10-31-2011 05:11 AM - edited 10-31-2011 11:52 AM
Having lunch with docharing. He is saying the soybean yields are better than he thought they would be. But, corn is tough to get out of the field with rain falling today.
At 10:26am (Eastern Time)
I was poking around in Ohio yesterday. Here are a few harvest photos:
At 6:46am (Eastern Time):
--South Korea buyer purchased 110,000 metric tons of U.S. and Brazilian soybeans Monday.
At 5:47am (Eastern Time):
"I am watching for a bankruptcy filing by commodity firm MF Global today. Until that firm is dissolved, futures will stay under pressure," Al Kluis, Kluis Commodities is telling his customers this morning.
Early calls: Corn 8-10 cents lower, soybeans 10-12 cents lower, and wheat 6-8 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.83 lower.
Wall Street=Seen trading lower after rallies last week. A Jobs Report and a Federal Reserve meeting, this week, will be watched by the market. Also, it's being reported that MF Global is set to file for bankruptcy. World Markets=Lower as the attention turns from Europe's economy to the U.S. economic outlook.
Marketeye is visiting Marketing Talk member justinbarnes710 in central Ohio. After combining corn yesterday with Barnes, it looks like this part of the state anyway will have better crops than expected. Traveling on I-70, from Pennsylvania, I saw a lot of crops still in the fields, especially corn. It will be interesting to see what this afternoon's USDA Crop Progress Report says about harvest completion for the eastern Corn Belt.
Barnes says the crop is around 200 bushels per acre or slightly less, but it's coming out a little wet. Most of the corn in this area goes to the South's poultry feeding businesses and/or a nearby ethanol plant. Local basis is very very good for this time of the year. "I think that really proves the value of this year's corn," Barnes says.
Personally, Marketeye wants to thank Justin and his wife and family for being great hosts to this roaving reporter. Great farm families make life a lot easier on agricultural reporters. We love it.
Justin is smiling in the photo but is not happy with the lower Early Calls this morning. Plus, rain is approaching from the west, at a time when he is already very behind on harvest. On a positive note, he has already left the house to begin to haul some corn to town to fill an order and capture a basis that is 30-cents over the Board. Not bad.
More in a minute,
10-31-2011 05:22 AM
Tom White, FutureRoad.net analyst and CME Group corn pit trader offers up this technical look at the market Monday:
Corn traded back and forth last week but closed higher on the week. The charts still demonstrates that the market is in a sideways phase. However, the longer it does hold up, the greater the chances that RSI and other directional indicators can base higher. This could mean that the wave pattern which indicates that we are in a fourth wave correction, would be negated. If we do move higher, keep in mind that there is a gap above $673.6 to $685.6.
10-31-2011 10:48 AM