01-23-2014 07:48 AM - edited 01-23-2014 02:19 PM
At the close:
The March corn futures contract settled 2 3/4 cents higher at $4.29. The March soybean futures contract ended 2 1/2 cents lower at $12.77. March wheat futures closed 8 3/4cents higher at $5.70 per bushel. The March soymeal futures contract finished $0.70 per short ton lower at $418.70. The March soyoil futures closed $0.02 higher at $37.86.
In the outside markets, the Brent crude oil is $0.58 per barrel higher, the dollar is lower and the Dow Jones Industrials are 190 points lower.
One analyst sizes up today's trade like this: "Wheat saw fund profit taking today after hitting the months low and 60 cents off the high of January. Funds can pay bonuses on profits taken before month ends. Beans broke 70 cents off last week's high. So, profit taking was today's reason for strength. But, we also saw new selling off the bean high, as traders see good weather in South America the next 7 days and a bearish export sales report Friday."
The March corn futures contract is trading 3 1/4 cents higher at $4.29. The March soybean futures contract is trading 2 1/4 cents higher at $12.81. March wheat futures are 7 1/4 cents higher at $5.68 per bushel. The March soymeal futures contract is trading $1.30 per short ton higher at $420.70. The March soyoil futures are trading $0.10 higher at $37.94.
In the outside markets, the Brent crude oil is $0.85 per barrel higher, the dollar is lower and the Dow Jones Industrials are 173 points lower.
At the open:
The March corn futures contract is trading 2 cents higher at $4.28. The March soybean futures contract is trading 5 1/2 cents higher at $12.85. March wheat futures are 16 cents higher at $5.77 per bushel. The March soymeal futures contract is trading $1.70 per short ton higher at $421.10. The March soyoil futures are trading $0.17 higher at $38.01.
In the outside markets, the Brent crude oil is $0.46 per barrel lower, the dollar is lower and the Dow Jones Industrials are 144 points lower.
Early calls: Corn is seen 2-4 cents higher, soybeans 3-5 cents higher, and wheat 8-10 cents higher.
Overnight grain, soybean markets=Trading higher.
NYMEX Crude Oil=$0.31 per barrel higher.
Wall Street=Seen lower, ahead of housing market reports.
World Markets=Asia/Pacific stocks were mixed-to-higher, Europe stocks lower.
More in a minute,
01-23-2014 09:57 AM
If you are looking for a spring weather rally for the corn market, there may be early indications from adequate snowmelt in the Rockies that could keep the market comfortable for awhile.
Jordan Anderson, Digital Content Editor for Successful Farming magazine and Agriculture.com,
has an early look at snowpack and melt.
Full Story: 2014 Midwest Snowmelt Outlook
01-23-2014 10:17 AM - edited 01-23-2014 10:21 AM
you are freaking joking right
so you are now telling me that snow in CO will replenish the soil moisture issue in KS, NE, MO and IA
I got some ocean front property for sale in IA, Mike you interested?
some days it doesnt pay to get outta bed
Mike, you wanna help a corn farmer out. Tell your editorial staff to get there tail to DC and start pounding on doors to keep the RFS in tact. Tell them to write some articles that fight for ethanol and its importance and dispell all this crap in main stream media. Tell them to write some articles of how this LP thing isnt the farmers fault, its because some greedy SOB in the energy sector, and probably our own precise bobblehead wanted to screw with things.
01-23-2014 10:47 AM
01-23-2014 10:53 AM
Thanks for your response. The snowmelt could be important, we don't know yet. But, what we do know is that it can't hurt. Surely you don't think that I believe that snowmelt, or for that matter weather alone moves the market? But, because the market participants trade fear before fact, it's relevant to note what the snowmelt outlook is forecasting. And, I agree with you on the other topic. So much so that we do have a reporter working on the LP story and we have one attending today's RFS meeting. So, keep your news nose to the ground, Mizzou. Oh, to answer your question about the Florida marsh land, how much you asking?
01-23-2014 11:00 AM
Shaggy, it is all about the corn belt when it comes to the traders. Nobody says you don't deserve your share of moisture but at the end of the day you guys just don't matter. No offense its just how the trade operates. Hope you guys get what you need.
01-23-2014 11:06 AM - edited 01-23-2014 08:13 PM
I agree with you partially Doug, but not 100%. Lots of bushels come from the Great Plains, they will be noticed if they're missing but might not show up on trade until later in the year.
01-23-2014 11:23 AM - edited 01-23-2014 11:23 AM
Mike, here's a story for you - i know it doesn't affect the trade or producers - but further expression of extreme weather we are having nationwide (worldwide, for that matter):
URGENT - WINTER WEATHER MESSAGE
NATIONAL WEATHER SERVICE HOUSTON/GALVESTON TX
1035 AM CST THU JAN 23 2014
...WINTER STORM WARNING IN EFFECT FOR SOUTHEAST TEXAS...
01-23-2014 11:49 AM
Being from E. CO on the banks of the S.Platte, i can tell you all that *if* there is a good snowpack in our mountains, only the amount of water that we are unable to catch or are required to send to neighboring states will be getting there. We had floods in Sept., which washed out resevoir inlets, irrigation canals, etc. We were able to catch very little of that water. Plus, it was so contaminated, it probably is a good thing. We have several years of water augmentation we have to catch up on, if by the grace of God we have water, were going to catch up ourselves long before sending it to the midwest. I agree with MT, if the trade thinks the water coming out of this area will save the midwest, they have another thing coming. They forget our ponds, ditches, resevoirs, aquifers, are empty from a drought also.