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09-24-2013 07:12 AM - edited 09-24-2013 01:37 PM
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At the close:
The Dec. corn futures contract closed 4 1/2 cents lower at $4.48. The Nov. soybean futures contract settled 4 3/4 cents higher at $13.12. Dec. wheat futures ended 4 3/4 cents higher at $6.58 per bushel. The Dec. soymeal futures closed$3.10 per short ton higher at $412.30. The Dec. soyoil futures finished $0.15 lower at $42.09.
In the outside markets, the NYMEX crude oil is $0.73 per barrel lower, the dollar is higher and the Dow Jones Industrials are 4 points lower.
One analyst is sizing up today's market action like this: "I think soybeans are a little higher due to the lack of improvement in the condition ratings and the slow start to the harvest. I view it as a short term short-covering rally and nothing more. Corn is working lower as the market keeps hearing good and above expectations type yield reports. Still a long way to go there and that could change too, but for now the corn seems to be out there. I got a 4.30 target on Dec corn for now, but I hear a lot of 4.00 talk from others. Wheat kind of following corn, the spread between the 2 is wide enough now."
Meanwhile, I just heard numerous basis prices around Iowa. The upshot is that from now until October, corn and soybean basis is fairly strong. But, once October hits the bids fall sharply.
Will you have corn ready in September to capture a better basis.
The Dec. corn futures contract is trading 3 cents lower at $4.50. The Nov. soybean futures contract is trading 7 cents higher at $13.14. Dec. wheat futures started 3 cents higher at $6.56 per bushel. The Dec. soymeal futures are trading$3.40 per short ton higher at $412.60. The Dec. soyoil futures are trading $0.04 lower at $42.20.
In the outside markets, the NYMEX crude oil is $0.84 per barrel lower, the dollar is higher and the Dow Jones Industrials are 13 points higher.
At the open:
The Dec. corn futures contract opened unchanged at $4.53. The Nov. soybean futures contract opened 9 cents higher at $13.17. Dec. wheat futures started 1 cent lower at $6.52 per bushel. The Dec. soymeal futures settled $4.10 per short ton higher at $413.30. The Dec. soyoil futures opened $0.10 lower at $41.97.
In the outside markets, the NYMEX crude oil is $0.66 per barrel lower, the dollar is higher and the Dow Jones Industrials are 6 points higher.
Early calls: Corn is seen 1-2 cents higher, soybeans 10-12 cents higher, and wheat 1-2 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.31 per barrel lower.
Wall Street=Seen trading mixed as investors comb through the Fed Reserve's comments.
World Markets=Asia/Pacific stocks were lower, Europe stocks higher.
More in a minute,
09-24-2013 09:07 AM - edited 09-24-2013 09:38 AM
I'm not sure on how significant it might be for the market, but.... Argentina exported a total of 45.9 million tons of grains in the first semester, which is a 7.1% drop compared to last year. On the other hand, the South American country exported 4.5 million tons os soybeans - an increase of 7.8%.
China is the #1 importer of grains from Argentina (11.7%), followed by Brazil (4.9%), and Algeria (4.6%). The numbers are from Investigaciones Económicas Sectoriales consultancy announced today.