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01-31-2013 07:25 AM - edited 01-31-2013 11:44 AM
The March futures corn contract is trading 2 cents lower at $7.37. The March soybean futures contract is trading 10 cents lower at $14.62. March wheat futures are trading 7 cents lower at $7.79 per bushel. The March soyoil futures contract is trading $0.28 lower at $52.32. The March soymeal futures are trading $6.10 per short ton lower at $426.60.
In the outside markets, the NYMEX crude oil is $0.79 per barrel lower, the dollar is lower and the Dow Jones Industrials are 33 points lower.
One analyst says, "After grains rallied to new highs on the week Tuesday off dry conditions in South America we saw month end profit-taking into midsession. Beans were up 66 cents off last weeks low, corn 40 and wheat 30 cents so there was a lot of profit to take. Many funds have clauses in their contracts that they can pay bonuses on profits taken if taken before month end. We saw corn drop to down 6 cents , beans 23 and wheat 13 cents before buying re-entered. Traders await Friday weather updates to determine whether they will go long or short into the weekend. Current south American forecast are leaning dry for the next 10 days."
Informa will release updated South America production estimates Friday morning.
At the open:
The March futures corn contract is trading 1 cent lower at $7.38. The March soybean futures contract is trading 11 cents lower at $14.67. March wheat futures are trading 4 cents higher at $7.82 per bushel. The March soyoil futures contract is trading $0.37 lower at $52.23. The March soymeal futures are trading $3.80 per short ton lower at $428.90.
In the outside markets, the NYMEX crude oil is $0.76 per barrel lower, the dollar is lower and the Dow Jones Industrials are 4 points higher.
The USDA released bullish soybean Weekly Export Sales numbers, but neutral corn sales.
Corn= 253,000 vs. the trade's expectations of 200 to 400,000 metric tons.
Soybeans= 1.253 million metric tons vs. the trade's expectations of 600,000-900,000 mt.
Wheat=387,000 mt vs. the trade's expectations of 300,000-500,000 mt.
Early calls: Corn is seen 1-2 cents lower, soybeans 9-11 cents lower, and wheat 1-2 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.26 per barrel lower.
Wall Street=Seen lower as investors see carryover from yesterday's lower GDP. Also, btoday the U.S. Jobless Report will be released.
World=Asia/Pacific stocks were mixed and Europe's stocks lower.
More in a minute,
01-31-2013 09:28 AM
It appears that almost every week, the export numbers are being ignored by the traders. Folks may be surprised come June, July, & August at how low these export numbers can go.......and just an FYI, it won't be because the price is too high.
01-31-2013 10:59 AM
after 4 consecutive up days, the last one being a range expansion ($$ pile on day) breakout day, I would guess beans just needed to test support of the down-trendline they busted out from.................keep the faith and be patient
mkt has exploded pretty convincingly off that support.