At the close:
The March corn futures settled 13 1/4 cents higher at $5.28 1/2. The Jan. soybean contract closed 17 1/2 cents higher at $12.46 1/4. The Dec. wheat futures settled 3 1/2 cents lower at $6.42. The Dec. soymeal futures contract settled $7.10 higher at $340.70 per short ton. The Jan. soyoil futures contract closed 0.06 higher at $49.57.
In the outside markets, the NYMEX crude oil is $0.34 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 147 points.
Mike
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At 12:45pm:
Corn has rallied, up as much as 12¢ a while ago. I'm hearing two different stories as to why corn has suddenly rallied. One thought is the market has been hit hard enough the psast week, so commercials are stepping in and buying supply on the dip. Yet, another trader says we're not seeing the commercials buying in the pit. He says there's no 'paper' in the pit. He's not sure of that idea. So, then I'm told that U.S. corn was sold to a European buyer, something that hasn't happened in awhile. So, in either case, somebody is buying corn somewhere. Thus, a rally for the corn market.
Mike
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At mid-sesson:
The March corn futures are 7 3/4 cents higher at $5.37. The Jan. soybean contract is 1/4 of a cent lower at $12.21 1/4. The Dec. wheat futures are 3 cents lower at $6.32 1/2. The Dec. soymeal futures contract is $0.50 higher at $334.10 per short ton. The Jan. soyoil futures contract is $0.39 lower at $49.12.
In the outside markets, the NYMEX crude oil is $0.65 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 176 points.
Mike
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At 10:25am;
Corn has turned higher, everything else remains lower.
One analyst says, "The overnight action was all fear over the Korea brothers. No one new if they would toss nuclear bombs or what. So, everything responds to political fears. But, they quickly saw it was in some what of control. Grains broke on the opening, as we continue year-end fund liquidation. But, spec short-covering pulled us off the lows. There's going to be a lot of position-squaring and evening-up prior the holiday," he says.
Mike
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At the open:
The March corn futures opened 8 cents lower at $5.22. The Jan. soybean contract opened 14 cents lower at $12.07 1/2. The Dec. wheat futures opened 8 cents lower at $6.37 1/4. The Dec. soymeal futures contract opened $2.10 lower at $331.50 per short ton. The Jan. soyoil futures contract opened $0.67 lower at $48.84.
In the outside markets, the NYMEX crude oil is $0.97 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 143 points.
Higher Dollar, the Korean Conflict, profit-taking, all sinking the commodities today.
Mike
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At 7am:
Though I'm looking for more on this, USDA Secretary Tom Vilsack said Monday that China has agreed to buy more than 5.5 million tons of soybeans worth about $3 billion from the U.S.
Also, there seems to be more countries that are concerned about securing future food supplies. I know we have heard before that China is investing heavily into Africa. Today, we hear that the United Arab Emirates are looking for ag investments in Africa and Asia for food security. Because of water shortages, wheat production will be eliminated by 2016.
--Russia announced Tuesday it will cut its 2011 poultry imports in half.
Mike
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At 6:30am:
Early calls: Corn down 1-2 cents, soybeans 1-2 higher, and and wheat 1-2 lower.
Trackers:
Overnight grain markets=Trading mixed.
Crude Oil=$0.53 lower.
Dollar=Higher.
Wall Street=Seen trading lower as tensions mount in the Korean Peninsula. Today, North Korea fired the most artillery on South Korea since 1953, the end of the Korean War. Two people have died, hundreds are injured and an entire neighborhood on a South Korean island is on fire. This adds to investor worries about Europe's financial problems.
World Markets=Lower.
More in a minute,
Mike
