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01-18-2013 07:08 AM - edited 01-18-2013 11:44 AM
The March futures corn contract is trading 2 cents higher at $7.27. The March soybean futures contract is trading 3 cents lower at $14.27. March wheat futures are trading 5 cents higher at $7.86 per bushel. The March soyoil futures contract is trading $0.01 higher at $51.50. The March soymeal futures are trading $0.40 per short ton lower at $413.60.
In the outside markets, the NYMEX crude oil is $0.46 per barrel lower, the dollar is higher and the Dow Jones Industrials are 14 points lower.
At the open:
The March futures corn contract is trading 3 cents higher at $7.27. The March soybean futures contract opened 2 cents lower at $14.27. March wheat futures opened 1 cent higher at $7.82 per bushel. The March soyoil futures contract opened $0.19 lower at $51.30. The March soymeal futures opened $1.00 per short ton lower at $413.00.
In the outside markets, the NYMEX crude oil is $0.17 per barrel lower, the dollar is higher and the Dow Jones Industrials are 5 points lower.
Early calls: Corn is seen 2-4 cents higher, soybeans 5-7 cents higher, and wheat 2-4 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.24 per barrel lower.
Wall Street=Seen opening flat, as GE beats.
World=Asia/Pacific stocks are mostly higher, and Europe's stocks are mostly lower.
More in a minute,
01-18-2013 11:49 AM
Informa, the private analyst firm, sees the U.S. 2013 corn acreage rising to 99.3 million acres.
Here are their latest estimates released Friday:
2013 US Planted Acres
Corn: 99.303 million (+0.277 from Dec)
Beans: 78.777 million (-0.185 from Dec)
Winter Wheat: 41.820 million (-.378 from Dec)
Spring Wheat: 12.5 (+0.2 from LY)
Cotton: 10.040 mil (-0.025 from Dec)
2013 US Planted Acres
Corn: 99.026 million (+1.3 from Nov)
Beans: 78.962 million (-1.14 from Nov)
Wheat: 56.8 million (-0.3 from Nov)
Winter Wheat: 42.198 (-0.3 from Nov)
Cotton: 10.065 mil (+0.065 from Nov)
Wellll what do you think?
01-18-2013 12:10 PM
I won't be helping the corn numbers unless the weather pattern changes and we get a lot of rain between now and planting. Will be planting more beans than corn, seems to be what most in this area are thinking according to two of my seed dealers. One of my dealers has already changed two of my paid for corn numbers because of some shortages.....
01-18-2013 12:30 PM
With new crop corn only $5.50 they had better think again when they talk about 99 million acres. With new crop beans at $12.50 that $5.50 price for corn don't switch a lot of rotations in favor of corn.
01-18-2013 01:03 PM
Nebraska on average produces roughly two thirds of it's corn under irrigation. With some areas never having an irrigated allocation that do now and the rest of us that have seeing reduced allocations, I doubt the number three corn growing state has expanded corn acres. I'd be willing to bet Nebraska sees reduced corn acreage in 2013 unless the weather pattern dramatically changes. If corn acres expand, it would appear they'll expand from the fringe areas where yields are a crapshoot.
01-18-2013 01:44 PM
Another thrilling five-cent day in the corn market. I guess it's the holiday weekend, but this is happening a lot. So what do the traders do when it's like this, sit around and bet on how many games the Cubs will lose this year?
01-18-2013 02:22 PM
In comparing Informa's acreage guesses to last year's guesses, they have planted acres for corn, soybeans and wheat gaining around 10.6 million acres total in 2013 compared to 2012..... Where are these 10.6 million acres gonna come from??? Four words come to mind........NOT GOING TO HAPPEN.