- Agriculture.com Community
- Announcements & Forum Help
- Farm Business
- Young & Beginning Farmers
- Cattle Talk
- Crop Talk
- Hog Talk
- Ask the Agronomy Insider
- Machinery Talk
- Machinery Marketplace
- Shops, buildings and bins
- Ask the SF Engineman!
- Computers & more
- Precision Agriculture
- People & Rural Life
- Ag Forum
- Women In Ag
- Agriculture.com Blogs
- Your Farm in the Future
- Women in Ag: Lisa Foust Prater
- Women in Ag: Brenda Frketich
- Women in Ag: Anne Miller
- Women in Ag: Jennifer Dewey
- Women in Ag: Talkin' Turkey with Lara Durben
- Women in Ag: Heather Lifsey Barnes
06-16-2014 07:46 AM - edited 06-16-2014 03:36 PM
Reminder: If you are near Bloomington, Illinois, don't forget to check out our Tools of the Future Tour, Tuesday, at the Agricenter. On Thursday, the tour is in West Lafayette, Indiana. Watch drones fly, see the new planter, soil moisture gauge, and more. Register at Tools of the Future.
Al Kluis, Kluis.com, responded by customer newsletter, to Monday's USDA Crop Progress Report:
"Corn: The USDA report on conditions showed the nation’s corn crop rated at 76% good to excellent. This is close to the highest rating ever for mid-June. The best crops are up north with North and South Dakota rated 84% good to excellent, and Iowa at 83%.
Soybeans: Nationwide soybean planting was at 92%. This is 2% ahead of the five year average. The crop is in good shape with the rating this week at 73% good to excellent.
Wheat: The good to excellent rating for hard red spring wheat is at 72% good to excellent, up 1% from last week. Winter wheat harvest is at 16% complete, down 4% from the five year average."
At the close:
The July corn futures contract settled 6 cents lower at $4.41.
The Dec. corn futures finished 5 cents lower at $4.42.
The July soybean futures contract finished 4 cents lower at $14.21.
The Nov. soybean futures settled 4 cents lower at $12.17.
July wheat futures closed 5 cents lower at $5.81.
The July soymeal futures contract finished $5.50 per short ton lower at $462.40.
The July soyoil futures finished $0.19 lower at $39.50.
In the outside markets, the NYMEX crude oil is $0.30 per barrel higher, the dollar is lower and the Dow Jones Industrials are 7 points higher.
The July corn futures contract is trading 5 cents lower at $4.42.
The Dec. corn futures are trading 4 1/2 cents lower at $4.43.
The July soybean futures contract is 2 1/2 cents higher at $14.28.
The Nov. soybean futures are trading 1/4 of a cent lower at $12.20.
July wheat futures are 2 cents lower at $5.84.
The July soymeal futures contract is trading $1.10 per short ton lower at $466.80.
The July soyoil futures are trading $0.15 lower at $39.54.
In the outside markets, the NYMEX crude oil is $0.31 per barrel higher, the dollar is lower and the Dow Jones Industrials are 44 points lower.
Jack Scoville, PRICE Futures Group vice-president, says the bulls are being ignored.
"I think the key right now is the weather. And really the weather is good and people are talking top yields which for now seems possible, although we got pollination and flowering coming to change the thing. Plus, no real reaction to the NOPA crush or export inspections, while positive, were largely anticipated I guess. The bulls keep trying to say that early growing conditions can change and they are right, but the market does not seem to care. Bulls also say that the data suggests tight supplies of beans which appears to be true, but the market is not really caring much about that either. Funds keep liquidating July in all markets and those are longs. Plus, the basis levels imply that something is not right with the USDA data. Either way, the market seems to have priced out short supplies of beans. Trends turned down in beans on July and weekely charts with the move below 1450 last week. Corn futures are below loan and the cost of production for many, and we might see some support there. Wheat harvest is moving along with HRW areas reporting bad yields as expected and high protein which should also be expected. SRW has no yield problems, but the protein might be low so lots of feed wheat might be coming. We will see. The day so far has to be disappointing to the bulls as they got some decent demand numbers and those are getting ignored."
At the open:
The July corn futures contract is trading 1 1/2 cents lower at $4.45.
The Dec. corn futures are trading 2 cents lower at $4.45.
The July soybean futures contract is 4 cents higher at $14.30.
The Nov. soybean futures are trading 1 cent lower at $12.19.
July wheat futures are 4 cents higher at $5.90.
The July soymeal futures contract is trading $2.00 per short ton higher at $469.90.
The July soyoil futures are trading $0.16 lower at $39.53.
In the outside markets, the NYMEX Brent crude oil is $0.22 per barrel higher, the dollar is lower and the Dow Jones Industrials are 37 points lower.
The members of NOPA will announce May crush totals today. The trade sees a May soybean crush rate of 127-129 million bushels, when only 116-118 is necessary to meet balance sheet requirements.
Early calls: Corn is seen 1-2 cents higher, soybeans 3-5 cents higher, and wheat 5-7 cents higher.
Overnight grain, soybean markets=Trading higher.
Brent Crude Oil=$0.05 per barrel higher.
Wall Street=Seen lower, as the violence in Iraq worsens. The biggest event this week, for the markets, will be the result of the Feds meeting on Tuesday. A decision will be made on Wednesday whether the Fed trims Q/E spending.
World Markets=Europe stocks were lower, Asia/Pacific stocks were lower.
More in a minute,
06-16-2014 11:23 AM - edited 06-16-2014 11:24 AM
Our little garden of eden (West of Dayton) only had .25" in the second half of May and 1.2" so far in June. Temps in the upper 80's low 90's expected all week with overnight lows of 70.
ECI keeps stealing all our rain.
06-16-2014 01:09 PM
06-16-2014 11:22 PM
SWO, Im about 3 hours north of you and we are also just starting to get dry. I seen pivots pumping water on my way home from work this evening. We have had recent rains, but they have been light amounts.