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05-02-2013 06:32 AM - edited 05-02-2013 03:36 PM
Wheat Tour sees Kansas yield at 41.1 bu./acre.
At the close:
The July futures corn contract closed 15 cents higher at $6.62. New-crop Dec. futures ended 8 cents higher at $5.59.The July soybean futures contract finished 1 cent lower at $13.72, new-crop Nov. soybeans finished 5 cents lower at $12.04. July wheat futures settled 7 cents higher at $7.28per bushel. The July soymeal futures settled $1.80 per short ton higher at $406.20. The July soyoil futures finished $0.36 lower at $48.49.
In the outside markets, the NYMEX crude oil is $2.16 per barrel higher, the dollar is higher and the Dow Jones Industrials are 129 points higher.
Jeff Coleman, Trean Group analyst, says that corn and wheat futures posted nice gains today on moderate volume, as soybeans futures faltered a bit closing near the unchanged level. "As has been the story for the past two weeks, it’s weather that is driving these grain markets. Snows hit parts of the Midwest and Great Plains as farmers who worked the fields almost nonstop for the past week were forced to put the tractor back in the barn for awhile, as more rain and cold temps are on their way. Old crop corn exports were up 25% from last week which also helped launch the July contract higher. July wheat futures were up 7.5 cents closing at $728.5 per bushel. The Kansas wheat tour continues to show lower than expected yields and stronger wheat exports are driving wheat futures as well. Word broke of China canceling 10.2 million bushels of purchases for new crop US corn and better shipping news coming out of South America which weighed on the soybean complex.
US stocks were thrust upward on a better than expected jobs numbers released today that showed the number of jobless claims unexpectedly fell to the lowest level in over five years. The .25% rate cut by the ECB was already factored into the market somewhat but the S&P 500 index still rallied to near record levels yet again gaining 14.89 points to close at 1597.59. The DJIA closed up 130.63 points higher at 14,831.58. More companies reported better than expected first quarter numbers led by Chevron, Caterpillar and Facebook which also helped today’s rally..
The July futures corn contract is trading 11 cents higher at $6.58. The July soybean futures contract is trading 1/4 of a cent lower at $13.72. July wheat futures are trading 5 cents higher at $7.25per bushel. The July soymeal futures are trading $1.70 per short ton higher at $406.10. The July soyoil futures are trading $0.24 lower at $48.61.
In the outside markets, the NYMEX crude oil is $0.67 per barrel lower, the dollar is higher and the Dow Jones Industrials are 110points higher.
USDA says Thursday that China bought 290,000 mt of U.S. soybeans in 2013-14 delivery. Interesting to note that just yesterday my Brazilian contact told me the wait at the port is still five miles long.
Corn is trading 8¢ higher, while soybeans are up 2¢.
A Look Ahead:
Here are the first estimates, I have seen, from the market for the May 10 USDA Report:
Alpari LLC says:
2012-2013 U.S. Crop Reserves
2013-2014 U.S. Crop Reserves
Corn 1.800 2.177
2012-2013 World Crop Reserves
What do you think? Are the 2013-14 ending stocks numbers still too high for soybeans? Do you think it's closer to bellow 200 and even 150 million bushels?
At the open:
The July futures corn contract is trading 4 cents higher at $6.51. The July soybean futures contract is trading 2 cents higher at $13.75. July wheat futures are trading 1 cent lower at $7.19 per bushel. The July soymeal futures are trading $1.10per short ton higher at $405.50. The July soyoil futures are trading $0.06 higher at $48.91.
In the outside markets, the NYMEX crude oil is $0.29 per barrel higher, the dollar is higher and the Dow Jones Industrials are 54 points higher.
USDA Weekly Export Sales Report release strong soybean and wheat sales, and friendly corn sales.
Corn= 985,300 mt vs. the trade's expectations of 800,000-1,000,000 metric tons.
Soybeans=1.24 mmt vs. the trade's expectations of 600,000-900,000 mt.
Wheat=716,500 mt vs. the tradee's expectations of 300,000-500,000 mt.
Early calls: Corn is seen 9-11 cents higher, soybeans 10-12 cents higher, and wheat 7-9 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.50 per barrel higher.
Wall Street=Seen opening higher, ahead of the European Central Bank's announcement of more bank lending.
World=Asia/Pacific stocks were lower and Europe's stocks are lower.
More in a minute,
05-02-2013 06:59 AM
05-02-2013 07:38 AM - edited 05-02-2013 07:43 AM
I'm 35 and I don't think I've ever woke up to white ground in the month of may, not much maybe 2 inches at the height of it, but still snow in may?? There was guys that planted corn a month ago, Now I wonder is that corn going to stay in the ground for another 30 days before it emerges?
Farmjoe, Are you in the northern corn belt?
How late can they plant corn in North Dakota, Minnesota, area and still have a good chance of making a crop??
according to the Pioneer Seed corn site, we have had 183 GDU since 1st of April in my area, I was surprised it was that hight, BUT that is 67 units behind the average,
and its snowing right now out my window,,,,,
05-02-2013 08:16 AM
Owatonna, MN radio station talking about people spending the night in their vehicles on Hwy 14 east of there.
Hope they are all fine. Some really good ground in that area is buried under 12 to 16 inches of snow.
05-02-2013 09:04 AM
We got about 8 inches here. Lost power, milked cows with a generator this morning. Milk truck still hasn't showed up. Power came on about 1 hour ago.
Two more weeks of buying hay. GREAT!
I hope the hay will be OK. Also the 60 acres of rye that we put in last fall for early spring forages is still several weeks off. This just sucks.
05-02-2013 11:38 AM
Mike , I haven't told tou but I really would like to thank you for all that you do to provide us with the information that helps us make a better living. I know I don't have the time or the contacts to come up with the information that you provide to us and so once again a big thank you. Also was wondering if you would mind givine new crop bids when you report in , if it is to much of a problem then don't worry about it again THANKS!!!!!!