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01-08-2018 07:01 AM - last edited on 01-08-2018 02:08 PM by marketeye
At the close:
At the close, the March corn futures finished are 4¢ lower at $3.47. May futures are 3 1/2¢ lower at $3.55. March soybean futures closed 4¢ lower at $9.66. May soybean futures ended 4¢ lower at $9.77. March wheat futures closed 3¢ lower at $4.27 3/4. March soy meal futures closed $0.40 per short ton lower at $321.50. January soy oil futures finished 0.22 lower at 33.54¢ per pound. In the outside markets, the NYMEX crude oil market is $0.33 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 4 points higher.
Mike North, President Commodity Risk Management Group’s analyst, says the markets are selling off.
“We are seeing continued correction of the rally that ended 2017. The sell-off began last week with follow through today. This will give markets a chance to re-test support ahead of the key January WASDE report. Soybeans, the more volatile of the grain and oilseed markets, has traded two-sided sessions for the last week. This is likely to continue both ahead of the report and through ongoing adjustments to Argentinian weather forecasts,” North says.
At mid-session, the March corn futures are 3 1/2¢ lower at $3.47. May futures are 3 1/2¢ lower at $3.55. March soybean futures are 8 1/4¢ lower at $9.62. May soybean futures are 8¢ lower at $9.73. March wheat futures are unchanged at $4.30. March soy meal futures are $1.60 per short ton lower at $320.30. January soy oil futures are 0.41 lower at 33.55¢ per pound. In the outside markets, the NYMEX crude oil market is $0.08 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 26 points lower.
If you missed it, the USDA released fresh exports Monday. Heeeeeerrrreeee'ssss Johnny:
Private exporters reported to the U.S. Department of Agriculture the following activity:
-- Export sales of 120,000 metric tons of soybeans for delivery to Egypt during the 2017/2018 marketing year; and
-- Export sales of 132,000 metric tons of soybeans for delivery to unknown destinations during the 2017/2018 marketing year; and
-- Export sales of 102,100 metric tons of corn for delivery to Mexico during the 2017/2018 marketing year.
The marketing year for soybeans and corn began Sept. 1.
In early trading:
At 9:17am, the March corn futures are 1 3/4¢ lower at $3.49. May futures are 1 3/4¢ lower at $3.57. March soybean futures are 2 3/4¢ lower at $9.68. May soybean futures are 2 1/2¢ lower at $9.79. March wheat futures are 4 1/4¢ lower at $4.26. March soy meal futures are $0.40 per short ton lower at $321.50. January soy oil futures are 0.07 lower at 33.69¢ per pound. In the outside markets, the NYMEX crude oil market is $0.10 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 47 points lower.
Soybeans and grains were all lower overnight on signs of weak demand so far this marketing year, which may cause the USDA to lower its estimates for exports in this week's upcoming WASDE report. All of the traders should be back from holiday break after two shortened weeks, so we should see more direction from Chicago. It should be the same with money managers, who last week lowered their bearish bets on corn while raising net-short positions in beans. A lot of that was no doubt positions squaring so I'm not sure a lot can be made of it. In weather news, there's a sheet of black ice in eastern Kansas, western Missouri and a couple counties in Iowa this morning, which is making for some hazardous travel. Check out the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-january-8.
Brent Crude Oil = up 0.2%.
West Texas Intermediate = up 0.3%.
Dollar = up 0.4%.
Wall Street = U.S. stock futures lower in pre-bell trading.
World Markets = Global stocks mixed overnight.