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08-29-2017 06:57 AM - last edited on 08-29-2017 01:48 PM by marketeye
At the close:
At the close, the Sept. corn futures finished 2 1/2¢ lower at $3.33 1/2, while December futures ended 2 1/4¢ lower at $3.48 3/4. Nov. soybean futures ended 4¢ lower at $9.37 1/4, Jan. soybean futures settled 3 3/4¢ lower $9.46 1/2. September wheat futures closed 1 3/4¢ higher at $4.29 3/4. Dec. soy meal futures ended $0.20 per short ton lower at $299.20. Dec. soy oil futures finished $0.31 lower at 34.65¢ per pound. In the outside markets, the Brent crude oil market is $0.07 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 41 points higher.
Brian A. Rydlund, CHS Hedging Market Analyst, says the corn market is reaching last year’s low.
“As those investors that are short the farm markets get shorter, it appears there is no joy in Mudville,” Rydlund says.
No weather worries pressure the crop prices too, Rydlund says.
“Northern Corn Belt farmers worry about having enough time to “finish” this crop. So, we need time and we need to avoid an early frost in the Upper Midwest,” Rydlund says.
Cash corn is not quite as cheap today in western Minnesota, compared with last year at our harvest lows, which was early Nov. I believe an avg. cash bid right now is near $2.75, in western Minnesota. So, we’ve been sporting a $2 handle for a little while already.
At mid-session, the Sept. corn futures are 2¢ lower at $3.34, while December futures are 2¢ lower at $3.49. Nov. soybean futures are 2¢ lower at $9.33, Jan. soybean futures are 2¢ lower $9.39. September wheat futures are unchanged at $4.28. Dec. soy meal futures are $0.40 per short ton higher at $299.80. Dec. soy oil futures are $0.26 lower at 34.70¢ per pound. In the outside markets, the Brent crude oil market is $0.62 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 5 points higher.
If you missed it earlier, the USDA announced a fresh batch of corn and soybean sales.
Private exporters reported to the U.S. Department of Agriculture the following activity:
--Export sales of 198,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year; and
--Export sales of 226,000 metric tons of corn for delivery to Mexico during the 2017/2018 marketing year.
The marketing year for corn and soybeans began Sept. 1.
In early trading , the Sept. corn futures are 2¢ lower at $3.34, while December futures are 2¢ lower at $3.49. Nov. soybean futures are 1 1/4¢ lower at $9.34, Jan. soybean futures are 2¢ lower $9.39. September wheat futures are 1 1/2¢ lower at $4.26. Dec. soy meal futures are $1.10 per short ton higher at $300.50. Dec. soy oil futures are $0.38 lower at 34.58¢ per pound. In the outside markets, the Brent crude oil market is $0.24 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 63 points lower.
Corn and beans were lower in overnight trading as some new weather models show benign weather for the next two weeks in much of the Midwest. There'll be some rain in parts of Nebraska, Minnesota, Wisconsin and Illinois today but for the most part everything looks quiet heading into crop maturity. Corn lost 2 cents, soybeans were down 6 cents and wheat dropped a nickel overnight. Harvey continues to drop rain on parts of the beleaguered Texas Gulf Coast where as much as 50 inches of rain is still expected in some areas before it's all said and done. The storm is wreaking havoc on the area's cattle industry as ranchers, despite beginning to move livestock well ahead of the storm, are still expecting to lose animals, structures, equipment and fencing, though the extent of the damage won't be known for some time. Check out all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-august-29.
Here's what happened overnight:
Brent Crude Oil = down 0.6%
West Texas Intermediate = up 0.1%
Dollar = down 0.5%.
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks lower on geopolitical concerns.
08-29-2017 07:30 AM
Not saying ethanol is the answer to everything, but it is great back up in times like these with refineries down for a while(no idea how long or what percentage is down). I would think ethanol keeps the 'upside' price capped more. Pretty easy to go to E15.
08-29-2017 08:20 AM
08-29-2017 10:16 AM
Benign could certainly be applied to the upper midwest's weather.
They've been digging in the record books for the last time the MN State Fair never recorded an above 80 degree day.
If not for tomorrow this could be the first time in a loooooooooooooooong time.
Brother has already had frost in NE MN by the Canadian border. (near Crane Lake)