Delta sources say more corn, more soybeans and more cotton will be planted this year.
Here's the full story: http://tinyurl.com/6hh3d4g
Mike
----------
At the close:
The
May corn futures settled 1 3/4 cents higher at $6.66. The
May
soybean contract closed 5 1/2 cents higher at $13.40. The May
wheat
futures ended 2 cents higher at $7.20 3/4. The May soymeal
futures settled $5.50 higher per short ton at $355.50. The May soyoil futures ended $0.52 lower at $55.38.
In
the outside markets, the NYMEX crude oil is $0.02 per barrel lower, the
dollar is lower, and the Dow Jones Industrials are down 80 points.
Mike
-----------------
At 12:30pm:
One analyst says, "There is still a fair amount of caution out there. But I think the longer the market holds the more you see people interested in playing the longs side. We have lost some demand for sure, but I doubt enough to change the ending stocks estimates in any material way for any of the markets. And we still got weather issues in front of us for many of these markets. Also, lots of times a catastrophic event like what happened in Japan produces highs or lows. That implies the Thursday night session of limit down might be all this market needs to do. They have had chances to get the prices back there and have not been able to so you see some buying creeping in bit by bit."
Mike
--------
At mid-session:
The
May corn futures are 9 1/2 cents higher at $6.73 3/4. The
May
soybean contract is 6 1/4 cents higher at $13.40 3/4. The May
wheat
futures are 9 cents higher at $7.27 3/4. The May soymeal
futures are $4.60 higher per short ton at $354.60. The May soyoil futures are $0.09 lower at $55.81.
In
the outside markets, the NYMEX crude oil is $0.85 per barrel lower, the
dollar is lower, and the Dow Jones Industrials are down 118 points.
The grain and soybean markets have turned around, the stock market is tanking on Japan fallout Monday.
One analyst says, "After opening lower on the day session in follow thru from last week's correction and Japanese disaster, the market bounced back with light buying and short-covering, until problems as a result of loss exports to
Japan become clearer. Note, Japan is the world's largest buyer of corn and mainly from the U.S. We have a bit of bullish news today with a dry 10-day forecast in the hard red winter wheat states now emerging from dormancy. Plus, relentless rains in Brazil could be cutting production by 1 or 2 m.m.t."
Mike
----------
At 10:50am:
Let's review why the markets may be eyeing the Japan recovery:
--Japan is the #1 importer of corn and a major importer of wheat and soybeans. Japan is also the U.S.'s largest
buyer of pork, consuming 30% of U.S. pork and 14% of U.S. beef exports in January.
Other highlights coming this week:
--USDA will release its first Crop Progress Report of the season this afternoon.
--Informa releases new acreage estimates Friday.
Any guesses on how much corn has been planted? Or, what numbers do you think Informa will kick out on corn and soybeans?
Mike
--------
At 10am:
A reversal!
The
May corn futures are 3 1/2 cents higher at $6.67 1/2. The
May
soybean contract is 1 cent higher at $13.35. The May
wheat
futures are 1 1/4 cents higher at $7.20. The May soymeal
futures are $2.10 higher per short ton at $352.10. The May soyoil futures are $0.25 lower at $55.65.
In
the outside markets, the NYMEX crude oil is $1.30 per barrel lower, the
dollar is lower, and the Dow Jones Industrials are down 80 points.
Mike
-------------
At the open:
The
May corn futures are 6 1/2 cents lower at $6.57 1/2. The
May
soybean contract opened 15 cents lower at $13.19 1/2. The May
wheat
futures opened 5 1/4 cents lower at $7.13 1/2. The May soymeal
futures opened $2.10 lower per short ton at $347.90. The May soyoil futures opened $0.82 lower at $55.08.
In
the outside markets, the NYMEX crude oil is $0.57 per barrel lower, the
dollar is lower, and the Dow Jones Industrials are down 78 points.
Traders continue to shed risk. Crude oil is down for the fifth trading day in a row.
Mike
--------------
At 7:55am:
Here's a link to the latest futures and options calendar. For instance, if you're wondering when the July corn futures and options contracts expire, or when is the first delivery date, etc. Sometimes it's nice to have this handy list. So, for whatever it's worth:
Here is the link: http://tinyurl.com/4jb4ayr
Mike
----------
At 7:30am:
As far as I can tell, there is not much positive news, to start the week. News leaking out of Japan, regarding the nuclear reactors, is that the feared 'meltdown' is underway. And some experts believe the announcements are quite delayed from the events. So, the meltdown could be further along than what's being reported. Prayers needed for those folks.
Also:
--Destroyed feedmills may cut Japan's feedcorn imports.
--Though the Saudia Arabia 'Day of Rage' petered out Friday, another one is scheduled for March 18.
--A number of countries are having uprising attempts. The most-watched is Libya, but there are many others.
--Copper prices are trending lower. Traders say copper is a leading economic indicator, always has been. The saying is that 'every bull has a copper top'. Do you believe this?
--China's Dalian Exchange grain and soybean prices closed lower, overnight.
--The market has no fresh demand to trade today.
--Inflation fears are running rampant in China, Brazil, with talks of raising interest rates in those countries. Meanwhile, tomorrow the U.S. Fed Reserve will hold a policy meeting.
--The positive piece of today's market is that livestock producers have a chance to price some feed demands.
--At least one analyst believes the grain markets will stop the bleeding this week, hitting a low Wednesday or so.
What say you?
Mike
----------
At 6:55am:
Early
calls: Corn 3-5 cents lower, soybeans 10-12 cents lower and wheat 3-5
cents lower.
Trackers:
Overnight grain markets=Trading lower.
Crude Oil=$1.70 lower. Trading at a 2-week low.
Dollar=Lower.
Wall
Street=Seen
lower as innvestors assess the aftermath damage from Japan's devestating earthquake. Plus, there is news, this morning, the fuel rods in the nuclear reactor have been exposed. This is something the Japanese officials hoped didn't happen. So, things are very much tenuous.
World Markets=Mixed-to-lower.
More in a minute,
Mike
