At the close:
The
CBOT Dec corn futures closed 6 cents lower at
$3.84 per bushel. The Jan soybean contract closed 11 1/2 cents lower at
$9.99 per bushel. The Dec wheat futures ended 5 1/4 cents
higher at $5.21. The Jan soymeal futures finished $4.00 lower
at $295.50 per short ton, and soyoil 2 points higher at $38.01.
In the outside markets, the NYMEX crude oil market is $0.66 higher, the dollar lower, and the Dow is 126 points higher.
One trader says we ended poorly in corn, beans and meal but strongly in wheat with oil only slightly lower.
Traders will watch FC Stone's crop production guesses this afternoon.
Mike
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At 12-Noon:
Wheat is higher, corn and soybeans are lower. One trader is saying that prices continue drifting in a fairly narrow range in a mixed but mostly lower trade with modest volume.
Mike
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At mid-session:
At mid-session, the CBOT Dec
corn futures are 1/2 of a cent lower at $3.89 1/2 per bushel. The Jan
soybean contract is 5 cents lower at $10.05 1/2 per bushel. The Dec
wheat futures are 2 cents lower at $5.13 3/4. The Jan soymeal
futures are $2.90 lower at $303.50 per short ton, and soyoil 12¢ higher at $37.65.
In the outside markets, the NYMEX crude oil market is $0.70 higher, the dollar lower, and the Dow is 133 points higher.
One trader says the Informa Economics crop estimates were bearish to the grain markets. Also, profit-taking, farmer sales in South America and the U.S., and weather forecasts are all negative towards the grain markets.
Informa estimated the US corn crop at 13.064 billion bushels with a yield of 164.8 bushels per acre (bpa). Their bean guess was 3.333 billion bushels with a bpa of 42.4. The last USDA estimate, in Oct, was 13.018 billion corn with a 164.2 bpa and 3.250 billion beans with a 42.4 bpa. Last month, Informa estimated the corn crop at 13.127 with a 164.7 bpa and the bean crop at 3.250 billion with a 44 bpa.
Mike
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At 10:35am:
Informa Economics released new U.S. crop production numbers Wednesday. For corn, Informa estimates a U.S. yield at 164.8, slightly above its previous estimate of 164.7 bushels per acre. For soybeans, a yield estimate of 43.5 bushels per acre vs. 44.
Crop size estimates:
Corn= 13.064 billion bushels vs. USDA's last estimate of 13.018.
Soybeans=3.33 billion bushels vs. USDA's last estimate of 3.250.
The numbers were expected to bearish and are bearish.
Mike
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At 10:00am:
Corn, soybeans and soyoil are slightly higher, but everything else is lower. Don't forget Informa Economics will be out with new production estimates at 10:30 this morning. The traders are awaiting these numbers. I'll pass them on as soon as I get them.
The locals are selling this market, one trader says. They are trying to do the same thing they did yesterday.
Mike
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At 9:50am:
Everything is falling. We're now lower across the floor.
One trader is saying more long liquidation is taking place in the absence, so far, of large scale, aggressive fund buying. Given the bearish weather forecast, the funds will need to be big buyers to keep the rally going, along with continued weakness in the dollar.
Mike
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At the open:
At the open, the CBOT Dec
corn futures opened 4 3/4 cents higher at $3.94 3/4 per bushel. The Jan
soybean contract opened 8 cents higher at $10.18 1/4 per bushel. The Dec
wheat futures opened 7 1/4 cents higher at $5.23. The Jan soymeal
futures opened $2.60 higher at $309.00 per short ton, and soyoil 27¢ higher at $37.85.
In the outside markets, the NYMEX crude oil market is $1.32 higher, the dollar lower, and the Dow is 142 points higher.
One trader says that prices started higher in all pits, roughly as expected. Dec corn ran up near the $4 level but couldn't trade above it, causing some liquidation by earlier buyers. Beans have backed off a bit also while remaining higher for the day. Volume is only fair overall. Funds will need to be aggressive buyers again today to keep the rally going in the face of the bearish weather forecast this week and next
Mike
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At 8:15am:
One trader says there were 220 bean deliveries this am, the first of the month. The delivery date was Oct 1 and no commercials stopped any of the beans. Remember, Informa puts out its Nov crop estimates at 10:30 am central time today, followed by FC Stone late this afternoon. Also, the Federal Reserve Board will announce any changes in its policy today at 1:15 pm, central time, when the grains close. This could impact grain prices tonight, depending on what the Fed says.
Mike
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At 6:45am:
Early calls: Corn up 5-7 cents, soybeans up 10-12, and wheat up 10-12 cents.
With the rally that started Monday, corn prices up 36 cents from the Sunday night low to the high on Tuesday. Soybean prices are up 56 cents from the Sunday night low to this morning. Day 3 of outside money coming into commodities may be today.
Trackers:
Overnight grain=Trading higher.
Crude oil=Trading 73¢ higher. A lower global oil demand # to be released today.
U.S. Dollar=Trading lower.
World Markets=Higher.
Wall Street=Seen opening higher as investors await the Fed Reserve statement on interest rates. Also, some auto makers, Kraft, will report earnings today. Time-Warner beat earnings expectations. Warren Buffett continues to make us all look poor as he buys Burlington Northern Railroad. Are we playing monopoly?
Actually, the smart people say Buffett's bet on the railroad is a play on coal and grain. He thinks the high fuel costs will shift shipping acivity from the trucking industry to railroad. Plus, a longer term outlook of a recovering economy would suggest much higher rail traffic.
More in a minute,
Mike
Edited Nov-4 by 967502098 Edited Nov-4 by 967502098 Edited Nov-4 by 967502098 Edited Nov-4 by 967502098 Edited Nov-4 by 967502098 Edited Nov-4 by 967502098 Edited Nov-4 by 967502098 Edited Nov-4 by 967502098 Edited Nov-4 by 967502098 Edited Nov-4 by 967502098 Edited Nov-4 by 967502098 Edited Nov-4 by 967502098 Edited Nov-4 by 967502098 Edited Nov-4 by 967502098 Edited Nov-4 by 967502098 |
