At the close:
December corn ended the day 21 1/2 higher at $5.55 1/2, and January beans ended 17 1/2 cents higher at $12.86 1/2. December wheat closed at $6.72 3/4, 3 1/2 cents higher.
Reason to believe last Friday's sharp downturn in prices was just an aberration? Not quite. Check out Scott Shellady's OptionEye post for today for more.
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At 12:45:
The grains are doing their best to make back what they lost Friday. December corn's 24 cents higher at $5.58, while January beans are 26 1/4 higher at $12.95 1/4. Wheat's up, but not quite like corn and beans -- 5 3/4 higher at $6.75 for the December contract.
Just saw a report that shows new machinery sales are quite a bit higher than a year ago, and some economists say these high grain prices are driving that. For example, one study shows combine sales in October were 24% higher than they were for that month a year ago. Anybody throwing more money into machinery because of today's grain prices?
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In early trading, the December 2010 corn futures contract is 14 1/2 cents higher at $5.48 1/2 per bushel, while January soybeans are 12 1/4 higher at $12.81 1/4. December wheat is 3 1/2 higher at $6.72 3/4 per bushel.
Working on some stuff here on the acreage battle this morning. Just checked a poll I posted last week asking what folks think their rotation will look like next year. So far, the results are:
14% More soybeans than usual
50% Same as always
19% More corn than usual
17% Won't know until I load the planter
What do you think?
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Good morning, everybody. Well, Mike's taking a breather this week, so you're stuck with the B-Team in here again! I'll do my best!
Anyway, sounds like we ought to start today off on a higher note. Can't get much lower than we ended things Friday! Early calls are corn 7-10 higher, soybeans 6-9 higher and wheat 7-10 higher. That's after some higher overnight prices.
This China-led drop in prices Friday may have been necessary to allow for some more potential upside in prices between now and the end of the year, a couple analysts told Marketeye Friday. Here's more on that in his story, China Carries a Big Stick.
Anyway, we'll try to keep on top of things for you today.
Jeff
