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10-03-2017 07:08 AM - last edited on 10-03-2017 04:12 PM by marketeye
FC Stone released updated 2017 yield estimates Tuesday.
Corn= 169.2 bushels per acre, higher than its 166.9 bpa in previous estimate in August.
Soybeans= 49.9 bpa, up from 49.8 bpa in its last report.
What say you? Are these numbers too high?
At the close:
At the close, the Dec. corn futures finished 2¢ lower at $3.49 3/4, while March futures finished 2¢ lower at $3.62 1/4. Nov. soybean futures closed 2¢ lower at $9.55 1/4, Jan. soybean futures ended 1 3/4¢ lower $9.66. September wheat futures closed 3 1/2¢ higher at $4.48. Dec. soy meal futures settled $2.10 per short ton lower at $311.50. Dec. soy oil futures closed $0.20 higher at 32.75¢ per pound. In the outside markets, the Brent crude oil market is $0.16 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 78 points higher.
At mid-session, the Dec. corn futures are 1 3/4¢ lower at $3.49 3/4, while March futures are 1 1/2¢ lower at $3.62. Nov. soybean futures are 1/4¢ higher at $9.57, Jan. soybean futures are 1/4¢ higher $9.68. September wheat futures are 2 3/4¢ higher at $4.47. Dec. soy meal futures are $0.30 per short ton higher at $313.90. Dec. soy oil futures are unchanged at 32.55¢ per pound. In the outside markets, the Brent crude oil market is $0.24 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 64 points higher.
At the open:
In early trading , the Dec. corn futures are 1¢ lower at $3.50 1/2, while March futures are 1¢ lower at $3.63. Nov. soybean futures are 1/2¢ lower at $9.56, Jan. soybean futures are 1/4¢ lower $9.67. September wheat futures are 3 1/4¢ higher at $4.48. Dec. soy meal futures are $0.20 per short ton higher at $313.80. Dec. soy oil futures are $0.05 lower at 32.50¢ per pound. In the outside markets, the Brent crude oil market is $0.12 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 48 points higher.
Corn and beans were slightly lower overnight on weak export inspections and harvest pressure. Corn was down a penny, beans lost about 2 cents and wheat was little changed. As everybody has pointed out since my wake up call yesterday, it's raining in the Midwest and likely will continue to do so throughout the week, which will mean further harvest delays. Corn export inspections totaled 782,346 metric tons, down from almost 1.5 million at the same time a year ago while soybean inspections were reported at 894,250 tons, below the 1.11 million the same week in 2016.
Here's what happened overnight:
Brent Crude Oil = down 0.3%
West Texas Intermediate = down 0.3%
Dollar = down 0.1%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks mixed overnight.
10-03-2017 08:06 AM
Tony - Mike: a little perspective may be helpful when writing about export sales & inspections.
Before people get excited about large sales keep in mind that we are behind last year.
At least according to this source:
I'll bet somebody has a 3 or 5 year rolling average chart they could post as well.
10-03-2017 08:51 AM
Hold up a minute........It's raining in the Midwest?????? harvest delays??? Since when? Yesterday no harvest delays planned for the week, now a sudden change.
ND-2% vs 11% average
SD-3% vs 19% average
MN-2% vs 15% average
ND-18% vs 43% average
SD-10% vs 37% average
MN-13% vs 40% average
These states are going to fall even further behind next week.
10-03-2017 09:26 AM - edited 10-03-2017 09:26 AM
Tony = One other thing from yesterday that I was curious about:
"Dry weather is dominating the headlines as producers look to accelerate planting."
I'll be close to TX in a couple weeks so curious what to look out for??
Maybe the wife will spot another zebra in a stock trailer!!
Now that was funny.
10-03-2017 09:31 AM
Yeah just outside of Austin where we used to live there's a park where they raise all sorts of emus and zebras and ... other animals whose names I dont know. If you're going to be in Austin I can tell you all the hot spots. I do know Texas has great BBQ and amazing Tex Mex. Not much in the way of crop sightings here this time of year, but lots of livestock to see. Big longhorn farm right by the airport, too.
10-04-2017 03:21 AM - edited 10-04-2017 03:22 AM
Tony you asked the question......... Yes those numbers are too high..... but the fantasy will go on like a bad soap opera, because no one will count it up....... The fringe will be ignored the drought in the north will be ignored.... The expansion in cotton over corn will be ignored..... the numbers will be the same....
I am not sure how the events will unfold but at some point we will finally stop ordering seed for 40 million acres.... and those that do social engineering will celebrate...
Then the producer will have a say in the market...