10-24-2013 07:02 AM - edited 10-24-2013 02:01 PM
At the close:
The Dec. corn futures contract closed 2 1/2 cents lower at $4.40. The Nov. soybean futures contract finished 1/4 of a cent lower at $13.09. Dec. wheat futures finished 5 1/4 cents lower at $6.96 per bushel. The Dec. soymeal futures contract ended $4.60per short ton higher at $426.00. The Dec. soyoil futures finished $0.37 lower at $41.13.
In the outside markets, the NYMEX crude oil is $0.29 per barrel higher, the dollar is lower and the Dow Jones Industrials are 113 points higher.
Markets remain mixed. One analyst describes the action like this:
"Been a quiet day today as far as I can tell. Sure has been for me. The strong export sales, especially for corn got a big yawn from the trade. I think we had heard so many rumors of big business over the last few weeks with the government closed that we created a buy the rumor and sell the fact situation in corn. Beans are bull spread and the market needs beans. Probably getting some, but not quite enough. Farmers back out on harvesters and going after the last of the beans now. Not heard of much disappointment in yields so far today, but I know I got a couple of disappointed farmers, so there is some variability. The failure of Soybeans to take out the highs of yesterday is worth watching into the close. You want to se the rally extend and so far not happening. Corn and wheat not acting real strong at all, we might have a down day tomorrow," he says.
The Dec. corn futures contract is trading 3 cents lower at $4.39. The Nov. soybean futures contract is trading 4 1/2 cents higher at $13.14. Dec. wheat futures are 2 cents lower at $6.99 per bushel. The Dec. soymeal futures contract is trading $5.20 per short ton higher at $426.60. The Dec. soyoil futures are trading $0.18 lower at $41.32.
In the outside markets, the NYMEX crude oil is $0.43 per barrel lower, the dollar is lower and the Dow Jones Industrials are 86 points higher.
At the open:
The Dec. corn futures contract is trading 1 cent lower at $4.41. The Nov. soybean futures contract is trading 3/4 of a cent higher at $13.10. Dec. wheat futures are 4 cents lower at $6.97 per bushel. The Dec. soymeal futures contract is trading $1.80 per short ton higher at $423.20. The Dec. soyoil futures are trading $0.21 lower at $41.59.
In the outside markets, the NYMEX crude oil is $0.16 per barrel lower, the dollar is lower and the Dow Jones Industrials are 25 points higher.
USDA announces Thursday that Mexico bought 210,000 tons of U.S. corn for 2014-15 delivery.
USDA Weekly Export Sales Report:
Corn= 1.34 million tons
Soybeans= 947,800 tons
Wheat= 653,600 tons.
Early calls: Corn is seen 1-2 cents lower, soybeans 2-4 cents lower, and wheat 2-4 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.35 per barrel higher.
Wall Street=Seen trading higher, with China reporting higher factory data.
World Markets=Asia/Pacific stocks were higher, Europe stocks higher.
More in a minute,
10-24-2013 10:46 AM
Thanks for the info on the truck count. Interesting. What do you think about the pace of harvest? In other words, do you get the sense that the soybean harvest will be over soon and the corn harvest over before Thanksgiving, in your area? I'm curious if the market will be able to put to rest any harvest weather factors in the next few weeks. I'm hearing some farmers say they are a month behind in their harvest schedule.
10-24-2013 11:02 AM
While Iowa was projected on Monday's report at 35% corn harvested, the SE crop district was 60%.......reflecting the fact the corn was maturing faster than bulk of the state, AND the fact that a lot of processing assets were "forcing the issue" , ourselves included to keep corn coming to the plant
with a lot of front end demand chewing through corn, I question if a logistical issue can really happen this year.....farmers are very reluctant sellers and basis levels are surprisingly strong.....dry mill ethanol plants have excellent margins right now, too and are paying the piper to keep running at full rate
10-24-2013 12:12 PM - edited 10-24-2013 12:14 PM
Re: Harvest Update
10-24-2013 03:43 PM