09-20-2012 06:31 AM - edited 09-20-2012 02:28 PM
At the close:
The Dec. futures corn contract settled 10 1/2 cents lower at $7.46. Nov. soybean futures contract finished 50 3/4 cents lower at $16.18. Dec. wheat futures finished 2 cents lower at $8.79 1/2 per bushel. The Dec. soyoil futures contract closed $1.20 lower at $54.05. The Dec. soymeal futures contract finished $17.20 per short ton lower at $483.10.
In the outside markets, the NYMEX crude oil is $0.16 per barrel higher, the dollar is higher and the Dow Jones Industrials are 17 points higher.
The Dec. futures corn contract is trading 10 3/4 cents lower at $7.45. Nov. soybean futures contract is trading 43 3/4 cents lower at $16.25. Dec. wheat futures are trading 5 cents lower at $8.76 per bushel. The Dec. soyoil futures contract is trading $1.48 lower at $54.77. The Dec. soymeal futures contract is trading $12.30 per short ton lower at $488.00.
In the outside markets, the NYMEX crude oil is $0.23 per barrel higher, the dollar is higher and the Dow Jones Industrials are 26 points lower.
At the open:
The Dec. futures corn contract is trading 9 cents lower at $7.46. Nov. soybean futures contract is trading 21 cents lower at $16.48. Dec. wheat futures are trading 5 cents lower at $8.76 per bushel. The Dec. soyoil futures contract is trading $0.77 lower at $55.48. The Dec. soymeal futures contract is trading $5.50 per short ton lower at $494.80.
In the outside markets, the NYMEX crude oil is $0.44 per barrel lower, the dollar is higher and the Dow Jones Industrials are 27 points lower.
USDA announces weak Weekly Export Sales for corn, neutral bean data, and friendly wheat sales:
Corn=69,000 mt vs. the trade's expectations of between corn 300,000-400,000 metric tons,
Soybeans=717,700 mt vs. the trade's expectations of between 600,000-800,000 mt.
Wheat=488,900 mt vs. the trade's expectations of between 300,000-400,000 mt.
Soybean meal=174,300 mt vs. the expected 125,000-200,000 mt.At 6:35am:
USDA announces the Weekly Export Sales at 7:30, this morning. Here are the expectations from the trade:
Wheat= 300,000-400,000 metric tons
Corn=300,000-400,000 metric tons
Soybeans= 600,000-800,000 metric tons
Soybean meal= 125,000-200,000 metric tons.
Early calls: Corn 5-7 cents lower, soybeans 10-12 cents lower, and wheat 3-5 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.68 per barrel lower.
Wall Street=Seen opening lower with weaker Chinese manufacturing data and weaker European service sector data.
More in a minute,
09-20-2012 07:15 AM
I don't think we'll see that much corn exported.
I was thinking this morning that September is the last month of the 3rd quarter, correct? The funds are getting out this month probably for some quarterly profit reports are something.
Remember my theory on 3 legged price discovery for commodities: supply/demand, value of currency, Fund trader activity.
09-20-2012 07:47 AM - edited 09-20-2012 07:52 AM
I really can't figure it out. I still stand behind the fact that if you don't have any you can't sell it. Is that even pipeline?
Is asia feeding wheat? Or did they buy all that corn this summer? and Mexico. They where shipping corn out of Omaha all summer going to Mexico. Now all the sudden all stopped. Unreal.
I did hear that China was selling out of their reserve to their domestic market both corn and beans maybe they'll have to buy some to place back.
09-20-2012 07:56 AM - edited 09-20-2012 08:02 AM
when the final corn yield number hits............we may not need any corn exports.........
ethanol is grinding hard, and I bet hits close to 5B when its all said and done..........lotta talk about livestock and liquidation, not sure I buy that.........seems a lot of people are still making money on cattle, hogs are a mixed bunch but thats likely bottomed already, poultry well a bird is a bird...........point is I am not sure we have rationed much past exports..........which is probably the sweet spot for now..........we take corn below $7 and get a late spring and late harvest and it could get interesting........
EDIT: o yeah, and soya exports are still HOT...........and wheat not too bad either.........
EDIT2: didnt realize this, but soya sales are at 75% of projected target for the year already..............HOLY MOLY.........
09-20-2012 08:02 AM
if you have time check with some of your trader friends to see if they have heard of Continuous Commodity Index
Just read where that was saying major bull run in the commidities.