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Senior Contributor

B-Team's in, Monday, May 11

Well, you all know how she ended up today, with everybody slipping into the red today before the final bell clanged.

 

So, do you think tomorrow's WASDE report will be a snoozer or will it have any guts to it, you think? What are your guesses?

 

Here's a little of what's been happening today. What else is on your radar today?

 

 

Corn Planting's In The Homestretch -- USDA

Three quarters of the U.S. corn crop is in the ground, coming at the high end of the previous trade estimate range and marking another week that saw farmers get at least 20% of the crop in the ground as of Sunday.

Read More at Agriculture

Grains Close Lower as Trade Looks Forward to Tuesday WASDE Report

Corn, soybean and wheat futures all closed slightly lower Monday ahead of USDA's release of its latest supply/demand and crop production data on Tuesday morning. The July corn futures contract wound up 2 1/2 cents lower at $3.60 1/2 per bushel Tuesday, while the September contract ended the day 3 cents lower at $3.65 1/2, according to Barchart.com.

Read More at Agriculture

Keep Your Eyes Peeled For These Early-season Pests, Diseases

"Two of the known infestations are near commercial grain handling operations; Palmer amaranth seed may have been brought on trucks transporting grain from areas with Palmer amaranth infestations." A common issue with Palmer amaranth can be confusion with other amaranth species that can be less damanging to growing crops.

Read More at Agriculture

Corn Export Numbers 'Encouraging,' Will Likely Continue Strong -- Economist

The focus in the corn market has mostly turned to 2015 production prospects and implications for the magnitude of stocks at the end of the 2015-16 marketing year. In addition, the magnitude of consumption of corn, ethanol, and distillers' grains sheds some light on the strength of demand heading into that new year. Here, we review the recent pace of exports for those three commodities.

Read More at Agriculture

Wheat Price Action Choppy, Meanders Sideways

Wheat markets appear to be forming a sideways trading pattern with the last two weeks seeing pushes to new lows but without follow through selling; however, upside rallies are anemic at best. The Kansas wheat tour took place last week, and finding are better than last year's dismal crop but still below the average.

Read More at Agriculture

Syngenta Spurns Monsanto Merger Bid -- Company Officials

In a move decried by critics for the consolidated company's dominance over a massive portion of the seed and chemical business, but lauded by supporters as a way to "deliver significant value" to both shareholders and farmer customers, Monsanto officials confirmed late last week they'd made a bid to buy fellow agribusiness giant Syngenta, whose company officials said Friday they had "unanimously determined to reject" the merger.

Read More at Agriculture

 

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Seems like I spent 10x more times actually refreshing my browser to get the latest prices than I did actually writing this latest update -- prices are flirting so much with unchanged this morning that they're on one side or another every few seconds, it seems like! 

 

Here's the latest. Looking like we'll stay in this choppy mode most of the day today, barring any big surprises.

 

Sounds like the shorts in the funds are still getting shorter for corn, though maybe not as much with soybeans. Are we setting up for a major correction in corn? How long can they stay short like that without causing a price reversal? 

 

And hey, what do you all think of this? Monsanto tried to buy Syngenta, apparently, and late last week officials from both companies said Syngenta turned them down. It would have been a $45 BILLION deal, but Syngenta said that's not enough. Would a merged company between the 2 basically run the whole business, you think? I was surprised to find out that Bayer would still be bigger than the merged company. Here's a little more on it.  


Hey, where the heck is everybody? Throw the B-Team a bone here, folks! Ha! Hope everybody's good this morning. Who's watching the rain fall? More in a few...

 

Jeff

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Good morning, everybody! Well, Mike's still having a rough go with some bronchitis and all that fun stuff, so I'm covering for him to start the week. As always, I'll take full credit if prices finish the day higher!

 

 

We're mixed heading into today; everything was higher up until about 6:00 or so, then corn and wheat dipped into the red. Sounds like today's going to pretty light-volume and things will likely end up not too far on either side of unchanged today. A few things it sounds like is on everybody's mind in the trade:

  • Tomorrow's WASDE numbers: Sounds like the soybean export number is a big one to watch thus far.
  • Today's Crop Progress report: 70% to 75% corn planting and about 30% soybean planting is expected. Not a bad week considering the rain that's fallen.
  • That rain and planting progress this week: Anybody think you're totally rained out for this week? I'm hearing from friends out in Kansas who say it's like Iowa in some spots! I'm hearing some dry creekbeds in the western part of the state are running like proper waterways! Ha! 

Just getting ready to throw up a story that our man down in Kansas, Bill Spiegel, sent in about the wheat tour there last week. Includes the final data and some comments on what's cooking down there. Sounds like they expect a pretty decent overall crop, but there are a lot of trouble spots, and where the drought's not the culprit, there's some growing disease worries. Good thing that crop has 9 lives! I'll have that up here shortly.

 

What else is cookin' out there this morning? Be back in a few...

 

Jeff

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7 Replies
nachagri
Reader

Re: B-Team's in, Monday, May 11

Strange no mention of freezing temps this morning and most likely again tomorow in winter wheat ????

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nachagri
Reader

Re: B-Team's in, Monday, May 11

When did winter wheat become frost tolerant at the boot to heading stage?

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Senior Contributor

Re: B-Team's in, Monday, May 11

Frost doesn't show up on the charts so no worries. Had a nice rain here at the farm 1.7 in. Still gonna need a lot more soaked her up like a dry sponge.  At least it'll get the grass a growing was getting a little worried. 

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Highlighted
Senior Contributor

Re: B-Team's in, Monday, May 11

Nachagri-

 

How low did temps get? Any damage that you've found so far? Reckon it will make it through?

 

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Honored Advisor

Re: B-Team's in, Monday, May 11

Tonight is going to be the cold night in nw  Kansas...frost warning

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nachagri
Reader

Re: B-Team's in, Monday, May 11

I guess no worries - they will find a big wheat crop in Mongolia or somewhere to keep lid on prices . I can't believe how built proof the U.S. Winter wheat crop is ...
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Senior Contributor

Re: B-Team's in, Monday, May 11

Exports oughta stay good with the grains on a blue light special has to be below the cost of production for many here and abroad. As far as corn eventually could be an acre surprise a few neighbors here left there corn planters sit in the corner of the shed collecting dust but we are suppose to be down on acres but there is about 22 million left to be planted maybe just a few more beans. Seems like the market is wanting more beans. As always time will tell. 

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