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05-19-2014 07:12 AM - edited 05-19-2014 03:27 PM
After the close:
USDA Crop Progress Report:
Corn= 73% planted with 34% emerged.
Soybeans= 33% planted
Both estimates are below 5-year paces, but within the trade's expectations. No impact seen for tonight's market open.
At the close:
The July corn futures contract closed 6 cents lower at $4.77. The Dec. corn futures finished 5 cents lower at $4.75. The July soybean futures contract finished 20 cents higher at $14.85. The Nov. soybean futures ended 17 cents higher at $12.38. July wheat futures finished 1/4 of a cent higher at $6.74 per bushel. The July soymeal futures contract closed $10.30 per short ton higher at $490.50. The July soyoil futures finished $0.33 lower at $40.42. In the outside markets, the NYMEX Brent crude oil is $0.70 per barrel higher, the dollar is lower and the Dow Jones Industrials are 22 points higher.
The July corn futures contract is trading 5 1/2 cents lower at $4.78. The Dec. corn futures are trading 4 1/4 cents lower at $4.76. The July soybean futures contract is 19 1/4 cents higher at $14.84. The Nov. soybean futures are trading 19 cents higher at $12.40. July wheat futures are 3 cents lower at $6.71 per bushel. The July soymeal futures contract is trading $10.40 per short ton higher at $490.60. The July soyoil futures are trading $0.21 lower at $40.54. In the outside markets, the NYMEX Brent crude oil is $0.55 per barrel higher, the dollar is lower and the Dow Jones Industrials are 22 points higher.
Jack Scoville, PRICE Futures Group vice-president, says fund-buying is supporting the soybean rally.
"Well, soybeans are sharply higher and it must be fund buying. Nothing going on in cash markets or the news to support the rally. Looks like the funds are buying after no stops hit on new lows for the move. Spreads are weak so one wonders about the staying power of the rally. But some weird stuff. Corn and wheat lowr on better weather which is certainly is. Wheat supposed to get rain in the western plains by the end of the week and corn emerged and looking good. Little if any news of problems from the cold last week. Beans should get planted in a big ay this week, and that should be negative, but I guess not," he says.
He adds, "We look for prices to fade later."
NEWS: Iowa State University announces Monday that crop damage has occurred:
"Freezing and near-freezing temperatures have afflicted western and northern Iowa this week. There have been reports of frost damage to both corn and soybean seedlings, although most of Iowa’s corn is at the second vegetative growth stage or less and most of the soybean has not emerged yet. A chilling effect occurs when water colder than 50 degrees F is imbibed," according to ISU Extension services. Read full story on Agriculture.com's Newswire..
At the open:
The July corn futures contract is trading 2 cents lower at $4.81. The Dec. corn futures are trading 1 cent lower at $4.80. The July soybean futures contract is 1/4 of a cent higher at $14.65. The Nov. soybean futures are trading 5 cents higher at $12.27. July wheat futures are 1 cent higher at $6.75 per bushel. The July soymeal futures contract is trading $0.70 per short ton higher at $481.00. The July soyoil futures are trading $0.15 lower at $40.60. In the outside markets, the NYMEX Brent crude oil is $0.25 per barrel higher, the dollar is lower and the Dow Jones Industrials are 49 points lower.
One analyst that I follow is telling farmer-customers that it will be tough to get rid of the rest of the old-crop, but look for best prrice opportunities to do so. As far as, new-crop, farmer-customers are being told to not get in a hurry to sell. Why? Maybe fewer corn acres, due to the upper Midwest planting delays and the ideal yield of 165 may look more like 161.
What say you? And, are you holding or selling new-crop?
Early calls: Corn is seen 4-6 cents lower, soybeans 1-2 cents lower (old-crop), 4-6 cents lower (new crop), and wheat 1-2 cents lower.
Overnight grain, soybean markets=Trading lower.
Brent Crude Oil=$0.42 per barrel higher.
Wall Street=Seen lower, with investors digesting company mergers.
World Markets=Europe stocks were lower, Asia/Pacific stocks lower.
More in a minute,
05-19-2014 11:05 AM
According to data released by the Mato Grosso Institute of Agricultural Economics, the center-western Brazilian state of Mato Grosso produced approximately 26.1 million tons and nearly 21.3 million tons were sold recently, lowering its stocks. The state usually sells its oilseed wih upfront payments, but this year that was different and 81.4 percent of the production was sold by May. The commercialized volume is just higher than in 2013 because more soybeans were produced.
05-19-2014 11:38 AM
As far as corn go's here , most looks good for the condition it's in , will lose some to wet spots , over East Central Indiana , here anywhere from 5 to 8 inchs of rain last week .
BUT beans are another story !!! The beans we put in on May 5/6 got hammered by frost on Sunday Morning , got down to 36 degrees . It caught them in the crooked neck stage , the one that are still under ground are ok and the ones that are at VE stage appear to have made it .
If I can get a final count of 90,000 and they are somewhat even , I will leave them .
I did check a field for a neighbor across the road from mine , same shape , there are still some beans that have not come up so I would say by Weds or Thursday will be D-Day ? I did order the replant seed this morning . If you want , will report more and I get in info .
Got to go check more fields .
05-19-2014 04:24 PM