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04-16-2012 06:45 AM - edited 04-16-2012 01:58 PM
At the close:
The July corn futures settled 7 1/4 cents lower at $6.13 1/2. The July soybean contract finished 16 1/2 cents lower at $14.24 1/4. The July wheat futures closed 9 cents lower at $6.21 1/4. The July soymeal futures settled $3.90 per short ton lower at $393.90. The July soyoil futures ended $0.82 lower at $56.05.
In the outside markets, the NYMEX crude oil is $0.13 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 121 points.
The markets sink Monday. One analyst summarizes the market by saying, "I think the moves lower today had mostly to do with the weather here and on some spec selling. We got lots of great rains in the Midwest and Great plains and planting progress will get fast now. We are not getting the weekly reports today but people expect up to 25% of the corn crop to be in along with a few of the beans. I think this is too high, but it might not matter as planting progress will be rapid and we will look for very good yield potential just for that reason. It is also the reason why Sep Corn has been a dog lately compared to other months."
The July corn futures trade 8 1/4 cents lower at $6.12 1/2. The July soybean contract is trading 20 1/4 cents lower at $14.20 1/2. The July wheat futures are trading 8 3/4 cents lower at $6.21 1/2. The July soymeal futures are trading $5.30 per short ton lower at $392.50. The July soyoil futures are trading $0.83 lower at $56.04.
In the outside markets, the NYMEX crude oil is $0.51 per barrel lower, the dollar is higher and the Dow Jones Industrials are up 62 points.
USDA is saying it will delay this afternoon's Crop Progress Report, until Tuesday, due to an electrical fire. See full story.
How will the trade react to a delayed Crop Progress Report? One analyst says, "The trade will ignore the number and trade the weather affect on planting. As near term moisture benefits what's planted and the 10-day drier forecast assures a record planting pace, the weather is bearish for the markets."
At the open:
The July corn futures trade 8 1/4 cents lower at $6.12 1/2. The July soybean contract is trading 15 cents lower at $14.25 1/2. The July wheat futures are trading 8 cents lower at $6.22 1/2. The July soymeal futures are trading $3.30 per short ton lower at $394.50. The July soyoil futures are trading $0.69 lower at $56.18.
In the outside markets, the NYMEX crude oil is $0.76 per barrel lower, the dollar is higher and the Dow Jones Industrials are up 47 points.
The NOPA soybean crush estimate Monday of 140.534 million bushels is 4.18 million bushels above a month ago.
For the week of April 16, the record for U.S. corn planting is 13% completed, set back in 2004 and again in 2010. Market watchers see that number being beaten in this afternoon's USDA Crop Progress Report. What do you think?
Today, the markets are negative on the idea that the weekend rains replenished soil moisture deficits in the Midwest. Watch for China's reappearance in this market if prices continue to fall, says one analyst Monday.
Early calls: Corn 7-9 cents lower, soybeans 9-11 cents lower, and wheat 6-8 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.31 per barrel lower.
Wall Street=Seen trading higher ahead of retail sales data and more earnings reports.
World Markets=Asia/Pacific stocks are lower, while Europe's stocks are mostly higher.
More in a minute,
04-16-2012 08:02 AM
It won't be because of around here. I was really surprised at the amount of corn NOT planted I went for a little drive around home a 20 mile radius and there was not much done at all, 1% or less I never made it over into iowa but SE NE was not much going on, We had a really hard rain and a pretty bad storm over the weekend, I suppose it will be at least the end of the week before anyone is going again.
04-16-2012 08:18 AM
04-16-2012 08:22 AM
Sounds like NIA had some rain, but not a profile changer.......parts of NE and Ill still dry.......
04-16-2012 08:39 AM
Looks like some cold weather coming later this week. April may just turn out to be colder than March. Had 2.45" here in Central Iowa, some corn planted around here and some erosion from the hard rain.
04-16-2012 08:43 AM - edited 04-16-2012 09:53 AM
Mike, interesting you bring up 2004 and 2010. I checked my spreadsheets. In 2004 was done planting corn on April 19. In 2010 was done on April 20. In 2012 looks like will have none in the ground by those dates. And with the rains we got and temps we are having, glad I do not....though those thoughts may change if I don't get in for a few weeks.
Edit: 2004 was fantastic yields for this area. 2010 was one of the poorer yielding years in the last 10. Goes to show, that all the talk, all the figures, all the planting dates, mean nothing.
04-16-2012 08:48 AM
Ideally, when is the latest that we can plant corn and still reach the 96 Million projected by USDA? Second question if we do not have good weather to plant corn does that mean it is easy for producers to switch to SOYBEANS. I thought there was a shortage of seed. Is there a seed shortage or not????
04-16-2012 11:01 AM
Locally, bean seed is easy to come by, but seed corn is tight.
Personally, I got a nice rain, and the hail and tornadoes missed us. I have friends who were in a Flood warning, a Severe thunderstorm warning, and a Tordado warning, all at the same time. They did get some hail, but no row crops were planted yet. Their alfalfa, which was halfway up to a person's knees, is pretty much gone. By the time they can get in the field (they got almost 5 inches over there) it won't be worth trying to save. More rain in that area predicted tonight.