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03-12-2014 07:44 AM - edited 03-12-2014 02:32 PM
At the close:
The May corn futures contract closed 5 1/4 cents higher at $4.88 1/2. The May soybean futures contract finished 26 cents lower at $13.87. May wheat futures finished 24 3/4 cents higher at $6.83per bushel. The May soymeal futures contract closed $7.70 per short ton lower at $436.50. The May soyoil futures are trading $0.33 lower at $43.42.
In the outside markets, the NYMEX crude oil is $1.95 per barrel lower, the dollar is lower and the Dow Jones Industrials are 34 points lower.
Here's the weekly look at ethanol production: According to EIA data, ethanol production averaged 869,000 barrels per day (b/d)—or 36.50 million gallons daily. That is down 25,000 b/d from the week before and the lowest in eight weeks. Rail transportation challenges continue to suppress production volumes. The four-week average for ethanol production is 893,000 b/d for an annualized rate of 13.69 billion gallons.
Stocks of ethanol stood at 15.9 million barrels. That is a 2.4% decrease from last week and the lowest level of stocks of the year. Stocks are well below the 20-day supply mark for the second week in a row.
Imports of ethanol were zero b/d for the 23rd consecutive week, according to a Renewable Fuels Association press release.
The May corn futures contract is trading 3 3/4 cents higher at $4.87. The May soybean futures contract is 27 1/2 cents lower at $13.85. May wheat futures are 20 1/2 cents higher at $6.79 per bushel. The May soymeal futures contract is trading $8.20 per short ton lower at $436.00. The May soyoil futures are trading $0.39 lower at $43.36.
In the outside markets, the NYMEX crude oil is $2.38 per barrel lower, the dollar is lower and the Dow Jones Industrials are 37points lower.
At the open:
The May corn futures contract is trading 4 1/4 cents lower at $4.79. The May soybean futures contract is 37 1/2 cents lower at $13.75. May wheat futures are 1 cent lower at $6.58 per bushel. The May soymeal futures contract is trading $10.80 per short ton lower at $433.40. The May soyoil futures are trading $0.82 lower at $42.93.
In the outside markets, the ICE Brent crude oil is $0.78 per barrel lower, the dollar is lower and the Dow Jones Industrials are 42 points lower.
--Overnight volume was big. Nearly 30,000 contracts of May soybeans, 9,000 contracts of May corn, and 7,500 contracts of May wheat traded. Long liquidation sent the markets lower. The trade is concerned about the weekend vote in Ukraine. Plus, China is overbought and is selling off cargoes.
--Brazil's 2013-14 soybean crop size has been lowered to 85.4 million tons vs. 90.0 million ton estimate in February, according to CONAB, Brazil's crop agency. Brazil's two corn crop estimates have been lowered to 75.2 million tons vs. 75.5 previous.
Early calls: Corn is seen 5-7 cents lower, soybeans 37-39 cents lower, and wheat 2-4 cents lower. Old-crop, new-crop spreading is hurting the soybeans.
Overnight grain, soybean markets=Trading lower.
Brent Crude Oil=$0.68 per barrel lower.
Wall Street=Seen lower on global worries.
World Markets=Asia/Pacific stocks were lower, Europe stocks were lower.
More in a minute,
03-12-2014 08:30 AM
Not even a hugely bad USDA # and things get clobbered.
Needed lower #s on mon. Or perhaps, it's the china cancellations that irk people.
That's all she wrote for the bean market.
03-12-2014 08:46 AM
The Chinese.......selling their current purchases at a high.......causing the market to drop......will be buying again when market is much lower.....nothing to see here.......move along.
The soybean market is re-coiling.............
03-12-2014 12:24 PM
The hope for the beans is that maybe with the bean market coming down, perspective planting for beans will decrease a bit before the report a couple of weeks away. Problem is, when do they actually gather the data for the report. Most likely it's been gathered over the last twoo weeks or more - before the market dropped - and may not reflect anything like what will actually be planted. There will be a time to buy this market - but not before the report on March 31.
Sorry Gio - can't help you on this one. I don't even have a bin to rent ya
03-12-2014 08:56 PM
appreciate you taking the "joshing" as we say!
don't mean to be a smartazz, but markets move when they have too, man. i don't think it reasonable to isolate a day, a single S/D report or single fundamental answer or reason. IMO, a market is always a complex collection of "stuff."
as sw said in "425" thread and Palouser always seems to say -- the money is just catching up to the economic truth of the mkt.