VIDEO: Ukraine Corn Production to Rise
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At the close:
The March futures corn contract settled 6 cents lower at $6.96. The March soybean futures contract finished 10 cents lower at $14.20. March wheat futures ended 9 cents lower at $7.32 per bushel. The March soyoil futures contract finished $0.14 lower at $51.10. The March soymeal futures settled $2.70 per short ton lower at $410.30.
In the outside markets, the NYMEX crude oil is $0.45 per barrel higher, the dollar is lower and the Dow Jones Industrials are 52 points higher.
One analyst says the markets are lower, due to improved South America's weather. "We're in the key yield development time for corn and beans in Argentina and Brazil. Grains are breaking as we entered the week with measurable rain totals called for the recent dry areas of southern Brazil and northern Argentina. Todays update on weather increased the total rain fall and coverage with more expected in the 15 day outlook. That would take you through 80% of the key yield time.This has traders selling out of recent longs and going short, as this rainy event all but assures record crops."
Mike
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At mid-session:
The March futures corn contract is trading 7 cents lower at $6.95. The March soybean futures contract is trading 12 cents lower at $14.19. March wheat futures are trading 12 cents lower at $7.29 per bushel. The March soyoil futures contract is trading $0.27 lower at $50.97. The March soymeal futures are trading $3.30 per short ton lower at $409.70.
In the outside markets, the NYMEX crude oil is $0.34 per barrel higher, the dollar is lower and the Dow Jones Industrials are 38 points higher.
Mike
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In early trading:
The March futures corn contract is trading 5 cents lower at $6.97. The March soybean futures contract is trading 8 cents lower at $14.23. March wheat futures are trading 8 cents lower at $7.33 per bushel. The March soyoil futures contract is trading $0.27 lower at $50.97. The March soymeal futures are trading $1.70 per short ton lower at $411.30.
In the outside markets, the NYMEX crude oil is $0.48 per barrel higher, the dollar is lower and the Dow Jones Industrials are 24 points higher.
Mike
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At 6am:
--Japan seeks 96,538 tons of milling wheat. The suppliers are usually U.S., Canada, and or Australia.
--Goldman Sachs cut its corn and soybean price forecasts.
3-Month Forecasts:
Corn=lowered to $7.50 per bushel vs. its previous $8.25
Soybeans=lowered to $14.00 vs. its previous idea of $15.25.
12-Month Forecasts:
Corn=$6, unchanged
Soybeans=$13, unchanged from previous.
Let's all sing, "Slip sliding away, slip sliding away, you the know the nearer your destination, the more you slip sliding away.........."
All information courtesy of the Dow Jones Newswire.
Mike
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At 5:30am:
Early calls: Corn is seen 5-7 cents lower, soybeans 3-5 cents higher, and wheat 3-5 cents lower.
Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.20 per barrel lower.
Dollar=Lower.
Wall Street=Seen lower, as Fed Reserve speeches fire up. Two Fed presidents that oppose quantitative easing speak this week. Also, the market will get a small business report, and job openings data to trade today.
World=Asia/Pacific stocks were mostly higher and Europe's stocks were mostly higher. A meeting of G-7 countries has brought news that the group will not target exchange rates, bringing a sigh to financial markets.
More in a minute,
Mike
