09-17-2013 05:14 AM - edited 09-17-2013 01:45 PM
At the close:
The Dec. corn futures contract settled 2 1/2 cents lower at $4.54. The Nov. soybean futures contract finished 5 3/4 cents lower at $13.42. Dec. wheat futures closed 1 3/4 cents higher at $6.43 per bushel. The Dec. soymeal futures finished $1.90per short ton lower at $426.60. The Dec. soyoil futures closed $0.13 lower at $42.24.
In the outside markets, the NYMEX crude oil is $1.40 per barrel lower, the dollar is lower and the Dow Jones Industrials are 42 points higher.
The Dec. corn futures contract is trading 1 3/4 cents lower at $4.54. The Nov. soybean futures contract is trading 13 3/4cents lower at $13.34. Dec. wheat futures are trading 3/4 of a cent higher at $6.42 per bushel. The Dec. soymeal futures are trading $5.30 per short ton lower at $423.20. The Dec. soyoil futures are trading $0.18 lower at $42.19.
In the outside markets, the NYMEX crude oil is $0.94 per barrel lower, the dollar is lower and the Dow Jones Industrials are 39 points higher.
Jack Scoville, PRICE Futures Group vice-president, says today's FSA prevented planting acreage report was positive for futures, but not a bullish shock.
"This type of additional loss had been part of the talk in the market. So, it was already part of the price action. But, harvest is here and although I don’t pick up much farm-selling, the specs sure are at it. Plus, the yield reports seem to continue to be very good. I think that is helping to create selling," Scoville says.
It also seems like a risk off kind of a day, he says.
"Lots of commodities getting hit pretty hard today. So, grains are part of that, too. Really an ugly day, I thought the data would hold things up better too! But I guess not!"
On Tuesday, the Farm Service Agency increased their estimates for U.S. Prevent Plant Acreage. The market is reacting positively:
Corn= Acres increased by 160,000.
Soybeans= Increased by 70,000.
Last month: FSA had corn prevented plant acreage at 3.41 million and soybeans at 1.618 million.
For whatever reason, some in the trade thought this morning's numbers would be lower than last month. Regardless, the market is reacting positively.
The USDA's Crop Progress Report Monday rated the U.S. corn 52% good to excellent, down 2% from last week.
For soybeans, the gov't rated it good to excellent, down 2%, with 50% of the nation’s soybean crop rated good to excellent.
Following the report, one analyst offered up these thoughts: "Iowa's crop conditions held steady, despite high temperatures and no rain last week. The hot dry weather over the last four weeks--which is now being called a “flash drought”--is taking a toll on soybean yields and corn test weight. I look for prices to bottom out when the combines get going in Iowa."
What would you say about the ratings? Are you as surprised?
GOOD MORNING! It's raining!
Early calls: Corn is seen 2-4 cents higher, soybeans 3-5 cents higher, and wheat 2-4 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.52 per barrel lower.
Wall Street=Seen trading higher, ahead of the much anticipated Fed Reserve meeting that starts tomorrow.
World Markets=Asia/Pacific stocks were lower, Europe stocks lower.
More in a minute,
09-17-2013 06:18 AM
09-17-2013 06:25 AM
Will we regain the 30 cents that we lost yesterday in the Soybean market? I think we will give it the old college try.
By the way does anyone know where I can buy a Flour Milling Machine?
09-17-2013 06:41 AM
Cargill just shuttered a plant in Argentina. Thereby removing excess capacity ensuring a more efficient use of capital resources. No they do not need beans We move mildly higher today may get back 18-22 of it and then lower for the rest of the week maybe just sideways to.