At the close:
The December corn futures settled 4 cents higher at $3.77 3/4 per bushel.
January soybean futures finished 16 1/4 cents lower at $10.47 3/4.
December wheat futures settled 17 1/2 cents higher at $5.42 3/4.
For Dec. soybean meal futures, the contract closed $5.60 per short ton lower at $395.00; Dec. soybean oil futures closed $0.65 lower at $32.27.
In the outside markets, the crude oil is $1.21 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 10 points higher.
Mike
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At mid-session:
The December corn futures are trading 3 3/4 cents higher at $3.77 per bushel.
January soybean futures are trading 14 1/2 cents lower at $10.49.
December wheat futures are trading 17 3/4 cents higher at $5.43.
For Dec. soybean meal futures, the contract is $8.80 per short ton lower at $391.80; Dec. soybean oil futures are trading $0.30 lower at $32.57.
In the outside markets, the crude oil is $0.17 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 14 points lower.
Peter Meyer, PIRA Energy Senior Grain Analyst, says the soybean market turning weaker is the big surprise.
“Wheat market is trading off new Ukraine fears and the heavy Fund short in the market. Corn is trying to decide if it wants to follow soybeans or wheat and remains stuck in the middle,” Meyer says.
He adds, “The soybean complex is the big story today, with epic falls in both meal and beans causing this reversal. Record gross commercial short in meal against a record gross Fund long. That usually doesn’t end well for the speculators.”
That said, we’ve seen these negative price movements in soy recently only to be shocked by next day reversals, Meyer says.
“It’s a very difficult market to pin down given the time of year. Today’s meal weakness has a lot to do with rumors of Argentinean imports coming into Wilmington, Delaware to satisfy hog feed demand. While not confirmed, Argy meal is $70/MT cheaper than U.S. So, someone is sending a message to the market that meal is overpriced.”
Dustin Johnson, EHedger LLC grain analyst, says that it looks like the funds are covering some positions in the beans, meal, and wheat.
“They have been notably short wheat and that is the strongest market on the board despite the strong dollar index. It looks like meal and soybeans had a blow off top today with many stops getting triggered. Haven't heard anything about meal basis yet today but that is the sole thing we are watching for market direction,” Johnson says.
Mike
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At 10am:
FYI: November soybean futures expire Friday.
Mike
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At the open:
The December corn futures are trading 4 cents higher at $3.78 per bushel.
January soybean futures are trading 10 cents higher at $10.74.
December wheat futures are trading 10 cents higher at $5.35.
For Dec. soybean meal futures, the contract is $8.50 per short ton higher at $409.10; Dec. soybean oil futures are trading $0.27 higher at $33.15.
In the outside markets, the crude oil is $0.36 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 75 points lower.
Mike
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At 6:40am:
Early calls: Corn is 2-4 cents higher, soybeans 13-15 cents higher and wheat 8-10 cents higher.
Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.46 lower per barrel.
Dollar = Higher
Wall Street = Seen lower, with the last of the 3rd Quarter earnings expected.
World Markets = Europe stocks were lower, Asia/Pacific stocks were higher.
More in a minute,
Mike
