05-23-2014 07:03 AM - edited 05-23-2014 02:12 PM
At the close:
The July corn futures contract settled 1 1/4 cents higher at $4.78. The Dec. corn futures settled 1 3/4 cents higher at $4.75. The July soybean futures contract finished 3 1/4 cents lower at $15.15. The Nov. soybean futures finished 5 cents lower at $12.65. July wheat futures ended 6 3/4 cents lower at $6.52 per bushel. The July soymeal futures contract closed $1.10 per short ton higher at $502.60. The July soyoil futures settled $0.48 lower at $40.38. In the outside markets, the NYMEX Brent crude oil is $0.34 per barrel lower, the dollar is higher and the Dow Jones Industrials are 55 points higher.
The July corn futures contract is trading 1/2 of a cent higher at $4.77. The Dec. corn futures are trading 1 1/4 cents higher at $4.74. The July soybean futures contract is 4 1/4 cents lower at $15.14. The Nov. soybean futures are trading 9 cents lower at $12.61. July wheat futures are 7 cents lower at $6.52 per bushel. The July soymeal futures contract is trading $0.70 per short ton lower at $500.80. The July soyoil futures are trading $0.16 lower at $40.70. In the outside markets, the NYMEX Brent crude oil is $0.65 per barrel higher, the dollar is higher and the Dow Jones Industrials are 54 points higher.
Jack Scoville, PRICE Futures Group vice-president, sizes up today's market action like this: "A lot of today is positioning before the long weekend. Some guys are getting out of bean longs and corn shorts. On corn, some talk that prices have gotten cheap enough for now and could rebound over the next couple of weeks, maybe to the 490-500 area July, Sep, or Dec. Corn is pretty much in, hearing some got burned back but no replanting so far. Farmers to the north tell me they plan to go right through the weekend. Soybeans going in, too, but I think this is more a breather day. Bulls want to get a close above 1521 July but can’t seem to get the job done. That might be the level to watch for at the close, if they do not get it today we might see more selling next week. Lots of rain in the Great Plains with parts of the TX Panhandle reporting 1.5 to 2.5 inches of rain. So, wheat is down. Plus lower prices in Russia and Europe pressuring wheat. Trade4rs think wheat has gone down about enough, but there is no buying interest due to the rain and overseas prices. The rains will help make the situation out there more stable, and prevent further losses rather than add much to yield I think," he says.
At the open:
The July corn futures contract is trading 2 cents higher at $4.80. The Dec. corn futures are trading 3 1/2 cents higher at $4.77. The July soybean futures contract is 7 3/4 cents higher at $15.26. The Nov. soybean futures are trading 3 1/2 cents higher at $12.74. July wheat futures are 1 3/4 cents higher at $6.61 per bushel. The July soymeal futures contract is trading $3.60 per short ton higher at $505.10. The July soyoil futures are trading $0.17 higher at $41.03. In the outside markets, the NYMEX Brent crude oil is $0.34 per barrel lower, the dollar is higher and the Dow Jones Industrials are 33 points higher.
Early calls: Corn is seen 2-4 cents higher, soybeans 6-8 cents higher, and wheat 1-2 cents higher.
Overnight grain, soybean markets=Trading higher.
Brent Crude Oil=$0.34 per barrel lower.
Wall Street=Seen higher, with new-home sales data.
World Markets=Europe stocks were lower, Asia/Pacific stocks mixed to higher.
More in a minute,
05-23-2014 07:06 AM - edited 05-23-2014 07:29 AM
Missed the export sales numbers yesterday......anyone got them to post? Thanks
Maybe folks are gettting tired of the market guys focusing on China cancellations that haven't materialized.......every week for the past 10-12 weeks.
05-23-2014 08:03 AM
‘13/14 Export Sales (000 tonnes):
Corn: 507,800 tons, with the range between 325,000-525,000
Wheat: 142,200, vs. the trade's estimates of 50,000-250,000
Beans: 164,400 tons vs. the trade's expectations of -(150,000)-100,000
Meal: 186,400, vs. thr trade's expectations of 25,000-150,000
Oil 41,300 vs. the trade's expectations of 0-20,000
For New Crop 2014/15 Export Sales:
Corn: 62,500 tons, vs. the trade's expectations of 50,000-200,000.
Wheat: 209,800, vs. the trade's expectations of 150,000-300,000.
Soybeans: 451,200, vs. the trade's expectations of 500,000-700,000.
Meal: 164.0 / 50-200,000
Sorry these are a day late, man. I hope it helps.
05-23-2014 08:52 AM
For those who are worried about ethanol market, a major drought in the Brazilian state of São Paulo will reduce the grinding of sugar cane to 580 million tons in the 2014/2015 crop season, says an estimate of Unica. It is a reduction of 16.9 million tons compared to the previous season. Nearly 56.44% of this yields would be used for ethanol, which is an increase compared to last crop. However, the total production of the fuel will fall 5.23%. Unica is the Union of Sugar Cane Industries of Brazil.