04-25-2011 06:19 AM - edited 04-25-2011 02:16 PM
At the close:
July corn futures settled 24 cents higher at $7.68 1/2. The July
soybean contract closed 6 3/4 cents higher at $13.96 1/2. The July
futures settled 26 1/2 cents higher at $8.61 1/4. The July soybean meal
closed $2.00 per short ton lower at $365.90. The July soyoil futures are $0.09 at $58.82.
In the outside markets, the NYMEX crude oil is $0.13 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 35 points.
One analyst sizes today's trade up by saying, "Today is a pure weather market. Corn finding support from the Midwest rains and wheat finding support from the dry southern Great Plains and also parts of Europe, Russia, China, and western Australia being too dry. Soybeans having trouble due to ideas of increased plantings potential, although it seems a little early yet for that. But that is what is going on. Mostly a spec-buying the grains and selling the soys, funds doing the same thing. I have seen some pricing in soybeans from Brazil today too, which is nice for me. This week will feature a trade dominated by weather, with no real improvement in sight. It is likely that plantings will get farther behind and keep grains prices strong, especially against soy."
July corn futures are trading 13 1/4 cents higher at $7.57 3/4. The July
soybean contract is 5 3/4 cents lower at $13.84. The July
futures are 18 1/4 cents higher at $8.53. The July soybean meal
are $2.50 per short ton lower at $361.40. The July soyoil futures are $0.07 at $58.84.
In the outside markets, the NYMEX crude oil is $0.45 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 34 points.
At the open:
July corn futures opened 14 /4 cents higher at $7.59. The July
soybean contract opened 1 1/4 cents higher at $13.91. The July
futures opened 20 1/2 cents higher at $8.55. The July soybean meal
opened $0.20 per short ton higher at $364.00. The July soyoil futures opened
In the outside markets, the NYMEX crude oil is $1.19 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 39 points.
One trader says that technically the corn market could test $7.78 3/4 this week.
calls: Corn 13-14 cents higher, soybeans 3-5 cents higher and wheat 17-18
Overnight grain, soybean markets=Trading mostly sharply higher.
Crude Oil=$0.47 higher.
Wall Street=Seen trading higher with a weaker Dollar and investors awaiting this week's Federal Open Market Committee meeting.
World Markets=Asia/Pacific is mixed, Europe stocks are higher. Asia has been hit by more talk of China tightening its monetary policy further.
Note: So, I visited southwest Iowa/southeast Nebraska for Easter weekend. I witnessed a number of tiling jobs, and little fieldwork. But, I talked to a handful of farmers that said they have some corn planted. Here are a few responses:
--500 acres of corn planted in central Iowa.
--50 acres planted in central Iowa. The farmer said all of his monitors are set now. So, when he can get in to do the rest he's rready.
--One central Iowa farmers is finished. And he's concerned he will have to replant.
--One southwest Iowa farmer says he has 20% of his corn planted. He's not worried about replanting.
--One southwestt Iowa farmer says he has planted a few fields.
--Yet another southwest Iowa farmer planted before a planting date and was discovered. That might not turn out so well.
--In southeast Nebraska, between Iowa border and Lincoln, not much planted. Missouri River was out of it's banks outside of Nebraska City. It looks like that river-bottom ground could take awhile to dry out with fields flooded.
--Overalll, there is a lot of fieldwork and planting left to do.
More in a minute,
04-25-2011 08:55 AM - edited 04-25-2011 09:01 AM
As many of you know, I visited a few central Illinois farmers about 10-12 days ago. They were planting corn. I have received an update, this morning, on that corn that has been in the ground during the latest rains and cool temperatures.
One of those farmers says, "Our first planted corn is up. We started planting on 4/9/11. The corn planted on April 14 is not up, as of yesterday. We did not get as much rain as others in our area. We have had a little over 2" in the last week, with most of it coming Thursday and Friday last week. So far we have not had much ponding in fields.
Soil temperature is cool. We do not know the affects of the cool wet weather, yet. But it is definitely less than ideal. I would expect some stand loss at this time. We will not know for two weeks or so what we are actually going to get. Hopefully, we are not going to be in a replant situation by then. If it warms back up this week it will definitely help."
04-25-2011 09:39 AM
This afternoon's Crop Progress Report is expected to show between 9-14% of the U.S. corn planted.
Due to wet weather possibilities, U.S. corn plantings could be 18 percent or less for next Monday's report, which if realized would make this the third slowest corn planting season ever as of May 1, since 1985, Freese-Notis weather experts say.
04-25-2011 10:49 AM
I live between lincoln and Neb. City, took soil temps this morning and it was 42 degrees, my neighbor planted corn that first week of april i haven't seen anything yet by just driving along the road. We haven't planted any yet, I don't know whos better off. This is some of the coldest temps the corn crop has seen in a long time for this long, last year we got the first corn out of the ground and then it got cold and wet. the last time we had it like this was the late 90's and we lost a few thousand plants an acre.........
04-25-2011 11:08 AM - edited 04-25-2011 11:09 AM
I took this photo Saturday outside of Nebraska City, towards Sidney, Iowa. Have you seen these river-bottom fields? It looks like these flooded fields could stay this way for awhile. The market is nervous about drying, enough sunny days, and then good enough growing days. I realize the situation in this picture is not representative of the Corn Belt as a whole. But, the rains are definitely a negative right now. Take a look:
04-25-2011 12:52 PM
It's looking like traders don't want to be short going into this afternoon's report. Based on the day's trend so far it wouldn't surprise me to see corn near or at limit up by the end of the day.