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09-18-2012 06:28 AM - edited 09-18-2012 03:30 PM
VIDEO: Brazil Planting Update
Maybe delays for northern farmers in Brazil. Get full details, right from a reporter on the ground in Brazil.
At the close:
The Dec. futures corn contract closed 8 cents lower at $7.40. Nov. soybean futures contract finished 29 cents lower at $16.40. Dec. wheat futures settled 14 1/2 cents lower at $8.63 per bushel. The Dec. soyoil futures contract ended $0.06 lower at $55.33. The Dec. soymeal futures contract settled $13.40 per short ton lower at $492.00.
In the outside markets, the NYMEX crude oil is $1.27 per barrel lower, the dollar is higher and the Dow Jones Industrials are 6 points higher.
One analyst says, "With Monday's crop condition reports all showing improved conditions for corn and beans, the market is losing reports and weather as the bullish sources they had been.
"Weather in late August was wetter and timely for very late maturing corn and beans, starting with the hurricane bringing a months worth of rain in three days," he says.
In addition, the September USDA Crop Report shows only marginal changes and that combined with improving conditions has traders feeling that the worst has been priced in, he says.
"As a result, this has brought further long liquidation and new selling. The trade is thinking we may be in our seasonal post growing season harvest pressure time of year."
The Dec. futures corn contract is trading 2 3/4 cents lower at $7.45 1/4. Nov. soybean futures contract is trading 15 3/4 cents lower at $16.53. Dec. wheat futures are trading 6 cents lower at $8.72 per bushel. The Dec. soyoil futures contract is trading $0.24 lower at $55.15. The Dec. soymeal futures contract is trading $6.30 per short ton lower at $499.10.
In the outside markets, the NYMEX crude oil is $0.36 per barrel lower, the dollar is higher and the Dow Jones Industrials are 11 points lower.
At the open:
The Dec. futures corn contract is trading 1 cent higher at $7.49. Nov. soybean futures contract is trading 22 cents lower at $16.47. Dec. wheat futures are trading 2 cents higher at $8.80 per bushel. The Dec. soyoil futures contract is trading $0.24 lower at $55.16. The Dec. soymeal futures contract is trading $8.70 per short ton lower at $496.70.
In the outside markets, the NYMEX crude oil is $0.81 per barrel lower, the dollar is higher and the Dow Jones Industrials are 3 points higher.
Russia's Ag Minister keeps that country's grain output estimate at 70-75 million tons.
--Taiwan buys U.S. soybean containers for Nov and Dec. deliery Tuesday. THe amounts were not announced.
--Japan seeks 101,158 tons of milling wheat.
Early calls: Corn 3-5 cents lower, soybeans 25-27 cents lower, and wheat 1-2 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.47 per barrel lower.
Wall Street=Seen opening lower with increased concerns that the U.S. economic data needs to improve.
More in a minute,
09-18-2012 07:24 AM
I stated in the past that the grain markets are more then just supply and demand. I was reading an article this morning about Bernanke's QE 3 and how it really doesn't help the general populous. What the Feds are doing is creating hyper inflation is what I'm concerned about OR we are createing such a poor investment environment and jobs field that we are going to end up like Japan has become. Japan tried this "zero interest" scheme in the 90's. The zero interest rate was ended in 2006 over there, BUT has still lead to deflation in that country. And it has lead to hyperinflation. None of that makes sense. We are on a train that is full of snowballs and we all know where its headed. Its all geared to a few making large profits.
My point is in my own opinion hold steay on cash commodities. better days are coming in the short term.
In the very long term the only way out of this miss is for interest rates to raise, as well as dollar values to raise as well.