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03-25-2013 07:34 AM - edited 03-25-2013 03:59 PM
IT'S THE GRANDDADDY OF THEM ALL, THIS THURSDAY!!!
USDA Report Information Schedule:
On Thursday, the USDA will release its U.S. 2013 Prospective Plantings and
Grain Stocks Reports at 11:00am CT. Watch for the numbers and trade reaction, right here in Marketing Talk.
--Near record corn (97.0 million) and record-high soybean acres (78.5 million)
--For Quarterly Stocks, corn is seen at 5.0 billion bushels and 948 million bushels.
What are your guesses? What part of the Report will you be watching?
Reminder: Watch the CME Group's Pre-Report Briefing on Wednesday, March 27, 2013 at 2:30pm here in Marketing Talk. What do the analysts think the report will say? Watch it live, right here in Marketing Talk.
At the close:
The May futures corn contract settled 7 cents higher at $7.33.The May soybean futures contract finished 3 cents lower at $14.37. May wheat futures finished 2 cents lower at $7.27 per bushel. The May soymeal futures ended $1.50 per short ton lower at $417.80. The May soyoil futures closed $0.01 higher at $50.44.
In the outside markets, the NYMEX crude oil is $0.91 per barrel higher, the dollar is higher and the Dow Jones Industrials are 64 points lower.
The May futures corn contract is trading 4 cents higher at $7.31.The May soybean futures contract is trading 5 cents lower at $14.35. May wheat futures are trading 4 cents lower at $7.25 per bushel. The May soymeal futures are trading $1.10 per short ton lower at $418.20. The May soyoil futures are trading $0.11 lower at $50.32.
In the outside markets, the NYMEX crude oil is $0.69 per barrel higher, the dollar is higher and the Dow Jones Industrials are 43 points lower.
One analyst says, "I have not seen much moving from Brazil which is not a big shock for sure. Farmers here apparently soldwhat they want to, the basis broke in the country, but now is stable. We are talking about the lack of progress planting corn in the south, just too wet and cold. Weay too early to be working up here, but even southern Illinois got a foot of snow and is shut down from field prep that would normally be going on. The demand, or lack of it, has hurt the nearby beans. Some are talking about bearish new crop plantings estimates for Soybeans and Corn but beans seem to be acting the opposite. Overall, a choppy day with little real direction and we might get a lot more of this this week," he says.
Here we Go!
--USDA says China bought 234,000 tons of U.S. soybeans Monday for 2013-14 delivery.
Is this the start of continued buying this week? It's being reported in some analyst's wires Monday that 12.5 mmts of vessels are waiting to be loaded with soybeans, at the Brazilian ports. The delivery time is 65 days.
At the open:
The May futures corn contract is trading 1 cent higher at $7.27.The May soybean futures contract is trading 7 cents lower at $14.33. May wheat futures are trading 4 cents lower at $7.25 per bushel. The May soymeal futures are trading $2.70 per short ton lower at $416.60. The May soyoil futures are trading $0.04 lower at $50.39.
In the outside markets, the NYMEX crude oil is $1.87 per barrel higher, the dollar is higher and the Dow Jones Industrials are 28 points lower.
Jeff Coleman, The Trean Group analyst and CME Group pit trader, says the eyes are on Thursday's USDA Report. In his own words:
"I guess we will head into this Monday trading session a little apprehensive, as traders wait for Thursday’s USDA report on planting acreage. This yearly number usually kicks off the spring/summer trading markets, as we will get an idea of what the USDA predicts for American growers. We already know what most analysts think with reports of record planting for corn, beans and wheat. That being said, traders will most likely play it safe until Thursday with positions being closed by many trading groups and commodities funds. In equities, markets are higher on the impending Cyprus bailout agreement. Not many economic numbers coming out today. But, that changes tomorrow as durable goods, Case-Schiller, new home sales and consumer confidence all come out."
Early calls: Corn is seen 1-2 cents lower, soybeans 4-6 cents lower, and wheat 1-2 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.48per barrel higher.
Wall Street=Seen opening higher, as a Cyprus bailout has agreed upon. Also, Dollar General reported better-than-expected earnings Monday.
World=Asia/Pacific stocks were higher and Europe's stocks were higher.
More in a minute,
03-25-2013 11:45 AM - edited 03-25-2013 12:06 PM
just cold in Tx & grains are firming is all i know.......where is everyone else today?
from 90 degrees to freezing in 1 week...gotta love Tx weather!
03-25-2013 12:14 PM
Not much chatter here today, everyone(BetsyFreese) sad over Iowa State's loss to to Ohio State? One of the best games I ever watched! Go Buckeyes.
P.S. The market is up, why?