10-01-2013 06:31 AM - edited 10-01-2013 01:46 PM
At the close:
The Dec. corn futures contract settled 2 1/2 cents lower at $4.39. The Nov. soybean futures contract closed 14 3/4 cents lower at $12.68. Dec. wheat futures closed 2 3/4 cents higher at $6.81 per bushel. The Dec. soymeal futures ended $2.10 per short ton lower at $403.30. The Dec. soyoil futures finished $0.83 lower at $40.27.
In the outside markets, the NYMEX crude oil is $0.66 per barrel lower, the dollar is lower and the Dow Jones Industrials are 40 points higher.
At the open:
The Dec. corn futures contract opened 1 1/2 cents lower at $4.40. The Nov. soybean futures contract opened 13 cents lower at $12.69. Dec. wheat futures started 2 1/4 cents higher at $6.80 per bushel. The Dec. soymeal futures opened $5.80 per short ton lower at $399.60. The Dec. soyoil futures opened $0.05 lower at $41.05.
In the outside markets, the NYMEX crude oil is $0.67 per barrel lower, the dollar is lower and the Dow Jones Industrials are 17 points higher.
More soybeans are flying off of the U.S. soybean store shelves!
USDA announces Tuesday that China bought 113,000 tons of U.S. soybeans.
On Monday, NASS's Crop Progress report:
Corn= 55% good/excellent, unchanged from a week ago. Corn is 12% harvested.
Soybeans= 53% good/excellent, up 6 points from a week ago. IL bean rating was up 6 points.
Winter wheat seeding= 39% complete.
Early calls: Corn is seen 1-2 cents lower, soybeans 5-7 cents loer, and wheat 1-2 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.15 per barrel higher.
Wall Street=Seen trading higher, even though the U.S. government is partially shutdown. Congress failed to meet a budget agreement deadline.
World Markets=Asia/Pacific stocks were higher, Europe stocks higher.
More in a minute,
10-01-2013 07:42 AM
Yeah, c-x-1 did.
There's headscratching going on about the soybean yield, the soybean stocks, the corn stocks, and wheat stocks. For wheat, the question is how can the government up the crop size way after the crop has been harvested? For soybeans, did the government run out of things to use to justify not dropping the ending stocks number. As a result, it had to raise last year's production?
And for corn, a lot of folks just simply don't believe we fed more wheat than corn.
10-01-2013 08:01 AM
Already, there seems to be some concern that the NASS offices will not be able to collect the data needed for the October Report. In the event of an absent report, the market will lean heavily on yield reports. Depending upon how long the government is shutdown, this market could get interesting or more real. A market driven by actual yield estimates.....hmmmm...now there is a concept.
10-01-2013 08:06 AM
This may be an interesting watch:
CME Group Executive Chairman and President Terry Duffy will appear before the U.S. House Committee on Agriculture, subcommittee on general farm commodities and risk management, Wednesday, October 2, to discuss protection of customer property in the futures industry, according to a CME Group press release.
"Customer protection is the cornerstone of our industry and we continue to strengthen our practices and consider ways to further enhance the financial safety of our customers," said Duffy. "At the same time, we strive to avoid unnecessary cost or changes to market structure, which would negatively impact the deep pools of liquidity our customers rely on to mitigate their risks."
The hearing is scheduled for 9 a.m. Eastern time in the Longworth House Office Building. Duffy's written testimony will also be available on www.cmegroup.com at that time.
10-01-2013 11:44 AM
what i read into what Duffy is saying --- he's gonna it be very clear that this shutdown best not screw (have a negative effect) with the operations and liquidity of all the markets, customer protection, etc. --- his business.....
10-01-2013 12:18 PM - edited 10-01-2013 12:20 PM
The quote means that, "yes, we know our customers have been getting the shaft with the big clearing firms going bankrupt, front running by the funds, and leaked USDA reports, but please don't make any rules to stop it because we love our customers and it might cost us a few cents of our future ill gotten gains".