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03-08-2012 06:43 AM - edited 03-08-2012 03:30 PM
Happy National Ag Day!
At the close:
The May corn futures settled 3 1/4 cents lower at $6.35 1/4. The May soybean contract finished 11 3/4 cents higher at $13.38 1/2. The May wheat futures finished 4 1/2 cents lower at $6.34 3/4. The May soymeal futures settled $2.70 per short ton higher at $367.20. The May soyoil futures settled $0.41 higher at $53.39.
In the outside markets, the NYMEX crude oil is $0.62 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 88 points.
The May corn futures trade 5 1/2 cents lower at $6.33 1/4. The May soybean contract is trading 3 1/4 cents higher at $13.30. The May wheat futures are trading 1 3/4 cents higher at $6.41. The May soymeal futures are trading $2.00 per short ton lower at $362.50. The May soyoil futures are trading $0.62 higher at $53.60.
In the outside markets, the NYMEX crude oil is $0.83 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 53 points.
One analyst says, "The very bullish weekly export sales report for bean with sales over 1 m.m.t. is carrying beans and leaving them selling corn as a spread. Beans have made two highs today off the report but selling off each high comes as traders take caution ahead of Fridays big report," he says.
Corn and wheat markets have turned lower, soybeans remain higher.
At the open:
The May corn futures trade 4 cents higher at $6.42 1/4. The May soybean contract is trading 7 cents higher at $13.33 3/4. The May wheat futures are trading 5 cents higher at $6.44. The May soymeal futures are trading $0.64 per short ton higher at $365.20. The May soyoil futures are trading $0.64 higher at $53.63.
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 30 points.
USDA announces fresh export sales Thursday. These are outside of weekly sales:
--Japan buys 106,680 mt of U.S. corn for 2011-12 delivery.
--China buys 165,000 mt of U.S. soybeans for 2012-13 delivery.
--Separately, Egypt buys 60,000 mt of U.S. SRW wheat.
USDA releases bullish bean Weekly Export Sales Thursday:
Corn=505,700 mt, the low end of the trade's expectations of 500-750,000.
Soybeans=1.65 million metric tons, above the trade's expectations of 600-900,000mt.
Wheat=578,100mt, within the trade's expectations of 300-600,000 mt.
--South Korean feedmillers bought 300,000 mt of corn and wheat from European-origins, in the past two days.
--Weekly Export Sales will be released at 7:30am CST this morning.
--China's 2011 corn crop estimated at 191.8 mmt is overstated by China's National Bureau of Statistics, according to a Reuters story sent to me this morning by a grain analyst. A respected consultancy, in China, and others say the corn crop is between 6.8-24.0 mmt less than the 191.8mmt. Apparently this consultant has been right on this before. Other crop estimates of 168 mmt, 185 mmt, and 180 mmt are listed as more realistic.
Early calls: Corn 5-7 cents higher, soybeans 8-10 cents higher, and wheat 7-9 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.85 per barrel higher.
Wall Street=Seen trading higher with talk of the Fed Reserve still taking action to prop up the economy. Plus, Greece's debt swap is advancing.
More in a minute,
03-08-2012 08:29 AM
On Thursday, CONAB, the Brazilian agency dropped its estimate of Brazil's 2012 soybean crop to 68.75 mmt, slightly below its February estimate. Some analysts say this signals that WASDE's estimate tomorrow will not fall below 69.0 mmt.
What about tomorrow's report? Will you be intently watching for those numbers to come out in the morning? Or, do you see this report as a snoozer?
Just curious what you're most interested in?
03-08-2012 08:50 AM
Yes I will be interested in the report...I may not put much faith in it but it is a game changer non the less...I called BS on the last one.
I am naturally long, crops in the bin yet. Still on game plan to wait to see what the conditions look like in the end of May first of June. I guess you could say I'm playing for the long ball
03-08-2012 02:40 PM
I really see tomorrow's reports as two-tierd. The soybean market will move off of the world numbers and the corn market could be nudged or not by the U.S. numbers. And then a third tier could be that both pits could trade export and use numbers. What do you think?