01-16-2013 07:39 AM - edited 01-16-2013 02:54 PM
At the close:
The March futures corn contract closed 3/4 of a cent higher at $7.31. The March soybean futures contract finished 23 cents higher at $14.36. March wheat futures settled 2 cents higher at $7.85 per bushel. The March soyoil futures contract closed $0.44 higher at $51.31. The March soymeal futures finished $7.20 per short ton higher at $419.10. The March soyoil futures settled $0.44 higher at $51.31.
In the outside markets, the NYMEX crude oil is $0.88 per barrel higher, the dollar is higher and the Dow Jones Industrials are 32 points lower.
The March futures corn contract is trading 4 cents lower at $7.26. The March soybean futures contract is trading 12 cents higher at $14.26. March wheat futures are trading 3 cents lower at $7.79 per bushel. The March soyoil futures contract is trading $0.20 higher at $51.07. The March soymeal futures is trading $4.20 per short ton higher at $416.10. The March soyoil futures are trading $0.20 higher at $51.07.
In the outside markets, the NYMEX crude oil is $0.87 per barrel higher, the dollar is lower and the Dow Jones Industrials are 24 points lower.
One analyst says, "Pretty narrow thoughts today. Corn, beans and wheat traded up to there resistance levels on the charts hit yesterday off short covering and buying from last Friday's USDA Crop Report. The morning ethanol report report came out bearish, with larger inventories and that took corn from up 4 to down 4 cents, pulling wheat down on the day as well. Breaks are limited until next week's weather in Argentina and Brazil becomes clearer. Its dry this week and if they expand the dryness another week, we could see higher prices come Friday on fear of an extended dry period cutting yields.
At the open:
The March futures corn contract is trading 3 cents higher at $7.33. The March soybean futures contract opened 17 cents higher at $14.31. March wheat futures opened 4 cents higher at $7.86 per bushel. The March soyoil futures contract opened $0.43 higher at $51.30. The March soymeal futures opened $0.60 per short ton lower at $416.90.
In the outside markets, the NYMEX crude oil is $0.18 per barrel higher, the dollar is higher and the Dow Jones Industrials are 33 points lower.
I'm not seeing any fresh USDA export sales this morning. Here are a few other international items to note:
--Russia sells 62,910 tons of Intervention grain. To date, 1.32 mill. tons of this grain has been sold this year, with 4.751 million tons in the fund, Dow Jones Newswire reports Wednesday.
--Russian ag leaders say 1.0 million hectares of winter wheat seedings are toast, due to drought and cold weather. And an equal amount didn't even get seeded.
--India is expected to export 10 mmt of wheat this year, more than double what they have allowed now.
Early calls: Corn is seen 2-4 cents higher, soybeans 7-8cents higher, and wheat 5-7 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.05 per barrel lower.
Wall Street=Seen opening lower, as the market awaits more corporate earnings and consumer reports.
World=Asia/Pacific stocks are lower, and Europe's stocks are lower.
More in a minute,
01-16-2013 08:17 AM
Mike, It's really amazing that in Russa, their ag leaders will let it be known that their crops are bad during the season and actually put a number on the damage. Here in the US, we can't get an accessment of our crops to save our life.......Our ag leaders think that the trendline yield is written in stone until way after harvest. Anyone remember the statement by the head man at the USDA during the growing season last year? Maybe someone can post a link of that......
01-16-2013 09:04 AM - edited 01-16-2013 09:08 AM
01-16-2013 09:28 AM
That's a pretty interesting chart.
It looks like we are now only @ 35 % of the export market now---------- really emphasized what ecin said this morning------ Domestic usage is driving at the wheel now.
01-16-2013 09:32 AM - edited 01-16-2013 09:34 AM
If a marketing plan does nothing else ---------- it has to keep up with changes in what is driving the market......
Read into it what you can ---------- I agree it marks the day we committed to green energy(that ought yo stick in the throat)
But it also marks the date we stopped being the worlds cheap source of corn.
01-16-2013 10:03 AM
sw ---- excellent post in my book ! Let's think about this a sec . -- domestic is driveing -- for now , it can only use so much in a year , and look at the exports , it may be hard to get some of that back from the other country's = we are becomeing a --second source of corn , rather than the go too guy , I'm just saying that ,and I HOPE my plan comes together , that old corn will pull up new corn , then fellows -- I'm going to jump hard on new crop sells , thats just me , BUT will watch the weather CLOSE , but chances of a crop worse than last year , in my book , is not in the cards , Maybe I should say odd's .
Another way to look at it is IF we raise 96 mil. , and I'm useing 145 bpa for ECIN trend , lol that still is 13,920 .
Just something to think about .
01-16-2013 10:18 AM - edited 01-16-2013 10:20 AM
ECIN; Our chances of planting and harvesting 96 million acres would be hard to do. Historical if we use the 92% of PLANTED acres to get our harvested acres. We would have to plant 104,347,826 acres to achieve the 96 million acres harvested.