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10-03-2013 05:40 AM - edited 10-03-2013 09:52 AM
Corn is unchanged, beans are up 10¢ and wheat up 4¢. Rain delaying harvest is supporting the markets.
At the open:
The Dec. corn futures contract opened 2 cents higher at $4.40. The Nov. soybean futures contract opened 11 cents higher at $12.85. Dec. wheat futures started 6 cents higher at $6.92 per bushel. The Dec. soymeal futures opened $5.10 per short ton higher at $416.80. The Dec. soyoil futures opened $0.31 higher at $39.69.
In the outside markets, the NYMEX crude oil is $0.02 per barrel lower, the dollar is lower and the Dow Jones Industrials are 78points lower.
Early calls: Corn is seen 1-2 cents higher, soybeans 5-7 cents higher, and wheat 4-5 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.36 per barrel lower.
Wall Street=Seen trading lower, as the U.S. government shutdown continues. Now more furloughs are being considered. Congress failed to meet a budget agreement deadline.
World Markets=Asia/Pacific stocks were higher, Europe stocks higher.
More in a minute,
10-03-2013 08:04 AM
Personally I would be interested in a ninety day or more withdrawal from the reports. Might be fun to sit here in the cheap seats in the peanut gallery and watch the DT's amongst the traders in Chitown.
Might be a more cautious civilized affair for a while.
That was what it was supposed to be before all the traders and USDFA reports screwed with it.
Price discovery at it's finest. No gas or matches.
It has gotten to be no different than addicts needing a ever increasing "fix" ..Enough already.
10-03-2013 08:30 AM
Hobby, thats a great reference to an addiction, the trade is addicted to these reports that we get, we just trade from one report to another. The trade should maybe look at basis levels, which in my area are strong for harvest in my opinion, and the export terminal basis, if the export terminals want grain then something must be going out the door. We aren't trading blind, we just need to learn to use our other senses and find our own information.
Here in SE NE we are/have recieved a good soaking rain over the last few hours, around an inch so it will be awhile before we roll again here.