Full Story: Brazil faces crop logistic blackout
----------
At the close:
The Dec. futures corn contract setled 7 3/4 cents higher at $7.98 1/2. Nov. soybean futures contract finished 1/2 of a cent lower at $17.47. Dec. wheat futures settled 23 1/2 cents higher at $9.10 1/2 per bushel. The Dec. soyoil futures contract finished $0.59 lower at $57.38. The Dec. soymeal futures contract ended $3.10 per short ton higher at $528.10.
In the outside markets, the NYMEX crude oil is $0.06 per barrel higher, the dollar is lower and the Dow Jones Industrials are 216 points higher.
Mike
-------
At mid-session:
The Dec. futures corn contract is trading 7 3/4 cents higher at $7.98 1/2. Nov. soybean futures contract is trading 1/2 of a cent lower at $17.47. Dec. wheat futures are trading 20 1/2 cents higher at $8.88 per bushel. The Dec. soyoil futures contract is trading $0.62 lower at $57.35. The Dec. soymeal futures contract is trading $3.80 per short ton higher at $528.80.
In the outside markets, the NYMEX crude oil is $1.51 per barrel higher, the dollar is lower and the Dow Jones Industrials are 235 points higher.
One analyst says wheat is up on news Ukraine could stop exports in a month or so, once the surplus is gone.
Ukraine stated that they want to make sure the domestic market there has plenty of wheat and are ready to shut it down. Russia still says no, but said they might buy what is available from the Kazaks to cover. So, this implies higher prices too.
Corn is higher, due to a Thursday announcement of an 'unknown' purchasing 217,000 tons of corn for 2012-14 delivery, he says. This is the second sale for the next crop year in a week.
"Plus, corn is going along with wheat. Meanwhile, soybeans are a mess, as weak cash markets keep futures weak. But, buying is coming in spurts with the grains. Seems like mostly specs both ways. My commercial side is quiet right now and Brazil is trying to sell rallies in beans, but is quiet in corn right now," he says..
Mike
--------
At 10:55am:
Corn market gyrates! Corn is now back up 5 centsa
Mike
-----
At 10:30am:
Corn and soybeans are now trading lower, wheat higher.
Mike
-------
At the open:
The Dec. futures corn contract is trading 4 3/4 cents higher at $7.95 1/2. Nov. soybean futures contract is trading 2 3/4 cents lower at $17.44 3/4. Dec. wheat futures are trading 10 cents higher at $8.77 per bushel. The Dec. soyoil futures contract is trading $0.24 lower at $57.73. The Dec. soymeal futures contract is trading $0.80 per short ton higher at $525.80.
In the outside markets, the NYMEX crude oil is $1.71 per barrel lower, the dollar is higher and the Dow Jones Industrials are 214 points higher.
Mike
----------
At 8:20am:
With nearby contracts offering premium compared to forward prices, the market is screaming to farmers, "Sell off of the combine!!"
As you get set to rev up your combine engine in the next few weeks, are you pointing your semi's towards the nearest elevator, ethanol plant, or end-user out there?
Or, did I just hear the sound of a key turning the lock on a bin door that you will store this year's crop into? It's decision time, with historic prices sitting in front of you.
Thanks for sharing,
Mike
-----------
At 8:15am:
USDA announces that an unknown buyer purchased 217,424 mt of U.S. corn Thursday. Here's how it breaks down:
32,512 mt for 2013-14 delivery and 184,912 mt for 2012-13 delivery.
Somebody is trying to secure $8 corn. Any guesses who that might be?
And lookee here, a South Korea buyer purchased 174,000 mt of Brazilian corn, Thursday. U.S. corn store isn't the only one open in town, huh?
Mike
---------
At 7:30am:
USDA's Weekly Export Sales will be released Friday morning, instead of today. Also, Informa will release its updated U.S. crop estimates at 10:30am.
The trade sees FC Stone's estimate, released Wednesday, as bullish for the corn market.
--Corn yield pegged at 121.4 bu./avre vs. the USDA 's latest 123 yield. If realized, the total production would be 10.607 bill. bushels.
--FC Stone's soybean estimate of 36.7 bu./acre is equal to the USDA's latest estimate of 36.1. If realized, that would be a total cropsize of 2.739 bill. bushels.
Mike
-----------
At 6:45am:
Early calls: Corn 7-8 cents higher, soybeans 3-5 cents lower, and wheat 10-12 cents higher.
Trackers:
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$1.02 per barrel higher.
Dollar=Lower.
Wall Street=Seen opening higher, as the European Central Bank's President is expected to announce a bond-buying program for the debt of eurozone countries.
World=Higher.
More in a minute,
Mike
