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09-04-2014 07:38 AM - edited 09-04-2014 02:12 PM
At the close:
Soybeans continue to drop double digits, closing barely above $10.00.
The Dec. corn futures are trading 5 1/2 cents lower at $3.46 1/2.
Nov. soybean futures are trading 16 3/4 cents lower at $10.03 1/4.
Dec. wheat futures are 5 1/2 cents lower at $5.30 1/4.
Good morning! Filling in for Mike on this beautiful Iowa morning!
My apologies.. I realized my prices were correct in the story, but not in Marketing Talk. All fixed!
The Dec. corn futures are trading 6 1/4 cents lower at $3.45 3/4.
Nov. soybean futures are trading 13 3/4 cents lower at $10.06 3/4.
Dec. wheat futures are 3 1/2 cents lower at $5.32 1/4.
In the outside markets, the crude oil dropped $.99 per barrel higher to $94.55, the dollar is higher, and the Dow Jones Industrials are up 48.07 points to 17126.35. Dow and S&P are surmounting records after US data & ECB move this morning.
At the open:
The December corn futures are trading 3/4 cent lower at $3.51 1/4.
November soybean futures are trading 5 1/4 cents lower at $10.14 3/4.
December wheat futures are 4 1/4 cents lower at $5.31 1/2.
In the outside markets, the crude oil dropped $1.21 per barrel higher to $94.33, the dollar is higher, and the Dow Jones Industrials are higher.
Early calls: Corn is looking 0-2 cents lower, soybeans 2-4 cents lower, and wheat 2-4 cents lower.
Overnight grain, soybean markets = Trading lower.
Crude Oil = $.42 per barrel higher to $95.12.
Dollar = Higher
Wall Street = Seen higher.
World Markets = Europe stocks were higher, Asia/Pacific stocks were mostly lower.
09-04-2014 09:26 AM
Pete Meyer, Senior Director of PIRA Energy Group, says he doesn’t trust either yesterday’s action or today’s.
"That’s not to say that I’m bullish by any stretch of the imagination but rather had these sell-offs occurred a month from now, during the heart of harvest, it would make much more sense. While some headline grabbers continue to press their yields higher based on improving weekly conditions, we’ve also seen reductions from some analysts that make sense. After being on my 8th Pro Farmer Crop Tour a few weeks back, I’m just below 170 bpa as a national yield for corn and just above 46 bpa in soybeans. Some of these numbers that are being bantered around are impossible to get to in my opinion."