At the close:
The March corn futures settled 3 1/4 cents higher at $6.69 1/2. The March soybean contract closed 6 cents higher at $14.44. The March wheat futures closed 27 1/4 cents higher at $8.63. March soybean meal futures settled $3.10 lower per short ton at $386.90. The March soyoil futures settled $0.53 higher at $59.25.
In the outside markets, the NYMEX crude oil is $0.29 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 13 points.
Mike
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At 11:25am:
USDA announces Wednesday that 440,000 metric tons of U.S. soybeans were sold to China for 2011-12 delivery.
Meanwhile, there is uncertainty in the world:
--Egypt army asks the protesters to now leave.
--A monster cyclone hits Australia.
--A winterstorm to remember is blasting much of the U.S.
--China still buying lots of soybeans, when will they start corn purchases?
Mike
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At mid-session:
The March corn futures are 1 3/4 cents lower at $6.64 3/4. The March soybean contract is 4 cents lower at $14.34. The March wheat futures are 18 1/4 cents higher at $8.54. March soybean meal futures are $4.50 lower per short ton at $385.50. The March soyoil futures are $0.26 higher at $58.98.
In the outside markets, the NYMEX crude oil is $0.02 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 1 point.
Because of uncertainty with Egypt's situation, investors are either sitting on the sidelines or taking profits, one trader says.
Yet another broker/analyst says, "today, it looks like buy the rumor and sell the fact trading to me. The storm is now moving east and what is done is done. Plus the Dollar is a little higher and things seem fairly quiet today in the Mideast. I have not seen a lot of action on either side of the market so far, I think it is mostly larger spec trading and some funds too. My guys, farmers or industry, are quiet so far today, but many sold the rally yesterday to get out before today. A very light volume day, so far, as most people have snow shovels in hand and not computers."
Mike
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At the open:
The March corn futures are 6 1/4 cents higher at $6.72 1/2. The March soybean contract opened 8 cents higher at $14.46. The March wheat futures opened 12 cents higher at $8.47 1/4. March soybean meal futures opened $1.30 lower per short ton at $388.70. The March soyoil futures opened $0.44 higher at $59.16.
In the outside markets, the NYMEX crude oil is $0.58 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 13 points.
Pit trading is delayed until 10am. what I'm reporting is the electronic trading.
Mike
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At 7:05am:
Early estimates for next Wednesday's USDA Feb. S&D report:
Allendale Inc. released this Wednesday:
Corn - US ending stocks will have declined in eight of the past nine months. Higher ethanol usage, offsetting lower feed and exports, was responsible for this month's decline. Argentine corn production is lowered by 1 million tonnes to 22.5.
Soybeans - US ending stocks will have declined in each of the past six months. Higher exports will offset a decline for domestic crush. We expect USDA to lower Argentine soybean production by 0.5 million tonnes to 50.0. Brazil production is left unchanged at 67.5 mt.
Wheat - Strong export sales in recent weeks will help push US ending stocks even lower. Though these stocks are not tight, it will keep the focus on world food needs and potential winter-kill losses.
Mike
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At 6:45am:
Yesterday marked the first day for crop insurance rate averaging. With December 2011 corn at $5.96 and November 2011 soybeans at $13.68, the averaging is off to a strong start. Are you watching this average? Or, is it something you don't pay attention to?
Mike
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At 6:30am:
Early calls: Corn up 4-5 cents, soybeans 6-8 cents higher and wheat 10-12 cents higher.
Trackers:
Overnight grain markets=Trading higher.
Crude Oil=$0.07 higher.
Dollar=Higher.
Wall Street=Seen opening flat-to-higher as investors focus on more corporate earnings. Unemployment and housing numbers still weigh on the stock market.
World Markets=Asia/Pacific higher, Europe stocks lower.
Wow! What a storm, and it's not over. For the first time in my four years of living in Chicago, I see no cars on Lake Shore Drive, no traffic on the side streets, and city buses snowed-in and stranded along the side of the streets. As of 4:30am, 16.5 inches of snow have been recorded. And I'm from the country, so I know wind. But, we had 12 hours of 60-mph wind gusts. It was unbelievable. I saw lightning and heard thunder last night too. Right now, it's still snowing and blowing. The only things on the streets are SUV cop cars and front-end loaders.
More in a minute,
Mike
