At the close:
The Dec corn futures closed 1/4 of a cent lower at $5.05. The Nov. soybean contract settled 8 1/2 cents higher at $10.88 1/2. The Dec. wheat futures ended 1 3/4 cents higher at $7.19 3/4. The Dec. soyoil futures settled 44 points higher at $43.26. The Dec. soymeal futures ended $3.00 higher at $310.40 per short ton.
In the outside markets, the NYMEX crude oil is $0.19 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 2 points.
Mike
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At mid-session:
The Dec corn futures are 2 3/4 cents higher at $5.08. The Nov. soybean contract is 8 1/4 cents higher at $10.88 1/4. The Dec. wheat futures are 7 cents higher at $7.25. The Dec. soyoil futures are 21 points higher at $43.03. The Dec. soymeal futures are $2.40 higher at $309.80 per short ton.
In the outside markets, the NYMEX crude oil is $0.74 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 31 points.
One trader says, "Well, someone came in and sold 5,000 contracts of corn this morning. Even if that order had not been around, the market is not really as strong as I had expected it to be. It seems that the weaker US Dollar today is not having the effect that it might have been, and even real strong export sales announcements overnight are not doing too much. So, I am advising a note of caution now. Price action is not really poor and trends for corn remain up, but trends for soybeans and wheat are not so strong. It could be that the market has gone high enough for the moment. Not seeing any selling from Brazil and not hearing much selling coming from producers either, so this must be spec profit-taking. But, specs got us here. So, if they decide to get out, that correction that everyone has been waiting for might get going in earnest. I have not seen a lot of user buying either except for the export sales announcements. We should close higher today based on the dollar and exports."
Mike
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At the open:
The Dec corn futures are 6 1/4 cents higher at $5.11 1/2. The Nov. soybean contract opened 9 cents higher at $10.89. The 2011 soybean futures contracts have reached as high as $11.08, on the open. The Dec. wheat futures opened 11 1/2 cents higher at $7.29 1/2. The Dec. soyoil futures opened 24 points higher at $43.06. The Dec. soymeal futures opened $2.60 higher at $310.00 per short ton.
In the outside markets, the NYMEX crude oil is $0.47 per barrel higher, the dollar is lower, and the Dow Jones Industrials are down 12 points.
Mike
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At 8am:
USDA announced Wednesday that China bought 226,000 metric tons of U.S. soybeans for 2010-11. Also, Egypt bought 120,000 metric tons of U.S. corn for 2010-11 delivery.
Mike
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At 7am:
After the Fed Reserve announced yesterday that they are gearing up for changes if the economy doesn't strengthen, players in the market dumped the dollar and bought gold. As a result, Gold hit a record $1,291 per troy ounce. Also, Silver is at a 30-month high. This shows more and more money is flowing into commodities.
--Russia's winter wheat plantings are seen to be 28% below a year ago.
FWIW: From the heart of Iowa, a farmer-contact of mine says where the harvest is good, it's really good. But, where it's bad, it's really bad. For instance, one of his neighbors that expected 220 bu./acre harvested corn at just 150 bu./acre. He says the reports he's hearing are not that good, so far.
Separately, in the past few days, we've all seen some analyst firms come out with surprisingly low yield average estimates. And the market has been wondering about what kind of harvest is in Iowa. Maybe, my farmer-contact's comment is more relevant than I think.
Mike
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At 6:45am:
Early calls: Corn up 3-5 cents, soybeans 4-6 cents higher, and wheat up 7-8 cents.
Trackers:
Overnight grain=Trading higher.
Crude oil=Trading $0.35 per barrel higher.
Dollar=Trading lower.
Wall Street= Seen opening lower.
World Markets=Mostly lower.
More in a minute,
Mike
