At the close:
The December corn futures settled 2 3/4 cents higher at $3.76 per bushel. Dec '15 corn settled at $4.18.
November soybean futures finished 22 1/4 cents higher at $10.46 1/2.
December wheat futures ended 3 1/2 cents lower at $5.32.
For Dec. soybean meal futures, the contract closed $9.00 per short ton higher at $389.00; Dec. soybean oil futures closed $0.49 higher at $34.80.
In the outside markets, the crude oil is $0.99 per barrel lower, the dollar is higher, and the Dow Jones Industrials, while setting a new record, are 152 points higher.
Mike
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At mid-session:
The December corn futures are trading 3 3/4 cents lower at $3.70 per bushel.
November soybean futures are trading 2 3/4 cents higher at $10.27.
December wheat futures are trading 11 cents lower at $5.25.
For Dec. soybean meal futures, the contract is $5.90 per short ton higher at $385.90; Dec. soybean oil futures are trading $0.17 higher at $34.48.
In the outside markets, the crude oil is $0.93 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 160 points higher.
Dustin Johnson, EHedger grain analyst, says that the market remains focused on the meal market. "Beans actually look cheap, compared to meal. Jan Crush is trading at 198 up 14.25 today. Until this logistical nightmare is sorted out in meal, I can't be sure of anything for soybeans. I think we have lost sight of the fact that soybean stocks are still going to be very abundant in the US and potentially a record stocks-are still looking at a record crop. What will the trading environment look like in March, if South America is having a normal growing year with record bean acres and our meal demand is satisfied?
Also wheat is the weakest product on the board which makes sense because it has been the most sensitive to changes in the US $ index."
Mike
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At 10:35am:
Corn is now down 4 cents, soybeans are up a few ticks, and wheat down 10 cents.
International Grains Council did update their world production estimates yesterday. They now expect world wheat production to reach 696.4 MMT, which is up 3.8 MMT from their estimate last month and would be 41.5 MMT higher than what was produced last year. "As would be expected, there are some who will argue with the figure particularly with recent discussion about lower numbers expected from Russia but the undeniable truth is we do not have supply issues with wheat at this time. Quality and location may be another story," Daniel Hueber, The Hueber Report, wrote in a daily note to customers.
The International Grains Council also raised their corn estimate for world crop production at a new record of 948.4 million metric tons, up 5.2 mmt. Production last year was estimated to be 862.7 mmt.
The International Grains Council lowered their estimate for world soybean production to 307 mmt versus 310 mmt on the last estimate. " market did not bat an eye as this is still a record number as are the projected world ending stocks," Hueber wrote.
Mike
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At the open:
The December corn futures are trading 2 1/4 cents lower at $3.71 per bushel.
November soybean futures are trading 6 1/4 cents lower at $10.18.
December wheat futures are trading 7 3/4 cents lower at $5.28.
For Dec. soybean meal futures, the contract is $1.50 per short ton lower at $378.50; Dec. soybean oil futures are trading $0.13 lower at $34.18.
In the outside markets, the crude oil is $1.55 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 140 points higher.
Mike
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At 8:00am:
Early calls: Corn is 2-4 cents lower, soybeans 2-4 cents lower and wheat 4-6 cents lower.
Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.93 lower per barrel.
Dollar = Higher
Wall Street = Seen lhigher as Japan starts a quantitative easing program.
World Markets = Europe stocks were higher, Asia/Pacific stocks were mostly higher.
More in a minute,
Mike
