From the floor May 3
At the close:
July corn futures closed 10 3/4 cents lower at $7.23 3/4. The July
soybean contract closed 29 1/4 cents lower at $13.63 3/4. The July
futures settled 1 1/2 cents higher at $7.93 1/4. The July soybean meal
futures settled $7.40 per short ton lower at $354.90. The July soyoil futures closed $0.89 lower at $57.71.
In the outside markets, the NYMEX crude oil is $2.56 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 30 points.
July corn futures are 8 cents lower at $7.26 1/2. The July
soybean contract is 19 3/4 cents lower at $13.73 1/4. The July
futures are 3 cents lower at $7.88 3/4. The July soybean meal
futures are $4.80 per short ton lower at $357.50. The July soyoil futures are
$0.53 lower at $58.07.
In the outside markets, the NYMEX crude oil is $0.90 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 23 points.
One analyst says, "Only Dec. corn futures are holding marginal gains, after last night's crop progress report showed us at 13% planted versus the 10-year average of 43%. Beans are lower, as corn's slow planting pace furthers fear it will lead to more bean acres seeded. Wheat has had two sided trade as spring wheat planting at 10% is the lowest on record, with more rain and cold to follow this week. Yet, there is rain called for in the driest winter wheat areas in the 10-day forecast."
The market may be getting a bit nervous about that wet, cool 8-14 day weather forecast. But, Illinois farmers should not panic, one agronomist says.
In his own words, here's University of Illinois agronomist Emerson Nafziger's comments:
"In Illinois, 2009's planting start was slow as well. We had to get to May even to get 5% planted. Once the soils are dry enough, we are not concerned about soil temperatures. The big issue is getting the fields dry enough for planting. The truth is when temperatures are ranging from 45-50, it takes forever to get the soil dry enough to plant. And that doesn't even count where the water is standing and the rivers are backing up. It could be weeks before that water to go away. This is just a situation we can't do much about. We can't count on very much planting being done in the first week of May.
Switching corn seed varieties is going to be on people's minds. And asking the seed companies is fine if they will do that. But, in Illinois, what the farmers have in their sheds is the variety they should plant through the month of May and even the first week of June, in southern Illinois. When you switch to an earlier hybrid, you switch one risk for another.
Keep in mind, that two years ago, when planting was slow, the state ended up with some of its highest corn yields. Last year, planting was on-time and the state was hammered with other problems throughout the growing season."
In early trading:
July corn futures ar 6 cents lower at $7.28 1/2. The July
soybean contract is 16 1/4 cents lower at $13.76 3/4. The July
futures are 8 cents lower at $7.83 3/4. The July soybean meal
futures are $3.50 per short ton lower at $358.80. The July soyoil futures are
$0.78 lower at $57.82.
In the outside markets, the NYMEX crude oil is $1.17 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 6 points.
New crop prices are higher today, as weather concerns loom about for the next 8-14 days in the eastern Midwest. The outside markets are unfavorable for the grains.
--As of April 26, funds held a a net 1.49 million futures and options contracts in 18 commodities, 57% more than a year ago, according to the CFTC.
--The wheat crop scouts are out this week. Look for a crop estimate Thursday. It's thought to be the lowest since 2006.
--Informa, the private analyst firm, is expected to release a new winter wheat production number later this week.
calls: Corn 1-2 cents higher, soybeans 6-8 cents lower and wheat 4-6
Overnight grain, soybean markets=Trading lower.
Crude Oil=$1.15 lower.
trading lower as the Osama bin Laden news quickly fades, replaced by economic concerns. Plus, Pfizer is set to release earnings today.
Notes: So, the corn is 13% planted vs. a five-year average of 40%, at this time of the year. More rain coming for the eastern Corn Belt, but the western Corn Belt farmers are planting fast and furiously. Plus, the wheat crop was downgraded 1% for the Plains states, according to Monday's gov't report. All I know, like one guy said to me yesterday, "There is a long way to go, with this corn crop."
--China expects a bumper summer wheat crop that will be harvested May through June.
--The outside markets have reversed, unfavorable for the ag markets Tuesday
--The Army Corps is getting ready to flood 130,000 acres of highly productive Missour farmland.
--ADM reports that its third quarter profits rose 37%, due to strong ag sales, according to a Dow Jones story.
--CME Group announced Tuesday that its April agricultural commodities volume averaged 1.3 million contracts per day, up 44 percent compared with the prior April, and up 16 percent sequentially. Plus, the number of contracts traded on the floor dropped by 5%, while the electronic trades jumped 2%, and over-the-counter (OTC) trades rose 14%. Is anybody surprised the open outcry trading is slowing?
More in a minute,