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03-26-2012 06:41 AM - edited 03-26-2012 02:07 PM
At the close:
The July corn futures settled 8 1/2 cents lower at $6.36. The July soybean contract settled 12 1/2 cents higher at $13.84 1/4. The July wheat futures closed 5 3/4 cents higher at $6.70 1/4. The July soymeal futures finished $4.50 per short ton higher at $378.40. The July soyoil futures are trading $0.55 higher at $55.84.
In the outside markets, the NYMEX crude oil is $0.28 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 153 points.
The July corn futures trade 5 cents higher at $6.49 1/2. The July soybean contract is trading 16 cents higher at $13.87 3/4. The July wheat futures are trading 13 cents higher at $6.77 1/2. The July soymeal futures are trading $4.50 per short ton higher at $378.40. The July soyoil futures are trading $0.55 higher at $55.84.
In the outside markets, the NYMEX crude oil is $0.02 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 114 points.
One analyst is saying, "Traders are factoring in the common fear of recent years that we won't plant enough acres of corn, beans or wheat to keep up with demand. But, as always, expect profit-taking by longs ahead of the report as longs have the risk going into Friday's report. Note, they made new highs for the month of March and February to start the week. Prior to the March 9 USDA Report, profit-taking occurred days ahead of its release. So, positioning and posturing for the bulls and bears will leave its foot print this week."
At the open:
The July corn futures trade 1 cent higher at $6.45 1/2. The July soybean contract is trading 15 cents higher at $13.86 1/4. The July wheat futures are trading 3 cents higher at $6.57 1/4. The July soymeal futures are trading $3.20 per short ton higher at $377.10. The July soyoil futures are trading $0.63 higher at $55.92.
In the outside markets, the NYMEX crude oil is $0.24 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 22 points.
No new sales announced yet this morning. Separately, 60% of Louisiana's corn crop has been planted. Also, a crop consultant is saying that fewer soybeans will be planted.
It's the running of the bulls this morning for the soybean market. My gosh, look at these items off of the Dow Jones Newswire today:
--Brazil's AgRural agency drops its Brazil 2011-12 soybean production estimate by 1.9% to 66.68 mmt.
--China 2011-12 soybean imports will be between 55-58.0 mmt, above 52.0 last year, Cofco Corp., a China state grain trader says.
--Oil World estimates global soybean output to fall by 22-23.0 mmt this year.
--China corn deficit to reach 17.0 mmt per year by 2020.
--Soybean prices are projected to go over $14 soon.
No wonder beans are called 12 cents higher this morning. Whew! If we get any more bulls in here, we'll have to start building better fences to keep them in. I don't know if we could build a fence strong enough for all of these bulls! What say you? Are you a bull yet?
Early calls: Corn 1-2 cents higher, soybeans 10-12 cents higher, and wheat 1-2 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.04 per barrel lower.
Wall Street=Seen trading higher with investors awaiting U.S. housing data and a speech by Fed Reserve Chairman Ben Bernanke Monday.
World Markets=Asia/Pacific stocks are mostly lower, while Europe's stocks are mostly higher.
More in a minute,
03-26-2012 07:20 AM
New crop prices may make the Friday report a non event. 13 dollar beans and 5 dollar new crop corn bids will buy bean acres. The 95-96 corn acre number may be the top and we head down from here. Corn is lucky to have alot of acres committed because of nitrogen already in place, or it would lose more acres. Especially if beans put another dollar on them.
Looks like corn and beans are kinda of a rob Peter to pay Paul situation.
03-26-2012 07:49 AM - edited 03-26-2012 07:54 AM
By the way, there is a lot of worry that a frost could jump up and bite this year's planting season right in the seat. Well, the other day a guy told me that because the frogs are already croaking, you can forget about a frost. And I'll be switched, I heard some frogs really getting after it Saturday. So, maybe the wise old man offers up a tip here and this market can forget about any frost?
03-26-2012 08:20 AM
Starting to feel vindicated for holding all of 2011 soybeans, and not selling forward contracts for the $14 that was offered in August before the big drops. Local market is 41 cents away, ie one good day, from going through the $14 mark now, and I hope we see $15 beans soon.
And the beauty of $15 beans is that they pull up the corn market, too.
Maybe we will see the guy that priced his "beans in the teens" lammenting about not holding out for $20? What exactly are those 1970's $13 beans worth in today's dollars?
03-26-2012 08:23 AM
Mike..... In our part of the world...... The old saying is..... The threat of frost is not over UNTIL the frogs have been froze off 3 times..... So far...... Only has happen 2 times this year..... More to come.......