05-14-2014 06:48 AM - edited 05-14-2014 02:18 PM
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At the close:
The July corn futures contract settled 7 cents lower at $4.95. The Dec. corn futures finished 6 cents lower at $4.89. The July soybean futures contract closed 3 cents higher at $14.86. The Nov. soybean futures closed 3 1/2 cents higher at $12.22. July wheat futures finished 19 cents lower at $6.90 per bushel. The July soymeal futures contract closed $1.80 per short ton higher at $486.50. The July soyoil futures finished $0.17 higher at $41.38. In the outside markets, the NYMEX crude oil is $0.79 per barrel higher, the dollar is lower and the Dow Jones Industrials are 93 points lower.
The July corn futures contract is trading 5 cents lower at $4.97. The Dec. corn futures are trading 4 cents lower at $4.91. The July soybean futures contract is 11 cents lower at $14.72. The Nov. soybean futures are trading 5 cents lower at $12.14. July wheat futures are 18 cents lower at $6.90 per bushel. The July soymeal futures contract is trading $6.30 per short ton lower at $478.40. The July soyoil futures are trading $0.22 higher at $41.43. In the outside markets, the NYMEX crude oil is $0.67 per barrel higher, the dollar is lower and the Dow Jones Industrials are 58 points lower.
Jack Scoville, PRICE Futures Group vice-president, says there are a number of bearish market items.
"Funds are super long and someday will have to reduce this exposure. And, with mostly decent, if not perfect weather, here in the US, they got a problem."
The U.S. may be getting more soybeans from SA than the bulls care to admit, too, he says.
"I'm not sure just how much more the funds can add, in fact I was surprised they bought as much as they did. I am waiting to see how May closes, that will give a target for July, I guess," Scoville says.
Wheat is getting trashed on reports of better weather, he says.
"The super dry areas are still super dry, but most other areas keep getting better little by little. Corn down with wheat and the fact that a whole lot of the crop that is planted is now emerging. Drier forecasts after the current even moves by to get the rest of the crop in, including northern areas."
According to EIA data, ethanol production averaged 922,000 barrels per day (b/d)—or 38.72 million gallons daily. That is up 28,000 b/d from the week before and a four-week high. The four-week average for ethanol production stood at 906,000 b/d for an annualized rate of 13.89 billion gallons, according to the Renewable Fuels Association.
Stocks of ethanol stood at 17.3 million barrels. That is a 0.9% increase from last week and the highest of the year.
Imports of ethanol were 43,000 b/d, up from zero last week and the highest recorded average since the week ending 9/20/2013.
Plus, NOPA is expected to be out soon with its crush data. The trade estimate is for 133 million bushels.
At the open:
The July corn futures contract is trading 1 1/4 cents lower at $5.01. The Dec. corn futures are trading 1 cent lower at $4.94. The July soybean futures contract is 2 1/4 cents lower at $14.81. The Nov. soybean futures are trading 1 1/4 cents lower at $12.17. July wheat futures are 7 1/2 cents lower at $7.01 per bushel. The July soymeal futures contract is trading $3.40 per short ton lower at $481.30. The July soyoil futures are trading $0.39 higher at $41.60. In the outside markets, the NYMEX crude oil is $0.31 per barrel higher, the dollar is lower and the Dow Jones Industrials are 33 points lower.
Early calls: Corn is seen 1-2 cents higher, soybeans 4-6 cents lower , and wheat 1-2 cents lower.
Overnight grain, soybean markets=Trading mostly lower.
Brent Crude Oil=$0.21 per barrel higher.
Wall Street=Seen lower, with Deere and Macy's set to report earnings.
World Markets=Europe stocks were lower, Asia/Pacific stocks lower.
More in a minute,
05-14-2014 08:20 AM
Here is what I have today from my own AgroSouth-news.com:
According to data from the 2013/2014 crop season released by Brazil’s National Supply Company, the Northern region of Brazil has been more productive to grow soybeans than the Center-west for the first time. While the productivity in the Center-west is averaged at 2.9 tons per hectare, Northern parts of Brazil harvest an average of 3.04 tons per hectare of the oilseed.
Anderson Galvão, director of Céleres consultancy, told São Paulo’s newspaper Folha de São Paulo that perhaps this is the beginning of a new trend. Other advantage of growing soybeans in the North is that shipping is easier. “The fertility is even beating the Cerrado of Piauí. The region is very interesting”, explained Galvão.
05-14-2014 11:04 AM
100+ crude and corn in the fours looks like we still have room for more e plant construction or at least expansion of existing plant's. A few well placed one's could add 7 more digesters?