Hey, the B-Team's winning streak continues! Even a blind squirrel finds a nut every once in a while, eh?
March corn was 6 1/2 cents higher at $6.07 1/2 per bushel, while January soybeans were 8 cents higher at $11.45 and March wheat was 7 3/4 higher at $6.07 1/2.
Same old story as earlier in the day -- South American weather, the slipping Dollar and surging equities and oil markets kept things higher for the grains. So now does this mean we'll have profit-taking jump in later this week? If we do, I just hope it waits until Marketeye gets back so I don't get blamed!
Working on a story on these price ranges for the coming year I mentioned earlier. So, besides Mr. Sunshine Palouser (hey, had to bust your chops on that one, no matter how RIGHT you are!), who's betting the over and who's betting the under on that $5.65 estiimate for corn and $11.20 guess for beans?
Cattle and hogs both traded lower today. Sounds like that blizzard didn't wreak as much havoc as some in the trade were expecting for the feeders down in the Plains. Wow, SW, sounds like a real Christmas present of a system for you all down that way. Bet that wheat's happy. I popped this message into Crop Talk a few days back and it sounds like subsoil moisture's really going to be a worry around here this winter and into next spring. Glad to hear you're getting some help out your way, SW!
Anyway, hey, remember, it was the B-Team's fault the markets went higher again today! Don't forget to let Mike know that when he gets back!
Thanks, all. Have a good one and I'll be back here tomorrow!
Jeff
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Just saw some price projections for 2012 from our friend up at ISU, economist Chad Hart. Looks like he sees corn prices falling throughout 2012, from $5.80/bushel in the first quarter to $5.25 in the fourth quarter, averaging $5.65 for the year. For beans, he sees them peaking at $11.30 in the third quarter and averaging $11.20 for the year.
So, what do you think? Can you make a buck or 2 at these price levels under current conditions?
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Well, that didn't take long. Corn's dipped into the red while soybeans and wheat remain higher: March corn is down 1/4 cent at $6.00 3/4 per bushel, while January soybeans cling on to a 2 1/4-cent gain at $11.39 1/4. March wheat is 3 1/2 cents higher at $6.03 1/4 per bushel.
So, is it just today's light trading volume that's got corn wavering, or is the supply/demand picture bubbling up and starting to counteract the outside markets that are all bullish?
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Good morning, everybody. Sorry I'm late again. The young 'un slept a little better last night, but it's a good thing I didn't have cows to milk this morning!
Anyway, looks like we're going to start today a little higher after yesterday's rally. Looks like the overnight trade took some of the steam out of the rally yesterday, with all pits trading just slightly higher: nearby corn was up 2 1/2 cents to $6.03 1/2 per bushel, while nearby soybeans were 5 1/2 higher at $11.42 1/2 and nearby wheat was 5 3/4 higher at $6.05 1/2. Overall, the light volume we saw yesterday looks to continue today.
Anybody here reading and typing this morning from the southern/central Plains where you got a hefty bout of snow yesterday/last night? Sounds like that system's really slammed the Texas and Oklahoma Panhandles (man, can that wind blow down there! I know from experience!), and that's really going to stress the feeders down there. Today's slaughter's going to be lighter. Anybody in that country vouch for this? Here's more on that.
Anyway, the B-Team's in today! Have a good one! More in a few...
Jeff
