01-13-2014 07:42 AM - edited 01-13-2014 01:48 PM
At the close:
The March corn futures contract settled 1 3/4 cents higher at $4.34. The March soybean futures contract settled 15 cents higher at $12.94. March wheat futures ended 4 1/2cents higher at $5.73 per bushel. The March soymeal futures contract finished $8.30 per short ton higher at $421.90. The March soyoil futures ended $0.39 lower at $32.84.
In the outside markets, the NYMEX crude oil is $0.88 per barrel lower, the dollar is higher and the Dow Jones Industrials are 130points lower.
The March corn futures contract is trading 1 1/4 cents higher at $4.34. The March soybean futures contract is trading 15 cents higher at $12.94. March wheat futures are 4 3/4 cents higher at $5.73 per bushel. The March soymeal futures contract is trading $7.00 per short ton higher at $420.60. The March soyoil futures are trading $0.36 lower at $37.87.
In the outside markets, the Brent crude oil is $0.60 per barrel lower, the dollar is higher and the Dow Jones Industrials are 33 points lower.
Soybeans have jumped, as export inspections were released Monday morning. Also, USDA announces that an 'unknown' buyer purchased 140,000 US beans for ‘13/14 delivery.
One analyst gives credit to soybeans' ability to move. "Soybeans are doing what soybeans do best…move. The market had seen a large sell off in recent days. They are simply recovering. A good export sale didn’t hurt either. Corn is still catching its breath from Friday."
A separate Chicago analyst sizes up the bean rally like this: "Beans were lower overnight, but the news of sales to unknown destinations, probably China, really turned this thing around. It is the only news I know of that could do this. Yield reports are very high in Brazil in both MT and now PR. My guys think maybe 93 million tons of production potential for the country and feel it could go higher. Wow, what a crop. So, one has to wonder about how far we can go on this, but the demand just does not quit for us. Corn had no real follow through from last week, kind of too bad. Even though the reports were bullish to expectations, it is not like we are going to run out of corn. Not sure why the wheat strength, but it was beaten up pretty hard last Friday. The market is just consolidating, I think," he says.
At the open:
The March corn futures contract is trading 1 cent lower at $4.31. The March soybean futures contract is trading 9 cents lower at $12.69. March wheat futures are 2 cents higher at $5.71 per bushel. The March soymeal futures contract is trading $4.00 per short ton lower at $409.60. The March soyoil futures are trading $0.18 lower at $38.06.
In the outside markets, the Brent crude oil is $0.43 per barrel lower, the dollar is higher and the Dow Jones Industrials are 20 points lower.
--S. Korea bought 137,000 tons of U.S. corn, over the weekend, that was originally headed to China.
--Egypt bought U.S. wheat, over the weekend. That tells you how cheap the U.S. wheat is, regarding the world market.
Early calls: Corn is seen 1-2 cents higher, soybeans 3-5 cents lower, and wheat 2-4 cents higher.
Overnight grain, soybean markets=Trading mostly higher.
Brent Crude Oil=$0.54 per barrel lower.
Wall Street=Seen lower.
World Markets=Asia/Pacific stocks were lower, Europe stocks higher.
More in a minute,