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Post by glowplug on Jul 27, 2011 8:22:50 GMT -5
Opening Calls Corn: Corn prices are expected to open 2 to 4 cents lower on Wednesday. Corn trading was very quiet overnight but prices managed to decline slightly after the solid gains on Tuesday. Weather forecasts still call for good chances for rain throughput the Midwest by early next week, however, some of the dry Southern areas are expected to stay dry which will provide some support to prices, especially near term. The stock market fell on Tuesday adding pressure to commodity markets, but Dow Jones futures were up a few points in overnight trade. As is always the case at this time of year, a shift in the weather forecast could significantly drive prices.
Soybeans: Soybean prices are expected to open a little higher on Wednesday. Overnight soybean trading was light and prices stayed in a pretty narrow range. At least for now the weather in the key growing region is okay but certainly not ideal. It has been pretty dry through the central Midwest but forecasts call for rain by early next week. Weather conditions will become increasingly critical as the calendar turns over to August. A modest uptick in the Dow Jones futures index overnight could lend support to early session soybean prices.
Wheat: Wheat prices are expected to open steady to a little lower on Wednesday. Wheat prices were mixed overnight with slightly higher prices in Kansas City and slightly lower prices in Chicago. Reports from the first part of the spring wheat crop tour shows yields about 3.5 bushels per acre below year ago levels for the same parts of the growing region. This is not too much of a surprise since yields last year were so high. There was little other news to drive wheat prices. Expect wheat price direction to be influenced by what happens in the corn and soybean markets.
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Post by glowplug on Jul 27, 2011 19:25:34 GMT -5
Pretty much a sideways pattern over the past weeks. Up one day, maybe two, then down. Basically, I see reality of lower yields won't be reflected at the CME until the combines roll in the south part of the Corn Belt.
Glowplug
Closing Comment Corn: Corn futures finished modestly higher on Wednesday. Prices edged higher, garnering support from increasing talk of lower yields and production estimates for this year's crop. Rain in the Northern Midwest should cool temperatures off a little and will be favorable for pollination. U.S. ethanol production is up again this week, further supporting prices. September was 1 3/4 cents higher at $6.91 1/2 and December was 4 3/4 cents higher at $6.91 1/2 as well.
Soybeans: Soybean futures closed lower Wednesday. The market was pressured by favorable weather forecasts for the next two weeks, which point toward rain in the U.S. Midwest and lower temperatures, which will be beneficial for the crop as weather becomes increasingly critical heading into August. Weakness in the stock market and strength in the value of the dollar were bearish today as well. August was 7 1/4 cents lower at $13.75 3/4 and November was 8 1/4 cents lower at $13.80 1/2.
Wheat: Wheat futures ended higher Wednesday. Prices pushed higher today supported by reports from the spring wheat crop tour which point toward yields about 3.5 bushels per acre below year-ago levels for same parts of the growing region. Asian wheat buyers are showing interest in boosting purchases this month. CBOT Sep was 10 3/4 cents higher at $7.04 3/4, KCBT Sep was 7 3/4 cents higher at $7.88 1/4 and MGE was 12 cents higher at $8.51.
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Post by glowplug on Jul 29, 2011 7:52:41 GMT -5
Opening Calls Corn: Corn prices are expected to open 5 to 8 cents lower on Friday. There has been no real change to weather forecasts. Parts of the Western and Northern sections of the Midwest got rain on Thursday night into Friday morning, but the southern part of the region remains hot and generally dry. Parts of South and Central Texas are expected to get rain this weekend from Tropical Storm Don. However, the rain is too late to help dryland crops. Corn futures were lower in overnight trade.
Soybeans: Soybeans are expected to open 2 to 5 cents lower on Friday. Futures traded lower overnight in a very tight range. Export demand is slow, with essentially no increase in total commitments for old crop in Thursday's Export Sales report. The pace of shipments will have to increase if we are going to get to the USDA export forecast by the end of next month. Weather forecasts will take on increasing importance as we move into August. Hot and dry weather in August could get soybean futures to move out of the sideways trading that has been in pace for the last several weeks.
Wheat: Wheat prices are expected to start the day a little higher on Friday. A late sell-off pushed prices into negative territory on Thursday but prices rebounded a little overnight. Trade is being driven in large part by short covering as traders close out contracts ahead of the end of the month. Traders are also getting out of the market until they have a better idea of how the debt ceiling stalemate will affect the economy. Recent strength in the U.S. dollar is an underlying negative factor for the wheat market.
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Post by glowplug on Aug 1, 2011 8:02:01 GMT -5
Still looking to spark some marketing discussion on AAF guys and gals. Dive on in. Should be some CME reaction to the announcement in Washington that the Repubs caved to obamunist?
Glowplug
Opening Calls Corn: Corn futures are called 7 to 8 cents higher. Overnight trade at 6:45 am CT was 7 1/4 to 7 1/2 cents higher. News of a tentative agreement that will help the U.S. government avoid default is supporting the financial and commodity markets. The deal will cut $2 billion from government spending over a decade and raises the debt ceiling. Congress is expected to pass the measure today. Hot weather in the Corn Belt last week and forecasts for more this week is supportive although rainfall benefitted much of the region. USDA's Crop Progress report and updated condition ratings will be watched closely this afternoon.
Soybeans: Soybean futures are called 12 to 13 cents higher. Overnight trade at 6:45 am CT was 12 1/2 to 13 1/4 cents higher. The news of a compromise deal to keep the U.S. from defaulting on its debt has helped U.S. and global financial markets rally overnight. This has helped rally the grains market as well. USDA's Crop Progress report due out this afternoon will be watched for direction. Some more hot weather is expected in the Midwest this week, but some rain last week and forecasts for rain later this week could help crop prospects.
Wheat: Wheat futures are called 12 to 18 cents higher. Overnight trade at 6:45 am CT was 12 1/2 to 13 1/4 cents higher at the CBOT, 15 1/2 to 16 1/4 cents higher at the KCBT and 17 to 18 cents higher at the MGE. Futures rallied overnight on the news of a compromise deal that appears likely to be passed by Congress and the President that will keep the U.S. from default on its debt. U.S. and global financial markets have turned higher on the news. The dollar index is lower overnight, which could spark some export demand for U.S. wheat. More hot and mostly dry weather in the southern Plains is a concern because if the pattern continues, HRW wheat acreage could be threatened this fall.
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