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01-24-2014 07:46 AM - edited 01-24-2014 11:02 AM
The March corn futures contract is trading 2 1/4 cents lower at $4.26. The March soybean futures contract is trading 1/4 of a cent higher at $12.77. March wheat futures are 6 3/4 cents lower at $5.63 per bushel. The March soymeal futures contract is trading $3.20 per short ton higher at $421.90. The March soyoil futures are trading $0.49 lower at $37.37.
In the outside markets, the Brent crude oil is $0.24 per barrel higher, the dollar is higher and the Dow Jones Industrials are 169 points lower.
At the open:
The March corn futures contract is trading 1 3/4 cents lower at $4.27. The March soybean futures contract is trading 1 1/4 cents lower at $12.75. March wheat futures are 2 1/2 cents lower at $5.67 per bushel. The March soymeal futures contract is trading $1.00 per short ton higher at $419.70. The March soyoil futures are trading $0.25 lower at $37.61.
In the outside markets, the Brent crude oil is $0.24 per barrel lower, the dollar is lower and the Dow Jones Industrials are 109 points lower.
USDA announces fresh export sales (Separate from the weekly export report earlier):
--Japan buys 100,000 tons of U.S. corn for 2013-14 delivery.
--Spain buys 150,000 tons of U .S. corn for 2013-14 delivery.
--Egypt buys 120,000 tons of U.S. corn for 2013-14 delivery.
--China buys 126,000 tons of U.S. soybeans for 2014-15 delivery.
Wow! What a grocery list of fresh sales Friday!
USDA Weekly Export Sales for soybeans are very bullish:
Corn= 693,200 tons vs. the trade's expectations of 200,000 to 800,000 metric tons (mt).
Soybeans=1.673 tons vs. the trade's expectations of 300,000 to 600,000 mt.
Wheat=413,400 tons vs. the trade's expectations of 350,000 to 650,000 mt.
Early calls: Corn is seen 2-4 cents lower, soybeans 3-5 cents lower, and wheat 2-4 cents lower.
Overnight grain, soybean markets=Trading lower.
Brent Crude Oil=$0.24 per barrel higher.
Wall Street=Seen lower.
World Markets=Asia/Pacific stocks were lower, Europe stocks lower.
More in a minute,
01-24-2014 08:03 AM - edited 01-24-2014 08:04 AM
those trade expectation ranges have gotten to be quite a wide open guess.
When the trade guess has a gap of 600K MT ------- you have to wonder if they're actually estemating or just hoping.
Beans are 1.673 ????? MMT ???
01-24-2014 08:07 AM - edited 01-24-2014 08:09 AM
Beans ------------------------ not everyone is anticipating the brazilian crop. ??
Wont that take another 45 mbushel off of that 150 ending stocks number??
01-24-2014 08:14 AM
Man I am slow this morning -------------------- I know who is probably anticipating the Brazilian crop the most ---------------- us.
Maybe we are going to introduce a sizeable import number to the usda report in Feb.
01-24-2014 09:03 AM
She's a biggie......New numbers out just moments ago. Brazil's 2013-14 soybean production estimated at 91.8 million metric tons. Anything over 90.0 million metric tons would be a new record. The Brazilian agency, Crops & Land put this out today.
01-24-2014 09:05 AM
Spill the beans. What price projections did they offer for new-crop corn and soybeans? What were the suggestions, buy puts and get ready to hedge your crops? Sell now instead of later? Watch the basis, it may be the best in the next few months that it's ever going to be all year? What was the message?
Thanks for sharing,