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10-02-2017 06:59 AM - last edited on 10-02-2017 01:32 PM by marketeye
At the close:
At the close, the December corn futures settled 3 3/4¢ lower at $3.51 1/2, while March futures closed 3 1/2¢ lower at $3.64 1/4.
November soybean futures finished 11¢ lower at $9.57 1/4; January soybean futures finished 10 3/4¢ lower $9.67 3/4.
September wheat futures ended 3 3/4¢ lower at $4.44.
December soy meal futures closed $2.20 per short ton lower at $313.60. December soy oil futures closed 0.30¢ lower at 32.52¢ per pound.
In the outside markets, the Brent crude oil market is $1.21 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 134 points higher.
If you missed it earlier, Private exporters reported to the U.S. Department of Agriculture the follow activity:
--Export sales of 597,464 metric tons of corn for delivery to Mexico during the 2017/2018 marketing year; and
--Export sales of 132,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year.
The marketing year for corn and soybeans began Sept. 1.
At mid-session, the December corn futures are 4¢ lower at $3.51, while March futures are 3 1/2¢ lower at $3.64.
November soybean futures are 10 1/2¢ lower at $9.57; January soybean futures are 10¢ lower $9.68.
September wheat futures are 6 1/2¢ lower at $4.41.
December soy meal futures are $1.50 per short ton lower at $314.30. December soy oil futures are 0.46¢ lower at 32.36¢ per pound.
In the outside markets, the Brent crude oil market is $1.41 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 69 points higher.
Corey Bratland, Kluis Commodities grain broker, says the markets are feeling harvest pressure.
"Even with parts of the Corn Belt farmers delayed from harvesting due to rain, others are getting out there and rolling. So, you're seeing the markets react to harvest activity,' Bratland says.
"Corn is falling victim to beans being down a dime. And, spring wheat is still under the thumb of the negative USDA Report last week."
At the open:
In early trading , the Dec. corn futures are 1 1/2¢ lower at $3.53, while March futures are 1 1/4¢ lower at $3.66. Nov. soybean futures are 9 1/4¢ lower at $9.59, Jan. soybean futures are 8 3/4¢ lower $9.69. September wheat futures are 6 1/4¢ lower at $4.42. Dec. soy meal futures are $2.90 per short ton lower at $312.90. Dec. soy oil futures are $0.17 lower at 32.65¢ per pound. In the outside markets, the Brent crude oil market is $1.39 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 65 points higher.
Corn and beans were again slightly lower in overnight trading as the harvest continues. Dry weather is dominating the headlines as producers look to accelerate planting. Corn was down about 1 cents, beans lost a nickel and wheat was down 4-5 cents. The USDA grains stocks report Friday was bullish but that rally failed to continue, at least in the overnight session. Money managers were still bearish on corn prices but bullish on beans, according to the CFTC report. It seems some investors are playing that spread, analysts 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-2.
Here's what happened overnight:
Brent Crude Oil = down 1.8%
West Texas Intermediate = down 2.2%
Dollar = up 0.5%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher overnight.
10-02-2017 07:47 AM
We've already had an inch of dry weather with up to two more forecast. We don't have to accelerate planting, though as we finished a long time ago. Just picking on you, but you should really check on the people you get your news from.
10-02-2017 09:33 AM
would someone please tell me what the market objective is ?
we are down again
from what I can see.........the price in the first part of jan the price will be 0.............using the market projection stuff I have.
is that where we are headed ?
someone was saying that exports set our prices..........just how low do they want it ? it is already below the cost of production......what
do they want ?
for a while, my dad had an interest in a sale barn. He said the first thing you had to do was to set your market...it was like
a dance, the buyers wanted to get things as cheap as they could.....you would start in , and nobody would bid.....so, to fix
that once in a while, you had to cut them short.....start in with a fair price, and if you don't get a bid, you would bang the
gavel, and said sold, and put your number on that lot.......the farmers setting in the ring, seen what those cattle brought
and got an expectation, and then the buyers started to squirm around and start to bid. You could take the bunch home
that you bought, pretty them up, and about a couple of month run them thru again, and usually make or at least break
I think it's come to the point that the producers are going to need to get together and do something about the price
they receive. No other industry "takes" a price.......why should we ?
There has been too many groups and business that have had it too good for too long, and I think it's time that
those that do the work, should share in the profits.