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10-11-2017 06:43 AM
Soybeans and corn were little changed overnight ahead of tomorrow's WASDE report and as investors continue to weigh the delayed harvest against strong yields. It'll be interesting to see what the government does in the report. Beans were down less than a penny, corn was down about 1 cent and wheat lost 1-2 cents overnight. It's been wet in the Midwest this month, as we know, but how wet has it been? Parts of Iowa and Minnesota in the first nine days of the month have set records -- for the entirety of October. Yes, more rain has fallen in some parts of both states than has fallen in the entire month of October, ever. That's a lot of rain. It's going to be dry the next couple of days, but the rains will return on Saturday and Sunday, according to CWG and the NWS. Next week looks better with some dry weather in the forecast, CWG said. Check out all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-october-11.
Here's what happened overnight:
Brent Crude Oil = up 0.4%
West Texas Intermediate = up 0.7%
Dollar = down 0.1%.
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks mixed overnight.
10-11-2017 08:55 AM
At the open:
Ahead of tomorrow's USDA Supply and Demand report, agricultural commodities are trading mostly lower just after the open. The Dec. corn futures are 2 1/4¢ lower at $3.47, while March futures are 2 1/4¢ lower at $3.60 1/2. Nov. soybean futures are 1¢ lower at $9.65. Jan. soybean futures are 1/2¢ lower at $9.75 3/4. December wheat futures are 2 3/4¢ lower at $4.32 1/2. Dec. soy meal futures are $1.50 per short ton lower at $314.70. Dec. soy oil futures are $0.13 higher at 33.24¢ per pound. In the outside markets, the Brent crude oil market is $0.04 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 2 points higher.
10-11-2017 10:54 AM
At mid-session Wednesday, the Dec. corn futures are 3¢ lower at $3.46 1/4, while March futures are also 3¢ lower at $3.59 3/4. Nov. soybean futures are 3/4¢ lower at $9.65 1/4. Jan. soybean futures are unchanged at $9.76 1/4. December wheat futures are 4¢ lower at $4.31 1/4. Dec. soy meal futures are $0.80 per short ton lower at $315.40. Dec. soy oil futures are $0.80 higher at 33.19¢ per pound. In the outside markets, the Brent crude oil market is $0.20 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 4 points higher.
Thursday’s softening in futures is partly driven by analysts expecting USDA to bump up corn yields and corn and soybean ending stocks in Thursday’s WASDE report, but Justin Kelly, president of AgYield, believes it’s also due to better-than-expected corn yields in many areas, ranging from 220 to 240 bushel/acre averages.
“We’re hearing of guys that are getting better yields than last year—which is completely unexpected,” Kelly says. Also, river terminal basis has improved as river levels rise after recent rains.
Higher yields and an improving basis, along with a 30-cent carry in corn futures prices into next spring and summer are all encouraging some farmer selling. “It’s really this basis range that has been driving hedging,” Kelly says. “We’ll get a lot more hedge pressure in the next 10 days.”
10-11-2017 12:15 PM
10-11-2017 01:43 PM - edited 10-11-2017 04:08 PM
At the close:
The Dec. corn futures finished 3 1/4¢ lower at $3.46, while March futures finished 3 1/4¢ lower at $3.59 1/2. Nov. soybean futures finished 3/4¢ lower at $9.65 1/4. Jan. soybean futures were 1/4¢ lower at $9.76 1/4. December wheat futures closed 1/4¢ lower at $4.33 1/4. Dec. soy meal futures finished $1.30 per short ton lower at $314.90. Dec. soy oil futures closed $0.04 higher at 33.15¢ per pound. In the outside markets, the Brent crude oil market is $0.31 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 14 points higher.
In spite of lackluster trading, Wednesday was an eventful day, according to Mike North, president of Commodity Risk Management Group. "Significant technical damage occurred with the 3 1/4 cent drop in corn," he says. "Prices breached the trend line that has been in place since late August and settled below it for the first time. While the market did not make new contract lows, the volatility that is normal to the October report may cause issues for chart traders following the 11:00 release. Soybeans continue to respect $9.80 resistance. There too, volatility may be the only saving grace for any potential upside."