At the close:
The March corn futures settled 15 1/2 cents higher at $6.59 1/2. The March soybean contract closed 15 cents higher at $14.13. The March wheat futures closed 15 cents higher at $8.40 3/4. March soybean meal futures closed $3.30 higher per short ton at $380.30. The March soyoil futures closed $0.61 higher at $57.88.
In the outside markets, the NYMEX crude oil is $2.58 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 68 points.
Separately, one broker told me today that he is already hearing of corn seed shortages in the Delta. A lot of complaints about high fertilizer prices. These may be early signs, for the market, of this spring's acreage battle.
Mike
--------------
At mid-session:
The March corn futures are 11 1/4 cents higher at $6.55 1/4. The March soybean contract is 14 1/2 cents higher at $14.12 1/2. The March wheat futures are 20 1/2 cents higher at $8.46. March soybean meal futures are $3.50 higher per short ton at $380.50. The March soyoil futures are $0.44 higher at $57.71.
In the outside markets, the NYMEX crude oil is $1.36 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 41 points.
Mike
-----------
At 10:40am:
As the markets remain higher, here is what one analyst is saying. "It's all about foreign food needs in the gains for grains today. All the pre-opening talk is of Middle Eastern countries expanding their grain purchases that began two weeks prior, as governments try to stabilize tension over unemployment, food shortages and inflation. Wheat is the
leader, as it's turned into food for human consumption quickly.
Yet another broker/analyst says, "The markets are higher in part on the weaker dollar. But, I think mostly all this talk of food inflation and demand and what is going on in Africa is helping prices. There has been a lot of demand created out of the Egyptian turmoil, especially for wheat. And ideas are that more is coming and since supplies are tight, away we go. Not as much rain in Argentina as expected, although some coming now-and-then, maybe late next weekend, but overall a much dicier situation than expected late last week. So, I can see the upside. I don't think it is the world's biggest volume day, at least I am quiet. Maybe the funds are pounding on this, but my guys are not!"
Mike
------------
At the open:
The March corn futures are 6 3/4 cents higher at $6.50 1/2. The March soybean contract opened 10 cents higher at $14.08. The March wheat futures opened 15 3/4 cents higher at $8.41 1/2. March soybean meal futures opened $0.50 higher per short ton at $377.50. The March soyoil futures opened $0.47 higher at $57.74.
In the outside markets, the NYMEX crude oil is $0.10 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 21 points.
Mike
-----------
At 7am:
Early calls: Corn up 5-7 cents, soybeans 8-10 cents higher and wheat 12-14 cents higher.
Trackers:
Overnight grain markets=Trading higher.
Crude Oil=$0.41 higher.
Dollar=Lower.
Wall Street=Seen opening highe as robust corporate earnings trump the Egypt uprising.
World Markets=Lower.
News:
--All ports in Egypt have closed due to the raging protests, according to the Dow Jones Newswire.
--It was mostly dry in Argentina, over the weekend. The corn/soybean growing areas will get light rain for the next few days, but the rest of the week is seen hot/dry.
It looks like January will go out like a lion.
More in a minute,
Mike
