03-11-2013 07:26 AM - edited 03-11-2013 03:59 PM
At the close:
The May futures corn contract closed 7 cents higher at $7.11. The May soybean futures contract finished 8 cents higher at $14.79. May wheat futures settled 3 cents higher at $7.00 per bushel. The May soyoil futures contract finished $0.10 higher at $50.44. The May soymeal futures settled $2.80 per short ton higher at $438.00.
In the outside markets, the NYMEX crude oil is $0.10 per barrel lower, the dollar is lower and the Dow Jones Industrials are 50 points higher.
One analyst says, "We are up today due to more logistical problems in Brazil and the fact that Argentine farmers would rather hold on to grain and soybeans and not sell for pesos or whatever the currency is there. Out cash markets remain tight and no one in South America is selling anything. So we keep getting what business is out there. Other than that I see on super good reason to rally. But until the exports start flowing from the south the situation here will remain very tight and the down side will be very limited. Once that changes we can see lowr prices for sure," he says.
The May futures corn contract is trading 8 cents higher at $7.12. The May soybean futures contract is trading 2 cents higher at $14.73. May wheat futures are trading 6 cents higher at $7.03 per bushel. The May soyoil futures contract is trading $0.12 higher at $50.46. The May soymeal futures is tradihng $0.20 per short ton lower at $435.00.
In the outside markets, the NYMEX crude oil is $0.74 per barrel lower, the dollar is lower and the Dow Jones Industrials are 26 points higher.
At the open;
The May futures corn contract opened 3 cents higher at $7.06. The May soybean futures contract opened 8 cents higher at $14.79. May wheat futures opened 1/2 of a cent higher at $6.97 per bushel. The May soyoil futures contract opened $0.06 higher at $50.40. The May soymeal futures opened $2.40 per short ton higher at $432.60.
In the outside markets, the NYMEX crude oil is $0.33 per barrel lower, the dollar is lower and the Dow Jones Industrials are 15 points lower.
Early calls: Corn is seen 2-4 cents higher, soybeans 7-9 cents higher, and wheat 1-2 cents lower.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.33 per barrel lower.
Wall Street=Seen opening lower, with eyes on the U.S. budget concerns and weak Chinese data from last week.
World=Asia/Pacific stocks were mixed and Europe's stocks were lower.
More in a minute,
03-11-2013 08:57 AM
03-11-2013 09:04 AM
The USDA has confirmed other forecasts that the Argentinean soybean crop will be reduced to 51.5 million tons. The prediction for Brazil (82.5 million tons) was mantained by the Departament.
03-11-2013 10:08 AM - edited 03-11-2013 10:15 AM
Rivers and creeks are rising, farm fields are flooding in Illinois and Iowa. Last night, I traveled from Des Moines to Chicago. Here is what I saw. Field after field was flooding. A lot of snow melted as heavy rains fell. Here are a few photos. Sorry, it was dark.
Water flowed over the roadway that divides a cemetary on the left and a cornfield (last year) on the right. These photos were taken about 100 miles west of Chicago, along Interstate-88.
The water flooded this farm. The levels were reaching the road, as I drove by. Though these photos are taken in Illinois, I witnessed some big-time flooded fields in Iowa too. In fact, the west end of Iowa City was experiencing some heavy flooding last night, in the low-lying areas by Coralville.
I just wonder if the flooding was occuring due to the ground remaining frozen. Plus, the rains were heavy. It was a double-whammy for the fields.