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08-26-2014 06:50 AM - edited 08-26-2014 01:47 PM
At the close:
The Dec. corn futures settled 2 1/2 cents lower at $3.65.
Nov. soybean futures ended 1 3/4 cents lower at $10.28.
Dec. wheat futures finished 2 cents higher at $5.56.
Dec. soymeal futures finished $0.20 lower at $343.50. Dec. soyoil futures settled $0.21 higher at $33.17.
In the outside markets, the crude oil is $0.57 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 51 points higher.
The Dec. corn futures are trading 5 1/4 cents lower at $3.62.
Nov. soybean futures are trading 7 3/4 cents lower at $10.21.
Dec. wheat futures are 6 1/2 cents lower at $5.48.
Dec. soymeal futures are $2.60 lower at $341.10. Dec. soyoil futures are trading unchanged at $32.96.
In the outside markets, the crude oil is $0.48 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 53 points higher.
Jack Scoville, PRICE Futures Group vice-president, says that the beans have collapsed, whoever needed to do something in terms of buying Sep is done. "Other than that it is high crop ratings and forecasts for real good weather for the next week or two that is keeping the market down. Production ideas here are generally higher than the Pro Farmer tour as people keep thinking a big crop gets bigger, and with the rains and warmer temps aroundno one is too worried. I am hearing about some stress to crops in Nebraska for some reason, and also some SDS in SW Corn Belt areas, but no one right now seems to care. I think beans got the most downside potential, not sure how much more down there is in corn, and I am actually kind of interest in buying wheat," Scoville says.
The Dec. corn futures are trading 1 1/2 cents lower at $3.66.
Nov. soybean futures are trading 6 cents lower at $10.23.
Dec. wheat futures are 6 1/2 cents lower at $5.48.
Dec. soymeal futures are $1.80 lower at $341.90. Dec. soyoil futures are trading $0.17 lower at $32.79.
In the outside markets, the crude oil is $.22 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 44 points higher.
Early calls: Corn is looking 0-2 cents lower, soybeans 2-4 cents lower, and wheat 1-2 cents higher.
Overnight grain, soybean markets = Trading mostly lower.
Crude Oil = $.17 per barrel higher.
Dollar = Lower.
Wall Street = Seen slightly higher.
World Markets = Europe stocks were higher, Asia/Pacific stocks were lower.
More in a minute.
08-26-2014 07:43 AM
Thanks for hanging with Jordan. It sounds like she did a fine job, in the interim. While out, I couldn't avoid some farmer conversations. One interesting point made to me was the surprise of a lot more farmers (in central Iowa) than first thought that are still holding onto old-crop corn. Some haven't sold any and others just a little bit. Aside from those farmers having to settle for much lower prices, I immediately started thinking that if this is a widespread trend, the market could be in for a big surprise when this old-crop is dumped onto the market. With a big crop coming, room will have to be made for that fresh corn. I don't know, but it doesn't sound good.
Also, I received wind that the central Illinois corn crop is looking stellar. That is not news. But, my point being, more and more evidence is showing up that yields could be large, and if railroad & river barge issues continue to build, this year's crop may not have a bin to go into, a barge to go onto, or a railcar to carry it. Just a few thoughts. What do you hear?
08-26-2014 08:11 AM
I am in central Iowa-and I think I am going to have to throw the BS flag on that one! I know of some bins that never got filled last year-not because they were still full from 2012, but because it went to town right off the combine, and it was a short crop.
08-26-2014 09:48 AM
The farmers that I spoke to, I know very well. They are not bs'ers. Again, I'm not sure if it is widespread. But, it makes you wonder how much old-crop corn is still out there, waiting for a price turnaround.
08-26-2014 09:49 AM
Mike, why are you assuming that the farmers still holding corn are gonna take a much lower price for it? They may be able to hold on for a higher price much longer than many people think.............
08-26-2014 11:04 AM
Don't mean to pile on anybody but it is well nigh inexplicable to me why anyone would own a lot of new crop in the second year following a short crop and in an area that saw very strong basis bids.
Everybody's circumstances are different but I'm generally stumped.