03-18-2013 07:41 AM - edited 03-18-2013 04:29 PM
**********PHOTOS: First of U.S. 2013 Corn Crop is Up
At the close:
The May futures corn contract finished is 3 cents higher at $7.20. The May soybean futures contract closed 16 cents lower at $14.09. May wheat futures settled10 cents lower at $7.12 per bushel. The May soymeal futures settled $5.50 per short ton lower at $413.30. The May soyoil futures closed $0.23 lower at $49.68.
In the outside markets, the NYMEX crude oil is $0.18 per barrel higher, the dollar is higher and the Dow Jones Industrials are 62 points lower.
One analyst says that the farm markets faced demand pressure and outside market negativity.
"Soybeans lead the way lower. But, all grains started lower last night over the Cypress banking problems and euro- dollar issues pressuring commodities across the board," he says.
The USDA Weekly Grain Inspection Report Monday showed all three grains with lower inspected numbers for near term delivery, a suggestion of a slowing demand pace for the week, he says.
"Beans took a big hit with only 8.9 million bushels inspected for near term export versus the two prior weeks of 17.7 and 40 m.b."
In early trading, the May futures corn contract is trading 5 cents lower at $7.11. The May soybean futures contract is trading 17 cents lower at $14.08. May wheat futures are trading 16 cents lower at $7.07 per bushel. The May soymeal futures are trading $4.50per short ton lower at $414.30. The May soyoil futures are trading $0.59 lower at $49.32.
In the outside markets, the NYMEX crude oil is $0.19per barrel lower, the dollar is higher and the Dow Jones Industrials are 9 points lower.
In early trading, the May futures corn contract is trading 6 cents lower at $7.10. The May soybean futures contract is trading 21 cents lower at $14.05. May wheat futures are trading 16 cents lower at $7.07 per bushel. The May soymeal futures are trading $6.40per short ton lower at $412.40. The May soyoil futures are trading $0.61 higher at $49.30.
In the outside markets, the NYMEX crude oil is $0.98 per barrel lower, the dollar is higher and the Dow Jones Industrials are 39 points lower.
Jeff Coleman, Trean Group analyst and CME Group pit trader, sees things this way, this morning:
"All of whom that do not live in Cyprus! Are we really reading this correctly? So this tiny island nation is rocking our markets. All of them! Equities, commodities, cash, etc, etc. Can you imagine having money in savings, money that you for which you have worked long and hard, just being seized by your government? All because that “said” government could not get things straight? This latest Eurozone development has sent the grains lower. Needless to say….. Corn, beans and wheat were all lower overnight. As were all other commodities. Look for a heavy grain trade today, as we all try and make sense of the “Cyprus Situation”. If you’re not in the markets, stay out for now. If you are in, be careful and try and have fun!"
Early calls: Corn is seen 5-7cents lower, soybeans 12-14 cents lower, and wheat 7-9 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.94 per barrel lower.
Wall Street=Seen opening lower, as all markets react to EU-member Cyprus announcing a tax plan that would impact all bank deposits. The fear is that if this measure works as a way to cut the country's debtit, other countries may see fit to try it. As a result, a lot of red worldwide, this morning.
World=Asia/Pacific stocks were lower and Europe's stocks were lower.
More in a minute,
03-18-2013 07:47 AM
Any sniff of that kind of news here in the US and there will be a massive exodus of funds from the banks. Folks can hide their cash right next to their guns.
03-18-2013 10:46 AM
Watch for Washington to do a similar little 5 finger discount to our retirement plans as it tries to shore up social security. It has been considered before in the past four years.
03-18-2013 11:44 AM
Very similar to what happend in Sep-2011 with Greece or in May-12 with elections in France and Greece. I believe the soybean context is not the same now, but we can see more price reduction this days...
03-18-2013 11:54 AM
From one of the CNBC talking heads early this morning:
If the US banking system was the size of the Cyprus banking system, in comparison to the country's GDP--
we would need 45 more JP Morgan sized banks in the US
appears some ants going to get trampled while trying to bring down the elephants
03-18-2013 01:18 PM - edited 03-18-2013 03:19 PM
not going to let cyprus banks fold. neither is the eu.
heck if it ends up costing 10 to 15% to keep laundering/sheltering money that's a GREAT DEAL.
interesting how the usa supposed financial club spins this.
per capita ( 1 million people on cyprus ), if the usa had 45 JP Morgan Chase banks, That is equivilent to the cyprus tax haven/laundering banking operations. ( JP Morgan is a $2 Trillion bank, btw ).
big money with criminal elements think differently than the supposed honest usa financial spin, spins things.
03-18-2013 05:15 PM
Our good source from Argentina provides this update on that country's harvest activity.
"On this day, the Rosario Stock Exchange reported through its Strategic Guide to the State Agro
progress of harvesting work in core area. For soybean first, and would be harvested 3% of
projected area, expected yield of 52 in bushels per acre. For corn first, progress is around 40% and
yields remain firm with an average of 143.38 in bushels per acre.
Soy second and late sowing is progressing well, with good development, accompanied by
favorable moisture conditions prevailing in the region, and low presence of pests and diseases,
except in enclosed areas.
The second maize are close to flowering stages, with good moisture conditions, and
expected to average close to 111.52 in bushels per acre in the absence of early frosts affecting the crop cycle." he says.