At 11:30am:
One analyst sees today's market action like this: "There has been quite a bit of profit-taking today. I did some myself for some clients. But the markets are holding pretty strong, or at least the grains are. Wheat is a weather market for now and the weather in the southwestern Great Plains stays bad, so wheat is finding support. Corn spreads are working for the bulls and this is basically still the USDA Reports. Even so, I would have thought today could be a down day. Weather is better and yield reports are good in South America. Plus, there is still some talk of Chinese cancelations to hurt the bean complex today."
Mike
--------
At mid-session:
The
May corn futures are 1/4 of a cent lower at $7.59. The
May
soybean contract is 13 1/2 cents lower at $13.70 1/2. The May
wheat
futures are 9 1/2 cents lower at $7.80 1/2. The May soybean meal futures
are $4.30 per short ton lower at $352.70. The July soyoil futures
are $0.28 lower at $58.60.
In
the outside markets, the NYMEX crude oil is $0.17 per barrel lower, the
dollar is lower and the Dow Jones Industrials are up 30 points.
The outside markets are mixed, the corn market is gaining strength from uncertain April planting weather and demand strength. Overall, the grain and soybean markets are trading weaker.
Mike
------------
At the open:
The
May corn futures opened 2 1/2 cents lower at $7.57 1/4. The
May
soybean contract opened 9 1/4 cents lower at $13.74. The May
wheat
futures opened 1 3/4 cents lower at $7.93 1/4. The May soybean meal futures
opened $2.60 per short ton lower at $359.60. The July soyoil futures
opened $0.24 lower at $59.24.
In
the outside markets, the NYMEX crude oil is $0.38 per barrel lower, the
dollar is higher and the Dow Jones Industrials are up 16 points.
Mike
-------------
At 8am:
With China announcing an increase in their benchmark interest rates and deposit rates, trying to slow inflation, the Dollar is rising. This could put pressure on the grain prices today. What do you think?
--USDA announced Tuesday that 101,600 metric tons of U.S. corn was sold to an 'unknown' buyer for 2011-12 delivery.
Mike
--------
At 7:45am:
PFGBest.com, an Iowa-based market brokerage firm, released pre-USDA report estimates. Friday's data will be released at 7:30am CST:
U.S. Ending Stocks:
Corn=625
Beans=140
Wheat=835
WORLD STOCK
Corn=122.9
Beans=58.5
Wheat=181.0
A PFGBEST.com analyst says, "Corn looks to come in lower to adjust in the lower quarterly stocks number. Beans look unchanged as South American bean production continues better with U.S. exports slowing, all offsetting lower quarterly stocks. Wheat production in the U.S. looks lower on continued dry winter wheat states weather and historic low crop ratings."
Mike
------
At 7:30am:
New & Nuggets:
--Despite poor wheat conditions for most states, Ill., Ind., and Ark. wheat strength may weigh on prices.
--Read yesterday that Congress is set to consider big ag subsidies in budget cut talks.
--China demand seen strong for corn, soybeans this year. Read full story here
--Awhile back, I talked about how world investors want to replace Russia with Indonesia in what's called the BRIC countries. This morning, a Dow Jones Newsire mentions the U.S. trade groups want to dance with Indonesia. Read full story here.
A One analyst sees t 6:50am:
Early calls: Corn 1-2 cents lower, soybeans 6-7 cents lower and wheat 2-4 cents higher.
Trackers:
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.70 lower.
Dollar=Higher.
Wall Street=Seen
trading higher, as it is in a 'wait and see' mode with an upcoming earnings season.
World Markets=Mixed-to-lower.
More in a minute,
Mike
