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02-20-2013 07:22 AM - edited 02-20-2013 03:04 PM
Help: Some of you have already helped and I thank you. For those that missed it yesterday, I would like to ask for some help. I'm trying to guage all of your interests on a marketing conference. Could you take a minute and answer a few questions to help me out, please?
Thanks for your time,
At the close:
The March futures corn contract closed up 5 cents at $7.00. The March soybean futures contract settled 12 cents higher at $14.82, but traded as high as $14.92. March wheat futures ended 6 cents higher at $7.45 per bushel. The March soyoil futures contract finished $0.46 lower at $52.07. The March soymeal futures closed $8.30 per short ton higher at $433.60.
In the outside markets, the NYMEX crude oil is $1.99 per barrel lower, the dollar is higher and the Dow Jones Industrials are 102 points lower.
On Wednesday, the Federal Reserve announced that it may have to halt quantitative easing (QE3) measures before the job market picks up. Bond buying may ease. The stock market didn't like to hear it.
Alan Brugler, President of Brugler Marketing & Management LLC, says with some help, soybeans could reach $15.00.
"Soybean resistance is the round number at $15 which stopped the last two rallies. We can go past that, but likely will need either big daily export sales announcements or further dryness problems in Argentina to get us over the hump," Brugler says.
The cash corn market is saying that futures are too cheap to get anything to move, he says. "Ethanol imports are slowing due to higher prices in Brazil, and ethanol is cheap enough vs. gasoline to result in increased blend use. Thus, we would expect daily ethanol production to rise, and stocks might also fall," Brugler says.
Either way leads to more corn use than we were seeing in late January. "Lousy exports are a limiting factor, as is the strong US dollar."
The March futures corn contract is trading 1cent higher at $6.96. The March soybean futures contract is trading 15 cents higher at $14.85. March wheat futures are trading 1/4 of a cent lower at $7.32 per bushel. The March soyoil futures contract is trading $0.26 lower at $52.27. The March soymeal futures are trading $8.40 per short ton higher at $433.70.
In the outside markets, the NYMEX crude oil is $2.13 per barrel lower, the dollar is higher and the Dow Jones Industrials are 32 points lower.
At the open:
The March futures corn contract opened 1/4 of a cent higher at $6.95. The March soybean futures contract opened 11 cents higher at $14.82. March wheat futures opened 2 cents lower at $7.29 per bushel. The March soyoil futures contract opened $0.20 lower at $52.33. The March soymeal futures are trading $5.70 per short ton higher at $431.00.
In the outside markets, the NYMEX crude oil is $0.04 per barrel lower, the dollar is higher and the Dow Jones Industrials are 11points higher.
--Japan cancels a 320,000 tons order of feed wheat, barley.
--Russia sold over 60,000 mt more of Intervention grain Wednesday.
Early calls: Corn is seen 1-2 cents lower, soybeans 10-12 cents higher, and wheat 1-2 cents lower.
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.09 per barrel lower.
Wall Street=Seen opening flat.
World=Asia/Pacific stocks were higher and Europe's stocks were higher.
More in a minute,
02-20-2013 10:48 AM
I believe the cash market for corn is starting to move without care of the futures market. Up in the northern corn belt, with it's excess of corn this year, the basis is starting to change from -29 to -10. This is very important. There is a shortage of corn in the nation. In this dairy area we are now pulling corn out of grain farmers bins for other areas of the country. This summer could be serious shortages. I only have 20% left, had to paid bills with $7.00 corn.
02-20-2013 01:11 PM
On the Brazil thing, with a crop that is 25% more than ever before, what are they doing with it? Do they or did they build weather proof storage? Are they counting on no rain in the dry season and just piling on the ground? Beans in a pile and rained on are not a thing of beauty.
02-20-2013 03:07 PM
News: Regarding wheat, Brazil announced Wednesday that it has reached an agreement to import U.S. and Canadian wheat, tariff free, after April. At least 1.0 million metric tons would be allowed in tariff free.
Also, Brazil has reached phytosanitary rules with Russia to import wheat from that country. Hmmmm...interesting huh?
02-20-2013 03:26 PM
Hobby - I gave Brazilian Farmers some of my 365 day (non patented) seed beans, so they can leave them in the field if they do not have a place to store them. I mean . . . doesn't everyone combine beans in February, or in April just before the corn is planted like farmers South of I-80?
I just wanted to be a good neighbor and extend them an option their seed dealer never gives them. Instead of being 3.2's they are 12.1's, and have greater standibility and less shattering characteristics than those "wimp" beans being sold to ECI. John