11-21-2012 07:13 AM - edited 11-21-2012 02:42 PM
At the close:
The Dec. futures corn contract settled 2 cents lower at $7.41. Jan. soybean futures contract ended 4 1/2 cents lower at $14.08. Dec. wheat futures are trading 1/4 of a cent higher at $8.45 per bushel.
In the outside markets, the NYMEX crude oil is $0.95 per barrel higher, the dollar is lower and the Dow Jones Industrials are 41 points higher.
The Dec. futures corn contract is trading 3 cents lower at $7.40. Jan. soybean futures contract is trading 4 cents lower at $14.08. Dec. wheat futures are trading 3 cents higher at $8.48 per bushel. The Dec. soyoil futures contract is trading $0.31 higher at $48.97. The Jan. soymeal futures contract is trading $1.10 per short ton lower at $428.50.
In the outside markets, the NYMEX crude oil is $0.95 per barrel higher, the dollar is lower and the Dow Jones Industrials are 35 points higher.
One analyst says, "It has been a choppy day today. Not much volume showing up. I think we we're up overnight expecting some business to be announced and once we got it this morning that was it. Specs are still the long and they are getting flat with everything else going on in the world. So, I think that is some of the selling pressure. Weakness in bean spreads overnight implies a little cash movement, although I have not seen it here. Also, we keep hearing about the river and the ideas of additional freight costs, even if it does not close, due to more needing to move by rail hurting the spreads," he says.
Corn and soybeans have dropped into negative territory. It looks like traders sold off the higher open and could buy the close. What do you think?
At the open;
At the open, the Dec. futures corn contract is trading 1 cent higher at $7.44. Jan. soybean futures contract is trading 6 cents higher at $14.18. Dec. wheat futures are trading 3 cents higher at $8.48 per bushel. The Dec. soyoil futures contract is trading $0.35 higher at $48.67. The Dec. soymeal futures contract is trading $1.80 per short ton higher at $431.40.
In the outside markets, the NYMEX crude oil is $0.95 per barrel higher, the dollar is lower and the Dow Jones Industrials are 24 points higher.
--USDA announces 120,000 metric tons of U.S. soybeans sold to China for 2012-13 delivery.
--USDA announced 20,000 mt of soybean oil was sol to China for 2012-13 delivery.
--USDA announced Wednesday that 56,000 mt of soybean oil to an 'unknown' buyer for 2012-13 delivery.
--Japan seeks 320,000 mt of feedwheat and barley Wednesday.
----Russia's Ag Minister announced Wednesday that his country will export 15.5 mmt of grain this year, up 4 mmt from his previous estimate.
--The Dow Jones Newswire reports Wednesday: The Russian agriculture ministry said earlier the government would begin Oct. 23 grain intervention sales, in which 1 million tons of grain, both milling and feed, will be sold in the Ural and Siberia regions and the Far East of Russia in order to stabilize prices and replenish grain stocks there. These regions face a shortage of grain because of the poor harvest this year caused by drought, according to the wire story.
My Ukranian correspondent says, "No wonder. Russia is unpredictable. The next step will be ban on export. And by the way the logistics in Siberia is terrible."
Early calls: Corn up 1-3 cents, soybeans 2-4 cents higher, and wheat 1-2 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$1.22 per barrel higher.
Wall Street=Seen opening flat, as key reports are released this morning including the U.S. Jobless Claims Report. Also, equipment maker, Deere, reports fourth-quarter earnings today.
World=Asia/Pacific stocks are mixed-to-higher, and Europe's stocks are lower.
More in a minute,
11-21-2012 12:14 PM
According to EIA data, ethanol production averaged 811,000 barrels per day (b/d) – or 34.06 million gallons daily. That is down 13,000 b/d from the week before. The 4-week average for ethanol production stood at 822,000 b/d for an annualized rate of 12.60 billion gallons.
Stocks of ethanol stood at 18.9 million barrels. That is a 6% increase from last week.