10-31-2013 08:04 AM - edited 10-31-2013 01:44 PM
At the close:
The Dec. corn futures contract settled 2 cents lower at $4.28. The Nov. soybean futures contract finished 7 1/4 cents lower at $12.80. Dec. wheat futures ended 7 1/4 cents lower at $6.67 per bushel. The Dec. soymeal futures contract finished $8.20 per short ton lower at $403.60. The Dec. soyoil futures ended $0.29 lower at $41.33.
In the outside markets, the NYMEX crude oil is $0.14 per barrel lower, the dollar is higher and the Dow Jones Industrials are 27 points higher.
International Grains Council released its updated world production numbers Thursday:
Corn=948 million tons, up from its prior estimate of 943 mt.
Wheat= 696 million tons, up from 693 mt in its prior estimate.
Everthing is weakening, despite strong export sales numbers this morning. Especially, that soybean number, that was huge. But, why isn't the market seeing this report as friendly? Well, the bears are saying that it's 'buy the rumor, sell the fact' mentality, one analyst says. Some folks are really scratching their heads as to why soymeal and soyoil tipped over first.
What say you? Are you surprised of the way the market is reacting to this morning's report?
At the open:
The Dec. corn futures contract is trading 4 cents higher at $4.34. The Nov. soybean futures contract is trading 5 cents higher at $12.92. Dec. wheat futures are 1 cent lower at $6.73 per bushel. The Dec. soymeal futures contract is trading $1.10 per short ton lower at $410.70. The Dec. soyoil futures are trading $0.22 higher at $41.84.
In the outside markets, the NYMEX crude oil is $0.59 per barrel lower, the dollar is higher and the Dow Jones Industrials are 17 points lower.
In today's newsletter to customers, Ag Resource sized up the impact of this morning's big export sales numbers.
"There are two data points before the end of the year that can scare the bears and spark short covering and higher prices - those points are this AM's US export sales and next Friday's USDA November crop report," the firm states.
USDA Weekly Export Sales Report: (HUGE NUMBERS)
Corn=5.238 tons vs. the trade's expectation of 1.9-2.5 mt.
Soybeans=4.74 tons vs. the trade's expectations of 2.4-3.0 mt.
Wheat=1.31 tons vs. the trade's expectations of 1.5-2.0 mt.
--Separately, USDA announced Thursday that Japan bought 123,040 tons of U.S. corn for 2013-14 delivery.
--USDA announced Thursday that S. Korea bought 174,000 tons of U.S. corn for 2013-14 delivery.
Early calls: Corn is seen 4-6 cents higher, soybeans 7-9 cents higher, and wheat 1-2 cents lower. But, today's Early Calls are subject to the strong USDA Weekly Export Sales Report.
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$0.66 per barrel lower.
Wall Street=Seen lower, as the Fed Reserve's decision to keep the stimulus going surprises investors.
World Markets=Asia/Pacific stocks were lower, Europe stocks mixed.
More in a minute,
10-31-2013 08:23 AM
The Demand destruction Beast must be hibernating?
10-31-2013 08:38 AM
For instance, this morning there were new sales reported following the USDA Export Report. Those new sales are reported at 8am each morning, if there are any.
Is that what you are asking? But, there were not 2.1 mt of new corn sales this morning. Instead, there were 297,000 tons of new corn sales this morning.
I hope this helps,
10-31-2013 11:30 AM
on the fas website the exports for corn were 2.1 mmt, new sales = 4.643 mmt
they have 2 columns 1 for new sales for week or reporting period, other for exports.
for beans - exports = 5.123 mmt, new sales = 5.072 mmt