09-03-2013 06:46 AM - edited 09-03-2013 01:49 PM
At the close:
The Sep. corn futures contract settled 3 cents higher at $4.98 per bushel. Dec. corn futures contract finished 6 cents lower at $4.75. The Sep. soybean futures contract closed 11 cents higher at $14.35, new-crop Nov. soybeans ended 29 cents higher at $13.86. Dec. wheat futures closed 4 cents lower at $6.99 per bushel. The Dec. soymeal futures finished $15.20 per short ton at $438.90. The Dec. soyoil futures closed $0.10 lower at $44.19.
In the outside markets, the NYMEX crude oil is $1.01 per barrel higher, the dollar is higher and the Dow Jones Industrials are 4 points lower.
Jack Scoville, PRICE Futures Group vice-president, says poor looking crop reports and continued unfavorable crop-weather keeps the markets supported.
"Corn looks fine, there is a decent crop out there even if it is not a bin buster. But, the corn is there and the southern harvest is moving along in the Delta and Southeast with very good yields and cash markets are weak," Scoville says.
Soybeans look shaggy, he says. "I saw very uneven fields in Wisconsin, with lots of weeds in fields too. Hearing the same around the office. Where the rain fell it was great, but central Illinois and much of Iowa missed to help the beans rally. Brazil is selling again too," Scoville says.
The Sep. corn futures contract is trading 8 cents lower at $4.86 per bushel. Dec. corn futures contract is trading 10 cents lower at $4.72. The Sep. soybean futures contract is trading 12 cents higher at $14.36, new-crop Nov. soybeans are trading 26 cents higher at $13.83. Dec. wheat futures are trading 7 cents lower at $6.46 per bushel. The Dec. soymeal futures are trading $13.20 per short ton at $436.90. The Dec. soyoil futures are trading $0.01 higher at $44.30.
In the outside markets, the NYMEX crude oil is $0.32 per barrel higher, the dollar is higher and the Dow Jones Industrials are 17 points higher.
Soybeans have trimmed their huge gains, while corn has turned negative.
A few market noise notes:
--Commodity Weather Group pegs the U.S. soybean yield at 41.7 bushels per acre, 2.4 bpa below its previous estimate and below the USDA's 42.6 bpa estimate. The weather group's Iowa estimate was dropped from 44.9 bpa to 39.7, and that is 15% below trendline.
--Russia's grain harvest is 6% complete at 61.7 mmt, up from 55.0 mmt a year ago.
--Kazakhstan's grain harvest is at 2.32 mmt, 11% of total production expected. That is 6.14 mmt below a year ago.
At the open:
The Sep. corn futures contract is trading 5 cents higher at $5.00 per bushel. Dec. corn futures contract is trading 6 cents higher at $4.88. The Sep. soybean futures contract is trading 37 cents higher at $14.61, new-crop Nov. soybeans are trading 47 cents higher at $14.04. Dec. wheat futures are trading 7 cents higher at $6.60 per bushel. The Dec. soymeal futures are trading up the daily limit of $20.00 per short ton at $443.70. The Dec. soyoil futures are trading $0.29 higher at $44.58.
In the outside markets, the NYMEX crude oil is $0.15 per barrel lower, the dollar is higher and the Dow Jones Industrials are 108 points higher.
--Trade sees crop ratings dropping 5%, in today's Crop Progress Report.
--Soymeal is up the limit, $20.00 per short ton. Anything else going to the 'limit', in your opinion?
--According to a National Supply Company release, Brazil exported 1.2 million tons of soybean in the last week of August, which is a record. This also incentivizes Brazilian farmers to plant more soybeans.
--Meanwhile, the total amount of corn exported by Brazil, in August, was 3.04 million tons, which is also a record. “The market continues extremely strong for holders of grains”, says João Carlos Kopp, a consultant at JC Kopp. Kopp made his comments to Brazilian media.
Early calls: Corn is seen 9-10 cents higher (old-crop), soybeans 40-45 cents higher (old-crop), and wheat 5-7 cents higher. Meanwhile, new-crop corn 8-10 cents higher and soybeans are seen 40-45 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.42 per barrel lower.
Wall Street=Seen higher, as Vodafone and Verizon get closer to a $130 billion merger, one of the biggest ever.
World Markets=Asia/Pacific stocks were higher, Europe stocks lower.
It's still summer, right? Here comes you're summer rally. This week's hot/dry weather is set to send the soybean market sky-high!! What do you think? How high? Can the market blow by the $15 mark?
Harvest story: Cash Price To Push Harvest?
More in a minute,