.
More in a minute,
02-05-2014 09:09 AM
Mike that article is a lot of -------------- "what if's" ---------------- I could write something as clever as that. And I did notice that came out of U. of Tennessee.
By the end of it I was sure I could hear Randy Newman in the distance (sort of) singing "Lets drop the big one and see what happens."
02-05-2014 09:27 AM
"Say it ain't so Joe" - What a bunch of crap we have to digest this morning. I suppose we could plant the whole country in just corn and get the price down to - well I guess we would have to just give it away. Maybe farmers will wake up, and say "Maybe we'll reduce our acres across the board on all commodities and make more by making a shortage, like other companies do, and WE can set OUR price for what WE want." There - now you've got $7.00 corn again. See - I can do that too.
02-05-2014 09:40 AM
For having a BS and PHD he's not very smart because he sure doesn't understand economics! Farmers just simply don't plant for a loss at least not here. Lenders have to have some sort of assurances on paper with a plan. Corn prices below $4 would reduce plantings severly here and globally to cause shortages. Low corn prices are the worst thing that could happen to ethanol.
02-05-2014 10:06 AM
Stopped reading after suppose... suppose... suppose...
It is a bearish puff piece, trying to "plant" fear.
I could write the exact opposite bullish puff piece with suppose... suppose... suppose... and it would be just as valid, looking at today's date!
02-05-2014 10:20 AM
Tabloid Journalism from those who publish it ??????? just saying.......... You don't suppose............... circulation needs a boost..............
Let me write the fair and balanced ........... but then that would still be .......... Tabloid Journalism. ???????????????????
02-05-2014 11:17 AM
Why does everyone have such a big problem with someone making a case for a scenario that could happen? I wonder if anyone would have been up in arms if a story that made the case for $6 corn had been written? What does it hurt to examine a situation that probably won't come to pass but should at least be on our radar? And it doesn't have to be $2 corn, $3 - $3.50 corn with the basis we have in my area will put a lot of people on thin ice.
02-05-2014 11:24 AM
This is what I wrote to the person that alerted me about the story:
Ray offers a lot of "ifs". It would have to be a perfect storm to go to the $2.00 range. Personally, I think the rest of the world that is trying to plant corn will find that they are just not as good at it as the U.S. is and will stick with their locally favored crops. I think the ADM guy, during a talk a few years agoin Chicago is right. He said: In the future, the bulk of the beans will be grown in South America, wheat in Europe and corn in the U.S.