01-04-2013 06:46 AM - edited 01-04-2013 03:05 PM
At the close:
The March futures corn contract settled 9 cents lower at $6.80. The Jan. soybean futures contract closed 14 cents lower at $13.89. March wheat futures finished 8 cents lower at $7.47 per bushel. The Jan. soyoil futures contract finished $0.79 lower at $49.42. The Jan. soymeal futures contract finished $7.40 per short ton lower at $398.20.
In the outside markets, the NYMEX crude oil is $0.04 per barrel higher, the dollar is lower and the Dow Jones Industrials are 35 points higher.
Today has a lot of informational items. Here is yet another one. The Energy Information Association just released weekly ethanol data.
This past week, ethanol production averaged 807,000 barrels per day (b/d) – or 33.89 million gallons daily, down 27,000 b/d from the week before. The 4- week average for ethanol production stood at 822,000 b/d for an annualized rate of 12.6 billion gallons.
Stocks of ethanol stood at 20.2 million barrels, lower than a week ago.
Imports of ethanol showed 87,000 b/d, up from last week.
The March futures corn contract is trading 4 cents lower at $6.84. The Jan. soybean futures contract is trading 19 cents lower at $13.84. March wheat futures are trading 10 cents lower at $7.45 per bushel. The Jan. soyoil futures contract is trading $0.46 lower at $49.75. The Jan. soymeal futures contract is trading $10.10 per short ton lower at $395.50.
In the outside markets, the NYMEX crude oil is $0.54 per barrel lower, the dollar is lower and the Dow Jones Industrials are 18 points higher.
Meanwhile, Informa, the private analyst firm, released 2012 crop estimates, above previous estimates:
--2012 U.S. corn crop at 10.801 billion bushels
--Corn yield at 123.3 bushels an acre
--U.S. soybean crop at 3.036 billion bushels
--Soybean yield at 40.1 bushels an acre.
What do you think?
In early trading:
The March futures corn contract is trading unchanged at $6.89. The Jan. soybean futures contract is trading 18 cents lower at $13.84. March wheat futures are trading 1 cent lower at $7.54 per bushel. The Jan. soyoil futures contract is trading $0.40 lower at $49.81. The Jan. soymeal futures contract is trading $7.40 per short ton lower at $398.20.
In the outside markets, the NYMEX crude oil is $0.07 per barrel lower, the dollar is lower and the Dow Jones Industrials are 1 point lower.
USDA Weekly Export Sales figures:
Corn=49,100 mt vs. the trade expectations of 110,000- 200,000 metric tons (mt).
Soybeans=373,500 mt vs. the trade's expectations of 200,000-400,000 mt.
Wheat= 402,500 mt vs. the trade's expectations of between 250 to 550,000 mt.
Soymeal= 53,800 mt vs. the trade's expectations of 120,000-250,000 mt.
Wow! The corn exports are pitiful.
--South Korea's largest animal feed manufacturer Friday bought feed wheat from South America, soymeal from India and South America and optional origin corn from either the U.S. or South America.
Early calls: Corn is seen 1-2 cents lower, soybeans 1-2 cents higher, and wheat 1-2 cents lower.
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$1.27 per barrel lower.
Wall Street=Seen opening lower, ahead of U.S. Nonfarm and Jobless data Friday.
World=Asia/Pacific stocks are mixed, and Europe's stocks are lower.
More in a minute,
01-04-2013 09:09 AM
"Wow! The corn exports are pitiful."
How could they be anything else?
We are IMPORTING corn...SHIP loads of it and it was just DECEMBER, harvest was hardly over when they started unloading here. Soybeans may be next.
My Gut feeling is there are more beans in hiding out here in the hinterlands.
01-04-2013 10:05 AM
Micro cosmos inventory in the sw says------90% of corn on storage already has a home and is priced.
Micro cosmos inventory run 5pm yesterday says-------30% of beans in storage are without a home and unpriced.
Feedlot region---- of sw.
01-04-2013 10:22 AM
We have icy and slick roads and I called the local guy I usually get to haul what I don't with the tractor and trailer in times like this and he only has three loads on the books ... PERIOD. Of anything.
I am firmly convinced that farm storage of corn is @ a record low as to % of bin space available. (pay attn here to my thoughts ...lots of new space has been built in the last 5 years)
I think 75% (wild a$$ed guess) is already in the elevator or at very least is contracted for future delievery.
Beans I'm thinking there are more out there than known about... some of us are guessing about it though.
Year after year I have watched the "new year slide" in prices. but this one may be the real deal as SA will fix it all. or maybe not
Long time till harvest and Brazil can't haul the whole load yet.
The game of "Mexican stand off" or "chicken" has begun...
01-04-2013 10:29 AM