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06-21-2012 06:25 AM - edited 06-21-2012 01:48 PM
U.S. Senate passes its version of a new 2012 farm bill, cutting $23.0 billion dollars. The House is expected to cut another $10.0 billion, according to a Dow Jones Newswire story.
At the close:
The July corn futures settled 23 3/4 cents lower at $5.88, while the Dec. contract closed 15 1/2 cents lower at $5.51. The July soybean contract finished 7 1/2 cents lower $14.39, while the Nov. 2012 contract closed 22 1/2 cents lower at $13.73. The July wheat futures settled 2 cents lower at $6.62. July soyoil futures settled $1.01 lower at $49.80. The July soymeal futures finished $1.90 higher at $429.30.
In the outside markets, the NYMEX crude oil is $2.74 per barrel lower, the dollar is higher and the Dow Jones Industrials are 210 points lower.
The July corn futures trade 14 1/4 cents lower at $5.97 1/2, while the Dec. contract trades 5 3/4 cents lower at $5.60 3/4. The July soybean contract is trading 1 1/2 cents higher $14.48, while the Nov. 2012 contract trades 11 1/4 cents lower at $13.84 1/4. The July wheat futures are trading 4 1/2 cents higher at $6.68 1/2. July soyoil futures trade $0.52 lower at $50.29. The July soymeal futures are trading $1.40 higher at $428.80.
In the outside markets, the NYMEX crude oil is $2.09 per barrel lower, the dollar is higher and the Dow Jones Industrials are 104 points lower.
At the open:
The July corn futures trade 1 cent lower at $6.11 1/4, while the Dec. contract trades 6 1/4 cents lower at $5.69 1/2. The July soybean contract is trading 1 cent higher $14.47 1/2, while the Nov. 2012 contract trades 8 1/2 cents lower at $13.84 3/4. The July wheat futures are trading 3 cents higher at $6.67. July soyoil futures trade $0.63 lower at $50.18. The July soymeal futures opened $5.30 higher at $432.70.
In the outside markets, the NYMEX crude oil is $0.87 per barrel lower, the dollar is higher and the Dow Jones Industrials are 27 points lower.
USDA Weekly Export Sales come in friendly:
Corn=382,000 mt vs. the trade's expectations of between 350,000-750,000 mt.
Soybeans=608,000 compared to the trade's expectations of between 500,000-900,000 mt.
Wheat=842,000 mt vs. the trade's expectations of between 300,000-500,000 mt.
USDA releases Weekly Export Sales at 7:30am, this morning.
--Japan buys 108,505 mt of milling wheat Thursday.
--China's May corn imports were estimated at 116,315 mt, vs. 12,000 a year ago.
--China's May soybean imports were estimated at 5.28 mmt, up 16% vs. a year ago.
Early calls: Corn 5-7 cents lower, soybeans 8-10 cents lower, and wheat 2-4 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.86 per barrel lower.
Wall Street=Seen lower as investors are disappointed by the Fed Reserve's action of extending "Operation Twist". Much more stimulus was anticipated.
More in a minute,
06-21-2012 06:30 AM - edited 06-21-2012 06:30 AM
What a rain yesterday! It seemed to be fairly widespread. The market sure thinks the rains did some good. I know there will be folks claim that they didn't get much out of it. But, for a lot of crops, that rain was welcomed. And good news, there's more out there this morning, according to the latest Freese-Notis Weather Inc. radar:
Enjoy the rain. The markets will take care of themselves.
06-21-2012 06:41 AM
We have watched alot of precip go around us the past week but if my eyes are correct, we got 2.5 inches over a 2 hour period late afternoon and evening. This is NC Iowa, south of Woden, Hancock Co(center of the universe)...MikeM
06-21-2012 06:44 AM
Yes the rain was welcome. I live in central NE, and for me, I got less rain than the RADAR let on to be. My total was about .35", but on the bright side, it was the heaviest rain since about May 10th. We actually had a puddle in the yard for a little while. Not a crop saver by any means, but it kept the pastures from turning all brown.
06-21-2012 07:00 AM
06-21-2012 07:04 AM
Correct me if I'm wrong, but last year Iowa actually had a really good state yield, I'm betting higher than it might be this year.....and we cranked 148 out on less acres........
Come on guys, open your eyes.....especially you marketeye, I know its hard to get beyond warren county but seriously.......
06-21-2012 07:16 AM - edited 06-21-2012 07:17 AM
In western Illinois, the farmers that irrigate are running the pivots. This photo was sent to me last night by a contact near Dixon, IL. He says he saw a lot of these running yesterday:
06-21-2012 07:17 AM
Our local Co-op helps source corn for our local ethanol plant, and the grain buyer there, says that most farmer they talked to, just do not have the corn to sell. Price was good, the winter was open, and load after load came was sold & delivered from Jan thru Mar, and just isn't there. I have a few bushels left over, and they told me to bring it in, they are giving free storage until October 1st, on the condition that I sign something to where I will not want the corn back, so they can deliver it to the plant. As of right now, they are just trying to get a bushel count, to give the plant an idea of how much corn they might be able to get to them. I don't think it would be a good thing, to be going full steam, and then one day just have nothing.
06-21-2012 07:21 AM
What part of Central Nebraska do you live? I'm west of Nebraska City, Send them trucks down here our coop still has some corn left to move. Not for sure what the trucking would cost.