01-07-2014 07:12 AM - edited 01-07-2014 01:43 PM
At the close:
The March corn futures contract finished 1 3/4 cents lower at $4.26. The March soybean futures contract settled 3/4 of a cent lower at $12.76. March wheat futures closed 3 1/4 cents lower at $6.02 per bushel. The March soymeal futures contract ended $2.00 per short ton higher at $415.80. The March soyoil futures settled $0.19 lower at $37.93.
In the outside markets, the NYMEX crude oil is $0.37 per barrel higher, the dollar is higher and the Dow Jones Industrials are 114 points higher.
The March corn futures contract is trading 1/4 of a cent higher at $4.28. The March soybean futures contract is trading 1 1/4 cents higher at $12.78. March wheat futures are 2 cents higher at $6.07 per bushel. The March soymeal futures contract is trading $3.20 per short ton higher at $417.00. The March soyoil futures are trading $0.19 lower at $37.93.
In the outside markets, the NYMEX crude oil is $0.43 per barrel higher, the dollar is higher and the Dow Jones Industrials are 104 points higher.
--USDA announces that the U.S. sold 350,000 tons of soybeans to China for 2013-14 delivery.
In early trading:
At 9:30am, the March corn futures contract is trading 1/2 of a cent higher at $4.28. The March soybean futures contract is trading 1 1/4 cents lower at $12.75. March wheat futures are 2 1/4 cents higher at $6.08 per bushel. The March soymeal futures contract is trading $0.40 per short ton higher at $414.20. The March soyoil futures are trading $0.11 lower at $38.01.
In the outside markets, the NYMEX crude oil is $0.18 per barrel higher, the dollar is higher and the Dow Jones Industrials are 114 points higher.
At the open:
Corn opened 1/2 of a cent lower, soybeans fell 3 cents, and wheat 3/4 of a cent lower.
Al Kluis, Kluis Commodities, sees the USDA raising U.S. 2013 soybean production estimates in this Friday's WASDE Report. But, he thinks it's possible the government will lower soybean ending stocks, finally, to below 150 million bushels.
Plus, here are estimates from FC Stone Intl:
USDA Jan Yield Estimates (bpa):
Corn: 161.2 / 159.8-163.3 / 160.4
• USDA Jan Prod Estimates (bln bu): Corn:
14.066 / 13.897-14.255 / 13.989 •
Avg Est / Est Range / Nov USDA Beans:
43.3 / 42.7-44.0 / 43.0
Avg Est / Est Range / Nov USDA Beans:
3.279 / 3.240-3.330 / 3.258
USDA ’13/14 C/O Estimates (bln bu):
Corn: 1.861 / 1.654-2.054 / 1.792
Wheat: 0.557 / 0.460-0.586 / 0.575 •
USDA Dec 1 Stocks (bln bu):
Corn: 10.790 / 10.025-11.250 / 8.033
Wheat: 1.400 / 1.305-1.768 / 1.671 •
Winter Wheat Seedings (mln ac):
All Winter: 43.5 / 42.5-44.6 / 43.09
SRW: 9.5 / 8.25-10.4 / 10.019 •
Export Inspections (mln bu):
Avg Est / Est Range / Dec USDA Beans:
0.149 / 0.118-0.180 / 0.150
Avg Est / Est Range / Dec 1 2013 Beans:
2.161 / 2.027-2.266 / 1.966
Now, it's your turn. What do you think the Friday report will tell us?
Early calls: Corn is seen 1-2 cents lower, soybeans 4-6 cents lower, and wheat 2-4 cents lower.
Overnight grain, soybean markets=Trading lower.
Brent Crude Oil=$0.57 per barrel higher.
World Markets=Asia/Pacific stocks were lower, Europe stocks higher.
More in a minute,
01-07-2014 09:04 AM - edited 01-07-2014 09:05 AM
Going out on a limb here. I am guessing that after 2 years of fudging the corn numbers higher, the USDA takes this opportunity to move toward rebalancing the inventory books and through some combination of lower yield, less acres, or more usage, and magically loses about 300 million bushels dropping the carryout to about 1.5 B. Leastways thats what I would do if I were in their shoes, since we have plenty of corn now and need to get the price up just a bit to ensure a big crop is planted this spring.
01-07-2014 09:57 AM
New estimates for soybeans in Brazil:
Consultancy Clarivi projected that the total soybean production in 2014 will be 89.95 million tons through an area of 73.5 million acres. Also, according to a study authored by the Center of Advances Studies of Applied Economics from the University of São Paulo, the coming months tend to bring lower soybean prices as a result of record crop in Brazil. The average earnings generated by soybeans would range this year from 56 percent to 77 percent. These news were broke at agrosouth-news.com