05-13-2013 06:32 AM - edited 05-13-2013 01:58 PM
Listen to this:
Ken Smithmier, The Hightower Report analyst, visits with Agriculture.com about how the markets continue to digest USDA data and what to look for going forward.
Turn up your volume and hit play to hear it all!
At the close:
The July futures corn contract closed 19 cents higher at $6.55. New-crop Dec. futures trade 9cents higher at $5.39. The July soybean futures contract finished 20 cents higher at $14.19, new-crop Nov. soybeans settled 4 cents higher at $12.09. July wheat futures ended 5 cents higher at $7.09 per bushel. The July soymeal futures finished $8.30 per short ton higher at $415.10. The July soyoil futures ended $0.38 higher at $49.61.
In the outside markets, the NYMEX crude oil is $0.55per barrel lower, the dollar is higher and the Dow Jones Industrials are 45 points lower.
The July futures corn contract is trading 22 cents higher at $6.59. New-crop Dec. futures trade 10 cents higher at $5.40. The July soybean futures contract is trading 18 cents higher at $14.17, new-crop Nov. soybeans are trading 7 cents higher at $12.13. July wheat futures are trading 13 cents higher at $7.17 per bushel. The July soymeal futures are trading $7.30 per short ton higher at $414.10. The July soyoil futures are trading $0.39 higher at $49.62.
In the outside markets, the NYMEX crude oil is $1.12 per barrel lower, the dollar is lower and the Dow Jones Industrials are 17 points lower.
Alan Brugler, President of Brugler Marketing & Management LLC, says the corn rally is mostly old crop, tied to short squeeze in May. "The last few May longs are rolling out to July. Dec getting a little help from planting delay concerns, with 6-10 day forecast implying shutdown in much of IA/IL/WI/ this weekend. The stronger $ is mostly being ignored. Looking for corn planting progress in the 30-35% range, and soybeans at 7-10%," he says.
--The farm markets remain higher.
--Monday's Export Inspection Report shows more corn sales and fewer soybeans. Corn exports are estimated at 12.695 mill. bushels vs. 6.837 million bushels. Soybean export inspections came in at 3.351 mill. bu. vs. 6.43 mill. bu.
--Separately, the only demand news, today, is that a South Korean buyer is seeking 70,000 mt of corn.
--May deliveries expire Wednesday.
At the open:
The July futures corn contract opened 8 cents higher at $6.44. New-crop Dec. futures opened 5 cents higher at $5.35. The July soybean futures contract opened 7 cents higher at $14.06, new-crop Nov. soybeans opened 1 cent higher at $12.07. July wheat futures opened 5 cents higher at $7.09 per bushel. The July soymeal futures opened $3.20 per short ton higher at $410.00. The July soyoil futures opened $0.03 lower at $49.20.
In the outside markets, the NYMEX crude oil is $0.92 per barrel lower, the dollar is lower and the Dow Jones Industrials are 42 points lower.
Jeff Coleman, Trean Group analyst's short market perspective:
"Traders will keep an eye on today’s USDA planting progress report which is released every Monday at 3:00 PM CST as heavy rains hit parts of the Midwest this weekend.
The US equities markets are down slightly as Retail Sales figures were released at 8:30 AM EST today. Retail Sales numbers were slightly better than expected but a 0.1% gain should do little for the markets today. Starting tomorrow, this week is very active for economic data releases with Thursday being a pivotal day as 3 different Fed presidents are due to speak and CPI, Housing Starts, Jobless Claims and Philadelphia Fed are being released," he says.
Here's an update on the U.S. South corn.
Full Story: Mud Season Lingers
Early calls: Corn is seen 1-2 cents higher, soybeans 1-2 cents higher, and wheat 1-2 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.89 per barrel lower.
Wall Street=Seen opening lower, ahead of retail sales data.
World=Asia/Pacific stocks were mixed and Europe's stocks are lower.
More in a minute,
05-13-2013 06:54 AM
Good morning Mike: I did my part to push up the planting progress numbers today. Got a whopping 24 acres in the ground yesterday. Enough to get the cobwebs out of the planter. Still wet in spots here in Le Sueur County, MN, especially along the road ditches. Have to be patient. Nice drying day yesterday after that cold 35 mph wind Saturday. Best thing that happened this weekend was seeing my dad able to work in the field again after 2 years off for hip and knee surgeries. Farming keeps him a young 86!! Good doctors help too.
05-13-2013 06:57 AM
The best thing that I have heard this morning is the fact that your dad was able to get back at it. There's nothing better than recovering from your injuries and returning to what you love to do. Great story and thanks for sharing. Weatherwise, maybe you'll have a few days here to make some more progress.
Good to hear from you,
05-13-2013 07:45 AM - edited 05-13-2013 07:45 AM
05-13-2013 07:53 AM - edited 05-13-2013 07:53 AM
That adds to my optimism, this morning. When I was away from the markets, a few years ago, I was having minor back surgeries. And, I ended up having three in a row because my disc kept re-herniating. So, it was a long period of doing very little. It really makes you thankful for your health.
Back to the markets. For this afternoon's Crop Progress Report, at least some in the trade expect the corn planting percentage to come in between 25 to 28%. Last year's pace, for this week, totaled 87% and the five-year average is 66%.
How much will the market move on today' report?
05-13-2013 07:57 AM
I still remember where I was in the combine when mother came to the farm and called me on the 2 way radio (high tech for 1996) and told me dad was in the hospital. He (we) were told that day he had cancer and 70 days later we had his funeral. We still picked some corn as ear corn back then and I installed a swtich on the side of the eleveator so dad could sit on a chair and turn the switch and watch his grandchildren unload ear corn after he got out of the hospital. Dad chose no chemotherapy, and said if the Lord wanted to heal him that would be fine with him, and if not he was ready to meet his God and Savior. Thankfulk for that heritage.
05-13-2013 09:46 AM
With the attitude the market has had --as done worry -- the American farmer WILL get " R' Done and the corn will be planted -- why would they get nervous --yet ? lol
I would think that next Monday --- MAY be D day -- IF the rain dos come threw mid week -- and calling for rain thru next monday .
I think the thing the trade is missing is , that just because they are calling for dry weatherfor a few days -- the ground needs time to dry out = time to start raining AGAIN .
Just North of here -- near New Castle IN -- last week --they planted up a storm -- about 45 minute drive for me -- they had missed the rain that stayed South of 70 a few weeks ago -- while we sit , and still sitting .
Don't about you guys out there -- but it looks like very limited planting will be going on here in Indiana .
SO what was the questin you asked ??? oh yeah -- i remeber --- how about a dime on corn and beans -- up .
05-13-2013 10:30 AM
I read this morning that China is expected to more than double corn imports in the next year..... Is it possible that the U.S. gets some of that business? In any case we have some demand construction going on.......
05-13-2013 03:44 PM - edited 05-13-2013 03:48 PM
The slowest corn planting pace, ever!
In today's Weekly Crop Progress Report, the USDA estimated 28% of the corn crop planted, compared to the five-year average of 65%, and 85% a year ago. On top of slow planting, corn emergence is estimated at 5%, compared to the five-year average of 28%.
Meanwhile, U.S. soybeans are 6% planted vs. the five-year avg. of 24%. The marketwatchers thought a lot more soybeans had been planted. So, a few surprises in this week's report.