10-17-2012 06:04 AM - edited 10-17-2012 02:32 PM
At the close:
The Dec. futures corn contract settled 7 1/4 cents higher at $7.45. Nov. soybean futures contract finished 15 cents higher at $15.09. Dec. wheat futures finished 8 cents higher at $8.56 per bushel. The Dec. soyoil futures contract settled $0.56 higher at $51.03. The Dec. soymeal futures contract finished $1.90 per short ton higher at $454.70.
In the outside markets, the NYMEX crude oil is $0.14 per barrel lower, the dollar is lower and the Dow Jones Industrials are 1 point higher.
The Dec. futures corn contract is trading 5 cents higher at $7.43. Nov. soybean futures contract is trading 4 1/2 cents higher at $14.98. Dec. wheat futures are trading 5 cents higher at $8.53 per bushel. The Dec. soyoil futures contract is trading $0.41 higher at $50.88. The Dec. soymeal futures contract is trading $1.80 per short ton higher at $451.00.
In the outside markets, the NYMEX crude oil is $0.22 per barrel lower, the dollar is lower and the Dow Jones Industrials are 8 points lower.
One analyst says "I think we got a bit overdone yesterday to the down side, and it does not hurt anything at all that the dollar is tanking. Corn demand seems to be very light but nothing is moving as farmers try to get corn and beans out before the storm that is bringing some pretty big winds. We are close to competitive in wheat prices around the world which will help demand there and I am hearing of Chinese interest in beans. So, the market acts like maybe it has gone down enough. Somewhere, we got a harvest low coming. Not seeing much commercial activity here, although some buying by them if anything at all. Talking dry in the Mapito region of Brazil and planting getting interrupted in this area. But, most of MT and to the south supposed to be ok right now."
Soybeans are now 7 cents higher, corn is up 3 cents.
Here's an interesting read on where China is on corn imports. One of our freelance writers pieced this together. Take a look, when you get a chance.
At the open:
The Dec. futures corn contract is trading 3 cents higher at $7.41. Nov. soybean futures contract is trading 8 cents higher at $15.01. Dec. wheat futures are trading 2 cents higher at $8.50 per bushel. The Dec. soyoil futures contract is trading $0.44 higher at $50.91. The Dec. soymeal futures contract is trading $0.50 per short ton higher at $453.30.
In the outside markets, the NYMEX crude oil is $0.40 per barrel higher, the dollar is lower and the Dow Jones Industrials are 2 points lower.
Two interesting pieces of news were released this morning. First, the CME Group has acquired the Kansas City Board of Trade. And secondly, Monsanto will no longer charge the Brazilian farmers a tech fee.
--Japan seeks 320,000 mt of feedwheat and barley Wednesday.
--Japan bought 250,000 mt of U.S. and South American corn late Tuesday. Brazil's corn is reportedly $40/metric ton cheaper than U.S. corn right now.
Early calls: Corn 6-8 cents higher, soybeans 3-5 cents higher, and wheat 5-7 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.08 per barrel higher.
Wall Street=Seen opening flat, ahead of Bank of America's earnings report.
More in a minute,
10-17-2012 06:55 AM
$40 ton is approx $1 a bushel. Makes a difference on a boat load.
Used to be their corn was more of a flint type (hard) corn is that still the case or have they changed to the same type of corn we raise?
10-17-2012 09:55 AM
Probably Monsanto doesn't have the court system in their favor in Brazil. Like last year or whenever it was that they sued Dupont over there gene. I'd say we stop buying Monsanto genetics but since they have control over it, I guess if you want to plant roundup crops you have to plant Monsanto.
10-17-2012 04:59 PM - edited 10-17-2012 05:00 PM
Soybeans posted double digit gains, with a buying surge starting at 1 pm CDT and extending into the close. Dow Jones reported this morning that Monsanto will stop charging royalties to Brazilian producers who use Roundup Ready seeds, which will help decrease the cost of production for that key US competitor. Trade estimates for the weekly USDA export sales report are in the 650,000-850,000 MT range. As of last week 70% of the projected US exports for the year were already shipped or on the books as a sales commitment.
Should make a lot farmers here just real proud to buy Monsatan products here.