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01-25-2017 06:55 AM - last edited on 01-25-2017 01:36 PM by marketeye
At the close:
At the close, the March corn futures settled 3¢ higher at $3.66 1/4, and new crop December 2017 futures finished 2 3/4¢ higher at $3.93 3/4 per bushel. March soybean futures finished 3 1/4¢ lower at $10.55 1/4, while November 2017 soybean futures closed 1/2¢ lower at $10.25 1/2. March wheat futures closed 2 1/4¢ lower at $4.24 1/4. March soy meal futures closed $0.30 short ton higher at $343.30. March soy oil futures closed $0.41 lower at 34.87¢ per pound. In the outside markets, the Brent crude oil market is $0.54 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 161 points higher at 20,073.
Jason Roose, U.S. Commodities analyst, says that slow farmer selling, the flash export sale of corn to Mexico and a potential reduction in Argentina corn crop is giving the corn a short covering bounce today.
At mid-session, the March corn futures are 1 3/4¢ higher at $3.65, and new crop December 2017 futures are 1 1/2¢ higher at $3.92 per bushel. March soybean futures are 4¢ lower at $10.54, while November 2017 soybean futures are 2¢ lower at $10.24. March wheat futures are 1¢ lower at $4.25. March soy meal futures are $1.20 short ton lower at $341.80. March soy oil futures are $0.17 lower at 35.11¢ per pound. In the outside markets, the Brent crude oil market is $0.12 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 137 points higher at 20,049.
DeAnne Hawthorne-Lahre, StatFutures co-founder and trader, says that the market chatter is about continuing corn export business to unknown announced today.
“Who is the unknown? Something is up in China, and the market is trying to figure it out at the moment.” she says.
Hawhorne-Lahre adds, “Early talk on U.S. 2017 corn acreage is at 91-92 million, while the pit is thinking 90.0 million for corn and 90.0 million for soybean acres, with the winter wheat acreage picture clearing up.”
“Volatility indicates the market is sleeping thru winter, and waiting for news and direction. “The market action will probably be rangebound until USDA’s March 31 acreage report,” Hawthorne-Lahre says.
It looks like weekly U.S. ethanol production is down slightly, but still strong, according to the EIA Wednesday.
According to EIA data analyzed by the Renewable Fuels Association, ethanol production averaged 1.051 million barrels per day (b/d)—or 44.14 million gallons daily. That is down slightly by 3,000 b/d from the previous week’s all-time record high and the 13th straight week over 1 million b/d. The four-week average for ethanol production stood at an unprecedented 1.049 million b/d for an annualized rate of 16.08 billion gallons.
Stocks of ethanol stood at 21.7 million barrels. That is a 2.9% increase from last week and the highest total since the week ended 4/29/2016.
In early trading:
In early trading, the March corn futures are 1 1/4¢ lower at $3.62, and new crop December 2017 futures are 1/4¢ lower at $3.90 per bushel. March soybean futures are 2 3/4¢ lower at $10.55, while November 2017 soybean futures are 3/4¢ lower at $10.25. March wheat futures are 3¢ lower at $4.23. March soy meal futures are $0.80 short ton higher at $343.80. March soy oil futures are $0.33 lower at 33.00¢ per pound. In the outside markets, the Brent crude oil market is $0.42 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 97 points higher at 20,000.
Private exporters reported to the U.S. Department of Agriculture export sales of 141,224 metric tons of corn for delivery to unknown destinations during the 2016/2017 marketing year.
The marketing year for corn began Sept. 1.
Soybeans were lower in overnight trading on concerns about demand for U.S. products. Beans dropped a nickel, corn was down a penny and wheat was off by about 3 cents. It was a strange day for staffers at the USDA yesterday after they received a notice from the department's chief of staff saying not to release any data, then later were told the directive was unauthorized and they'd be given further instructions down the road. In weather news, a large storm moving across the northern Midwest is heading east into Wisconsin toward Lake Michigan.
Here's what happened overnight:
Brent Crude Oil = 0.9% lower.
West Texas Intermediate Crude Oil = 0.9% lower.
Dollar = down 0.4%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher on weakening dollar.
01-25-2017 07:52 AM - edited 01-25-2017 07:58 AM
Just what we need. Implication there is something behind the reports. The conspiracy theorists will be delighted.
Here's a story on it. Not many facts yet. The story gives me an uneasy feeling. If ARS does not release findings, who do we look to...Monsanto? Thanks a lot, USDA.
01-25-2017 09:40 AM
Your right Jim,,,,,, Conspiracy Theorists --------
I am starting to think that any one who reads and questions should be a suspect.
lets see that is an article on NPR, based on a quote from Buzzfeed social media, On the obvious ..... to create a conspiracy....
Not sure how it applies but Conspiracy on.....................
01-25-2017 09:49 AM
Rioting in the streets isn't the only thing the libtards are doing.
90+% of the media is infested with their pestilence, gonna get outta control with fake/false news.
Just look at this site the last month.
01-25-2017 10:32 AM
Not knowing how many bushels are in my bins, or in my neighbors bins for that matter, is going to be devastating to my marketing plans. Also, not knowing in March that my crops are going to meet and and probably exceed trendline yields for the upteenth year in a row, is really going to throw a wrench in my daily farming decisions. I don't know how we will ever survive.
01-25-2017 12:34 PM
true south......but is it alternate facts ?
opps, sorry i'm not supposed to say that here
as for the wild things comming out of, or failing to
come out of the usda isn't due to "us crazy's"
it's all tweety birds doing........
opps, i did it again
01-25-2017 03:49 PM
We have had several years of reling by presidential proclamation as opposed to law.....
Farm programs that are redefined by administrative rewrite. Or rules interpretation.
Congress that has just mailed it in.... so much that they let someone else write legislation most of the time. So us guys in kansas only have to write to Manhattan to complain about the farm bill.
Nancy isn't the only one who votes for legislation without knowing what is in it.
The fear is coming from seeing someone do what they promised when they ran.... We haven't seen that before.... example..... how many times have folks been elected to fix inner city problems, or racial injustice, or a multitude of catch phrases.... and settled back to .......Nothing Changed except we spent some money and congress got campaign funding
Fix immigration....... balance budget..... social equaly..... more of the same
a long list of vote rousing slogans......
Sooner or later we were going to elect someone who tries to keep a promise and had an agreeable congress........ brace yourself...... This guy might be the one and the press is scared to death, because their networks are the ones who get much of those campaign funds.
If they really want to trim the special interests around the beltway, the press is not going to help. And electing folks who owe their elections to Political action committees was never going to change anything.
Look how much worse can farm economics get..... This next year has interesting issues now instead of slow economic death by debt. It is not business as usual...
If you look at the US through long term economic goggles...... We desperately needed to make a change...