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3 weeks ago - last edited 3 weeks ago by marketeye
At the close:
At the close, the May corn futures settled 8 1/4¢ higher at $3.82, while December futures finished 7 1/4¢ higher at $4.01. May soybean futures closed 16¢ higher at $10.51 3/4. November soybean futures closed 14¢ higher at $10.32 1/4. May wheat futures finished 13 1/4¢ higher at $4.57. May soy meal futures settled $2.90 per short ton higher at $339.30. May soy oil futures closed $0.81 higher at 34.74¢ per pound. In the outside markets, the Brent crude oil market is $0.13 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 344 points higher.
In early trading, the May corn futures are 2 1/2¢ higher at $3.76, while December futures are 2¢ higher at $3.95. May soybean futures are 4 1/2¢ higher at $10.40. November soybean futures are 4¢ higher at $10.22. May wheat futures are 7 3/4¢ higher at $4.51. May soy meal futures are $0.50 per short ton higher at $336.90. May soy oil futures are $0.23 higher at 34.16¢ per pound. In the outside markets, the Brent crude oil market is $0.22 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 228 points higher.
Wheat futures rose in overnight trading amid signs of demand for global supplies. Egypt bought 535,000 tons of wheat, none from the US, but it's a sign that the biggest importer might be starting to show need for supplies. Wheat was up about 6 cents, soybeans gained 8 cents and corn was up about 2 cents. We've all heard about the ethanol mandate proposal from billionaire Carl Icahn and the Renewable Fuels Assocation. So far, however, the White House has said no executive order is in the works and several analysts questions whether Congress would have to sign off on any change in the ethanol mandate. Either way, it made for an exciting Tuesday. In weather, a winter storm is hammering Wisconsin and northern Michigan today and it remains dry in the southern Plains.
Here's what happened overnight:
Brent Crude Oil = 0.4% higher.
West Texas Intermediate Crude Oil = 0.3% higher.
Dollar = up 0.7%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher on positive China data.
3 weeks ago
lsc76........spread between march and may bean futures has been about 10 cents...
did the move from -75H to -85K reflect rolling bids from March to May??
if so, it appears your -73K bid reflects an improvement for the week of 12 cents....
3 weeks ago
stop your bellyaching..........
looked at our quotes.........old crop beans basis went up to $1.35 a BU !!!!!!!
new crop bid, $1.20 basis.
now run those numbers.
ok people.......tell me how basis get's 20 cents wider, and we are using beans right and left, and there is a good outlook
for beans this fall ??
come on......tell me why..........i'm waiting
3 weeks ago
Ray - I agree with ECIN - only reason was they could pocket an extra dime
from those folks that had beans in storage and wanted to sell the rally
yesterday so they didn't have to pay March storage.
Net basis gain for the week so far is 2 cents.
When people play the game like they did yesterday I wouldn't have sold one little beanie!!
3 weeks ago