At the close:
The Dec corn futures settled 30 cents lower, its daily limit down at $4.65 3/4. The Nov. soybean contract closed 49 3/4 cents lower at $10.57. The Dec. wheat futures ended 19 cents lower at $6.55. The Dec. soyoil futures settled $1.26 lower at $43.83. The Dec. soymeal futures contract closed $17.00 lower at $289.90 per short ton.
In the outside markets, the NYMEX crude oil is $1.64 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 46 points.
Mike
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At mid-session:
The Dec corn futures are 24 cents lower at $4.71 3/4. The Nov. soybean contract is 22 1/4 cents lower at $10.84 1/2. The Dec. wheat futures are 19 1/4 cents lower at $6.54 3/4. The Dec. soyoil futures are 90 points lower at $44.19. The Dec. soymeal futures contract is $5.00 lower at $301.90 per short ton.
In the outside markets, the NYMEX crude oil is $1.20 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 28 points.
One analyst says, "The gov't gave us a rally of $1.85 when they reduced the corn stocks in June. They found them back, here in September. Now, you have people saying oh we're going to give that whole rally back. That's not the case, in my opinion. Why? Since the June rally started, the world has lost crops in Canada, the FSU, Northern and Eastern Europe. So, the world is a different place then it was in June. The world's buffer stocks have been used up. So, we need to keep production high.Beans are down sharply, because they had some catching up to do on this pullback. The corn market is cleansing itself. There are way too many 'long' positions and the pullback is chasing people out of them. I'm of the opinion that the market will stabilize. People around the world need to buy stuff. China has a problem with their corn crop, and they are going to have to replace depleted reserves, probably in December."
Meanwhile, Informa Friday released updated yield estimates. The analyst firm raised its corn yield slightly to 158.7 vs. their last estimate of 158.5. They think the gov't will have an estimate of 160.3 vs. their last gov't estimate of 164.0. For soybeans, Informa sees the U.S. average yield at 44.7 bushels per acre vs. their last estimate of 44.5. This number is lower than most believe.
Mike
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At the open:
The Dec corn futures are 9 3/4 cents lower at $4.86. The Nov. soybean contract opened 9 1/4 cents lower at $10.97 1/2. The Dec. wheat futures opened 3 cents lower at $6.71. The Dec. soyoil futures opened 8 points lower at $45.01. The Dec. soymeal futures contract opened $3.40 lower at $303.50 per short ton.
In the outside markets, the NYMEX crude oil is $1.23 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 16 points.
Mike
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At 9:20am:
USDA announces Friday that China bought 110,497 metric tons of U.S. soybeans for 2010-11.
Mike
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At 7:05am:
--Russia's grain ban will last at least until July 2011, that country's Vice-Prime Minister says.
--Germany is seen raising the currency issue with China. China is not responding to the U.S. House vote on this issue.
--Asian importers are seen buying grain on these price dips.
--What a third quarter: Wheat ended with a sharp rise of 45%, the best in three years. Corn prices rose 39.9% and soybeans 16.7%.
Do your trading receipts reflect those price jumps?
Mike
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At 6:30am:
Early calls: Corn down 3-5 cents, soybeans 2-4 lower, and wheat 1-2 cents lowe
Trackers:
Overnight grain=Trading lower.
Crude oil=Trading $0.98 per barrel higher.
Dollar=Trading lower.
Wall Street= Seen opening higher as China reports stronger September manufacturing results.
World Markets=Higher.
Welcome to October! Can prices hold up this month like last month?
More in a minute
Mike,
