02-07-2014 07:14 AM - edited 02-07-2014 02:17 PM
At the close:
The March corn futures contract settled 1 1/4 cents higher at $4.44. The March soybean futures contract finished 5 3/4 cents higher at $13.31. March wheat futures settled 3 1/4 cents lower at $5.77 per bushel. The March soymeal futures contract finished $0.40 per short ton higher at $446.40. The March soyoil futures ended $0.10 lower at $38.56.
In the outside markets, the Brent crude oil is $1.70 per barrel higher, the dollar is lower and the Dow Jones Industrials are 136 points higher.
The March corn futures contract is trading 1 1/4 cents higher at $4.44. The March soybean futures contract is 1 1/4cents higher at $13.27. March wheat futures are 2 1/4 cents higher at $5.83 per bushel. The March soymeal futures contract is trading $1.70 per short ton lower at $444.30. The March soyoil futures are trading $0.11 higher at $38.77.
In the outside markets, the Brent crude oil is $0.52 per barrel higher, the dollar is lower and the Dow Jones Industrials are 91 points higher.
So, what's ahead today for the markets? Jeff Coleman, The Trean Group analyst and CME Group floor trader lays it out this way:
"Once again narrow ranges and modest volume was the theme for the overnight trading session as corn and soybean futures are trading unchanged while wheat futures are 2.5 cents higher this morning. With little news to move the corn markets and with traders shoring up positions before Monday’s 11:00 AM CST release of the USDA WASDE report, March corn stayed right around their 100 day moving average of $4.43 per bushel after trading in a 1.75 cent range. March soybean futures are unchanged this morning holding onto the 9 cent gain from yesterday’s trading session. March Chicago wheat futures are up 2.5 cents this morning finding support from fears that the unusually cold weather may have damaged dormant US crops and we are seeing some short covering from very large net short positions in the market."
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.
Brent Crude Oil=$0.04 per barrel lower.
Wall Street=Seen higher, with hopes of a good Jobs Report Friday.
World Markets=Asia/Pacific stocks were higher, Europe stocks higher.
More in a minute,
02-07-2014 09:36 AM
From AgroSouth News (agrosouth-news.com):
The heat in Rio Grande do Sul and other southern states of Brazil with temperatures frequently exceeding 100 degrees, have generated widespread worries about the soybean crops. Currently, 80 percent of the crops under flowering and the situation is severe because of lack of humidity. In parts of Northern Rio Grande do Sul, there are already some indications of lower productivity, according to the local rural assistance institution. However, not all farmers are expecting a poor soybean crop. Antonio Sartori, president of Brasoja Agro, a brokerage of Rio Grande do Sul, believes that enough rains will come next Wednesday. According to Sartori, there will be a high production of soybeans (14 million tons), corn (five million tons), wheat (tree million tons), and rice (eight million tons) in the state of Rio Grande do Sul. Overall, there are localities with over 15 days without precipitation.