09-03-2014 07:27 AM - edited 09-03-2014 01:58 PM
At the close:
The Dec. corn futures settled 11 3/4 cents lower at $3.52
Nov. soybean futures finished 12 cents lower at $10.20.
Dec. wheat futures closed 19 1/4 cents lower at $5.35.
Dec. soymeal futures ended $9.60 per short lower at $350.40. The Dec. soyoil futures closed $0.17 lower at $31.95.
In the outside markets, the crude oil is $0.59 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 9 points higher.
The Dec. corn futures are trading 10 cents lower at $3.53.
Nov. soybean futures are trading 17 3/4 cents lower at $10.14.
Dec. wheat futures are 17 3/4 cents lower at $5.37.
Dec. soymeal futures are trading $11.10 per short lower at $348.90. The Dec. soyoil futures are $0.31 lower at $31.81.
In the outside markets, the crude oil is $0.32 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 30 points higher.
Susan Mortensen, Advantage Ag, says that the new crop estimates are sitting on this market.
"I think market reaction, today, is definitely due to the big crop estimate from Intl FCStone. Those were big numbers for every state, not just one or two. Then the crop conditions come into play, as traders don’t see any reason to make yields smaller. Although I have not been concerned about frost, some have been--maybe that factor has been reduced.
Many have been commenting that the market may not make a big move until after the October report. But it is hard to ignore a 4.0 billion bushel bean crop, for example, and so there has been new selling and new lows.
We wonder if there are still old crop corn issues to work through (farmers that have DP corn for example) and logistics issues that are still slowing down the system."
In early trading:
The Dec. corn futures are trading 7 1/2 cents lower at $3.56.
Nov. soybean futures are trading 16 1/2 cents lower at $10.15.
Dec. wheat futures are 11 cents lower at $5.44.
Dec. soymeal futures are trading $10.00 per short lower at $350.00. The Dec. soyoil futures are $0.07 lower at $32.05.
In the outside markets, the crude oil is $0.24 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 51 points higher.
Allendale Inc. releases results of its farmer yield survey:
Meanwhile, if you missed it Tuesday, INTL FCStone estimated new crop yields:
U.S. corn= at 174.1 bushels per acre, up from 172.4 bpa in August. Corn production up 140 million bushels to 14.595 bln bu.
Soybean= 47.6 bpa vs. 46.0 last month. Output was pegged 4.0 billion bushels, compared to 3.865 bln bu in August.
Early calls: Corn 1-2 cents lower, soybeans 4-6 cents lower, and wheat 4-6 cents lower.
Overnight grain, soybean markets = Trading lower.
Crude Oil = $1.07 per barrel higher.
Dollar = Lower.
Wall Street = Seen higher, on hopes of a cease fire in Ukraine.
World Markets = Europe stocks were higher, Asia/Pacific stocks were higher.
More in a minute,
09-03-2014 04:49 PM
MARKET COMMENTARY September 03, 2014
By Tom Manternach
Corn closed around 11 cents lower across the board today and beans closed 12 cents lower on the November futures month. While wheat was over 19 cents lower on the December board today. Crop condition scores last night were better than expected and helped knock the market lower today.
We were able to find new contract lows for December corn today as industry yield guesses have remained higher than the USDA numbers. We did some damage on the technical side but will likely trade sideways until we get to the crop report next Thursday. Wheat was mostly a follower today as we saw some of the funds cut and run on their long positions today. With no frost scare in sight for now it will be hard to see a big rally until the crop report comes out next week.
09-03-2014 10:29 PM
That was what I was talking about.
24 hours early.
You had me doing a double take but my computer has the date on the screen all the time.
As for those numbers maybe if Jen's weather report is correct the totals harvested will be smaller.
Crops look good around here.
Expecting excellent yields BUT harvest will not be early and will not be nice if we get a killing frost before mid October.
Corn is still in milk stage with maybe a little bit of early planted starting to dent in the Chatham - Windsor area.
We do have less corn planted and more soys so doing our part to reduce the glut of corn.