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12-23-2011 07:29 AM - edited 12-23-2011 02:02 PM
Everybody on the CME Group floor over in Chicago seems to be running for the exits now! And, who can blame them, with Christmas coming up this weekend? We ended the day higher for corn and soybeans and just into the red for wheat. March corn ended the day at 6.20 1/2, up 2 3/4 cents, January beans were 1 1/4 cent higher at 11.63 1/2 and March wheat was down 1/4 cent at $6.21 1/2.
Volume remained light all day, and that's largely to blame for wheat drifting slightly lower. Otherwise, we've had a nice run for corn and beans this week. Look for that to probably continue next week once the trade resumes Tuesday morning (no overnight trading Monday night, I'm hearing). But, like Ron and Sue Mortensen said in their column this week, it could be a wild ride next week when trading starts up again after a 3-day weekend to sit and watch the weather in South America (that is, if there's no major change).
Anyway, thanks for hanging in here with me this week! Appreciate all the kind comments and dialog! Let's get it started again next week!
At any rate, on behalf of everybody here at Agriculture.com, I want to wish you and your family a very Merry Christmas! Hope you all can kick back and enjoy yourselves!
Have a great one! See you here again next week!
So, the lower start's turned around and it looks like, barring any last-minute profit-taking, we are probably heading toward a slightly higher close today. At noon, March corn's 2 3/4 higher at $6.20 1/4, March wheat's 3 3/4 higher at $6.25 1/2 and January beans are 3 1/2 higher at $11.65 3/4.
Everybody see Scott Shellady's post this morning? He said this week's been the longest corn rally of the year! How about that? All because the B-Team's in or this South American weather doing it? I'll hope for the former, but think it's probably the latter!
Anyway, sounds like the CME floor's probably starting to already look like a ghost town! We'll be fairly quiet the remainder of the session, it sounds like.
More in a few...
Any Seinfeld fans out there? I'd be remiss if I didn't wish you a Happy Festivus today! If you are a Seinfeld fan, you know what I'm talking about. If not, you probably have no clue and you're wondering if I've gone nuts!
Anyway, we're starting a little lower this morning: March corn is 3/4 cent lower at $6.16 3/4 per bushel, January beans are 1 1/4 cents lower at $11.61, and March wheat is 1 cent higher at $6.22 3/4.
But, all the talk's of things moving higher through today. Sounds like the attention's really getting sharp on the weather in Brazil and Argentina. Do I sound like a broken record yet? Needless to say, that means there's still a lot of upside potential for the grains despite some lower early trading as traders look to limit their risk exposure ahead of the 3-day weekend.
So, that's the story so far! More in a few...
Another column here for something to chew on with your coffee this morning, this one from Ron and Sue Mortensen. They expect a pretty wild trade next Tuesday when things resume after Christmas (there's no overnight trade on Monday night, either). The main reason: The weather trade will likely be a little more potent after the extra day off:
Given the weather market that has developed for corn and soybeans, this means an uncomfortably long period of time (and many weather model runs) before the next chance to trade. Therefore, look for wild trade on Tuesday based on weather forecasts.
Think that's right? Will this market continue trading this S.A. weather deal indefinitely, or will it eventually reach a terminal velocity and lose steam? If so, what price will it take for that to happen?
Everybody get a chance to see Ray Grabanski's latest column? He says the technicals are still pretty cloudy, but mostly signaling lower prices. What do you think? A little more from Ray:
The trend remains down, and until a new direction emerges, perhaps the best thing to do is be patient, and wait for a more definite price direction to emerge from the market.
Here's his column. So, is he right?
Good morning! Everybody about ready for Christmas? Sounds like a lot of folks on the CME Group floor are, too. Sounds like we'll have pretty light volume today, and though we've got higher prices right now and higher early calls, we could see prices dip into the red as traders even up their positions and possibly take a few profits -- maybe an early Christmas present for themselves?
Early calls for the grains are corn 1-3 higher, soybeans 3-5 higher and wheat 2-4 higher. In the overnight session, March corn traded 1 1/4 cents higher at $6.18 3/4 per bushel, March wheat was 3 higher at $6.24 3/4 and January beans were 3 1/4 higher at $11.65 1/2.
Pretty quiet day around here today, too! Hope everybody's doing well this morning! B-Team's in for the day!
More in a few...
12-23-2011 08:42 AM
Merry Christmas everyone, and congrats to you Jeff for the new addition to the family....
We appear to have gotten past the the post-harvest lull and now have a South American weather market and the prospect of the January final crop report coming into view..
and least it's not dulling and boring!
12-23-2011 08:46 AM
Good morning, Ray. Thanks! I'm completely outnumbered by the gals at my house!
Still movin' them through there at a pretty good clip these days, or has the pace of trucks slowed down?
12-23-2011 08:48 AM - edited 12-23-2011 08:54 AM
thats below normal??????????
EDIT: map this AM had 100's on it too..........sounds like it might cool down into the mid 90's, hardly a break..........
12-23-2011 09:08 AM
Jeff---no rest for folks in the 24/7/365 corn business.....the Christmas/New Year's back to back holiday period creates some unique challenges...but the weather is nice and trucks are rolling..
open til noon today and expecting 275-300 trucks.....planning on 400+ per day next week when we re-open on Tuesday....and we are planning on being open Saturday January 31 "just for those who want to get out of the house"!!
12-23-2011 09:11 AM
Well hey, if you need a few more hands to shovel corn in the next few days, we've got a house full of grandparents here to visit their new granddaughter, so I'd be happy to volunteer them into service for you...for the right price, of course! Ha! And by that, I mean I'd be paying YOU!
Boy, this weather's really been something, hasn't it? Every time I hear somebody complaining about not having a "white Christmas," I about want to slap them!
12-23-2011 09:36 AM
Slowed soybean planting for lack of soil-humidity in some productive areas of Argentina
Planting along an important agricultural area has stopped due to the lack of conditions to ensure correct sowing . This was said yest in a report from the Grain Exchange of Buenos Aires.
So ... abt 23-25% of the 18,850,000 hectares intended for planting for the current year has not been sown yet . Historically , argentine s farmers have time to plant till jan 15 if weather conditions permit. The seeds they would use from now on if they can finally plant are what they call “soja-de-segunda” , i.e. short cicle variety ( lower yield potential).