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03-12-2012 06:47 AM - edited 03-12-2012 03:21 PM
After the close:
CME Group CEO Craig Donohue to retire. The CME Group's Board of Directors announced Monday that Donohue will not renew his contract that expires at the end of the year.
At the close:
The May corn futures settled 14 1/2 cents higher at $6.59 1/2. The May soybean contract finished 3 1/4 cents lower at $13.34 1/2. The May wheat futures settled 8 1/4 cents higher at $6.51 1/4. The May soymeal futures finished $0.60 lower at $362.10. The May soyoil futures finished $0.31 lower at $53.96.
In the outside markets, the NYMEX crude oil is $1.06 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 45 points.
The May corn futures trade 13 3/4 cents higher at $6.58 3/4. The May soybean contract is trading 1 cents higher at $13.38 3/4. The May wheat futures are trading 9 cents higher at $6.52. The May soymeal futures are trading unchanged at $362.70. The May soyoil futures are trading $0.04 higher at $54.31.
In the outside markets, the NYMEX crude oil is $1.15 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 27 points.
What's happening in the corn market? Here is one floor trader's thoughts: "All about the cash market and spreads. May/July corn spread is out to +4 3/4 cents. Between 1996 to 2012 the May/July went to + 1/4 of a cent. A very bullish wire over the weekend was released, as well. Now, big buying of ck 700 calls by a fund 7000 bot."
The May corn futures trade 11 3/4 cents higher at $6.56 3/4. The May soybean contract is trading 1 3/4 cents higher at $13.39 1/2. The May wheat futures are trading 7 1/2 cents higher at $6.50 1/2. The May soymeal futures are trading $0.10 per short ton lower at $362.60. The May soyoil futures are trading $0.08 higher at $54.35.
In the outside markets, the NYMEX crude oil is $1.02 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 18 points.
At the open:
The May corn futures trade 1/4 of a cent lower at $6.44 3/4. The May soybean contract is trading 3 1/4 cents lower at $13.34. The May wheat futures are trading 2 1/2 cents lower at $6.40. The May soymeal futures are trading $1.50 per short ton lower at $361.30. The May soyoil futures are trading $0.18 lower at $54.09.
In the outside markets, the NYMEX crude oil is $1.62 per barrel lower, the dollar is higher and the Dow Jones Industrials are up 16 points.
Did China buy 600,000 mt of U.S. corn? That was the rumor that moved the market Friday. This morning, market participants are waiting to see if any confirmation shows up today.
Do you think it's true? Will the sale be announced at 8am or do you think somebody planted the rumor to move the market?
--S. Korea bought 125,000 mt of optional-origin corn Monday.
Early calls: Corn 1-2 cents higher, soybeans 1-2 cents lower, and wheat 1-2 cents lower.
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$1.04 per barrel lower.
Wall Street=Seen trading flat as China reports lower trade data and investors await the outcome of today's Eurogroup meeting.
More in a minute,
03-12-2012 08:18 AM - edited 03-12-2012 08:23 AM
I noted over a week ago that traders and analysts continue to feel the MF Global debacle has hurt trade volume on the CME Group futures market. They feel like they just can't get away from it. Well, well, well, look what's happening now. After news broke Friday that the trustee in charge of unwinding the MF Global bankruptcy and lost money mess is considering handing out bonuses to the three senior executives at MF Global, lawmakers are trying to stop it.
The trustee is essentially saying that if he can't retain these MF Global employess to help figure out this mess, he would have to hire more accountants and lawyers and such to do the job. So, the saga goes on. It does seem ridiculous that when many folks are still out about 28 cents of every dollar they invested with the bankrupt company that bonuses would still be considered, doesn't it? Do we not have any horse sense anymore?
To steal a line from ESPN commentators, "Come on Man"!
03-12-2012 08:44 AM
Sorry if I sound harsh, but I'd chain them to a desk, with nothing but gruel to eat, and tell them that I'll unlock the shackles, and pay them only AFTER they find out where the money went.
But then again, I'm pretty harsh when I think I see cheating and crookery.
03-12-2012 11:31 AM
Rand's argument is mainly based on the USDA reporting. I believe he is wrong even if his criticisms are essentially correct. The problem he outlines should be taken care of the market. But the futures market didn't see 2007 coming and failed to send out production signals. It was VERY basic. They were warned. But as long as the connection between physical and paper isn't allowed by including producer hedger delivery, who have a motivation to want face value of the contracts they buy based on face value, there is a disconnect that can never be bridged. That and the good ol' boy system in the CBOT and CFTC.
Rand's position undermines the argument that the USDA is the be all and end all of ag information. If the USDA is wrong on reporting - then who's the alternative and why haven't they stepped foprward and earned all the premiums they could get? If that entity doesn't come to mind then quit complaining about the USDA. We already know the markets can be terribly wrong.