After the close:
USDA Crop Progress Report:
Corn= 17% harvested
Soybeans= 20% harvested.
Both are what the trade had expected.
Looking Ahead:
Allendale Inc. released its pre-USDA Report estimates Monday.
Corn - Old crop stocks are revised to the September 30 Grain Stocks level. A 325,000 decrease in planted acreage was made (91.316 million now) for 2014/15. Harvested acreage is 267,000 lower than September USDA (83.572). Yields have been increased to 175.5 for this report.
Soybeans - Old crop stocks are revised to the September 30 Grain Stocks report. A 502,000 decrease in planted acreage was made (84.337 million now). Harvested is lowered by 480,000 to 83.578 million. Yields have been increased to 48.0 for this report. Despite an increase in new crop production of 102 million we have lower ending stocks due to smaller 2013/14 ending stocks and greater new crop demand than USDA September.
What do you think?
Mike
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At the close:
The December corn futures closed 9 1/4 cents higher at $3.32 per bushel.
November soybean futures settled 30 cents higher at $9.42.
December wheat futures finished 5 3/4 cents higher at $4.91.
For Dec. soybean meal futures, the contract settled $10.10 per short ton higher at $308.90; Dec. soybean oil futures closed $1.03 higher at $33.45.
In the outside markets, the crude oil is $0.56 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 22 points lower.
Mike
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At mid-session:
The December corn futures are trading 7 1/4 cents higher at $3.30 per bushel.
November soybean futures are 25 1/2 cents higher at $9.37.
December wheat futures are 5 1/4 cents higher at $4.91.
For Dec. soybean meal futures, the contract is trading $8.80 per short ton higher at $307.60; Dec. soybean oil futures are trading $1.01 higher at $33.43.
In the outside markets, the crude oil is $0.32 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 20 points lower.
Mike
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At 9am:
--The trade sees this afternoon’s USDA Crop Progress Report will show corn harvest at 19-21% and bean harvest at 21-24%, with winter wheat planting at 55%.
--If you missed it Friday, the Disaggregated CFTC Report showed the managed money funds putting on 12,000 net soybean contracts and getting rid of 12,000 net corn contracts on the week ending last Tuesday, September 30, 2014. The moves were within trade estimates. For soyeal. it maintained its position on the week, compared to expectations of an 8,000 net loss. Producer and merchant net activity was barely noteworthy, they shed 10,000 net corn and over 5,000 net CBOT wheat.
Mike
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At the open:
The December corn futures opened 5 1/4 cents higher at $3.28 per bushel.
November soybean futures opened 15 cents higher at $9.27.
December wheat futures opened 6 3/4 cents higher at $4.92.
For Dec. soybean meal futures, the contract opened $4.60 per short ton higher at $303.40; Dec. soybean oil futures are trading $0.87 higher at $32.29.
In the outside markets, the crude oil is $0.02 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 86 points higher.
Mike
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At 7:30am:
Early calls: Corn is 4-6 cents higher, soybeans 10-12 cents higher, and wheat 4-6 cents higher.
Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.62 per barrel higher.
Dollar = Lower
Wall Street = Seen higher, with eyes on Hewlettt-Packard splitting into two separate companies.
World Markets = Europe stocks were higher, Asia/Pacific stocks were higher.
More in a minute,
Mike
