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Livestock are leading the ag markets lower Wednesday
News of a corn sale to Mexico seems to be supporting CBOT futures. The USDA’s daily reporting system indicated that U.S. firms had sold 196,000 tonnes of corn to Mexico for delivery next year. That news seemingly offset the weather and currency driven losses suffered in overnight action. March corn futures slipped 1.25 cents to $3.80/bushel late Wednesday morning, while July slid 1.75 to $3.95.
Ag markets began the week in mixed fashion
The crop markets are starting the week in mixed fashion. The energy sector breakdown dominated the financial markets last Friday, with corn and beans being affected by their biofuel connections. Corn futures are slipping again this morning, which may also reflect follow-through crude oil and ethanol price weakness, as well as talk that Chinese stocks have reached record highs. December corn futures dipped 2.0 cents to $3.7375/bushel Sunday night, while May sagged 1.75 to $3.9525.
Ag markets mixed Wednesday morning
Corn futures continued to creep up with a few cents higher or so Wednesday morning. Slow farmer selling was resulting in firmer basis as the cold weather spurs domestic feed demand. At the same time demand from ethanol plants is rising as well. But export demand is still sluggish. News out of China said the country is planning to build more containers to reduce storage pressure due to increasing stockpiles of grains. December corn futures advanced 2.75 cent to close at $3.77/bushel Wednesday, while May was up 2.75 cents to $3.985.
Grain, soy complex markets ended the day higher
Corn futures turned decisively firm Tuesday. Prices jumped nearly two percent at close, approaching session highs. Technical buying certainly sent prices higher. Strong cash bids triggered additional buying interests in the futures market. However, sluggish export demand continued to add pressure to the market, thus curbing the gains. Stabilizing factors are harvest nearing completion at 94% in yesterday’s crop progress report from NASS, up from 89% the week before. December corn futures advanced 6.75 cent to close at $3.7425/bushel Tuesday, while May was up 6.50 cents to $3.9575.
Ag markets turned higher at midsession Tuesday
Corn futures moved higher on Tuesday morning. Technical buying pushed prices moderately higher. However, sagging export demand tied to the strong U.S. dollar continued to add pressure to the market, thus curbing the gains. Stabilizing factors are harvest nearing completion at 94% in yesterday’s crop progress report from NASS, up from 89% the week before. That means declining hedge pressure as a negative influence on prices, particularly with farmer sales slowing to a trickle. December corn futures advanced 5.25 cent to close at $3.7275/bushel Tuesday, while May was up 5.0 cents to $3.9425.
Ag markets ended the day mostly lower
Led by the front-month contract, corn futures were pressured by profit selling actions Monday. Fundamentally, record production and flat export demand weighed on the corn market. Weekly corn export inspections were lower than trade expectations. USDA is expected to show US harvest progress at 94% complete in its last Crop Progress report. Weakening economic indicators for Japan, Europe and China added additional pressure. December corn futures lost 5.25 cent to close at $3.675/bushel Monday, while May was down 5.00 cents to $3.8925.
Chinese news is affecting the crop markets early Friday morning
China’s interest rate cut is weighing on crop futures. Thursday’s export news was quite supportive of the corn and soy markets and powered sizeable gains. However, the crop markets are suffering a relapse in the wake of early-morning news that China’s central bank is cutting interest rates. That implicitly lowered the value of its currency and boosted the U.S. dollar, and reduced the potential for export sales to that county in the short to intermediate term. December corn futures slipped 2.0 cents to $3.7125/bushel Thursday night, while May lost 2.25 to $3.9275.
Grain and soy futures diverged from the other ag markets Thursday
Export news boosted corn and beans Thursday. The corn market built upon modest overnight gains this morning after the weekly USDA Export Sales report stated the corn total well above expectations. That news was followed by a daily system report of a 101,600 sale to an unknown destination. December corn futures rallied 10.0 cents to $3.7325/bushel at Thursday’s CBOT close, while May rose 10.0 to $3.95.
Export news boosted the crop markets Thursday morning
Export news boosted corn and beans Thursday morning. The corn market built upon modest overnight gains this morning after the weekly USDA Export Sales report stated the corn total well above expectations. That news was followed by a daily system report of a 101,600 sale to an unknown destination. December corn futures rallied 6.75 cents to $3.70/bushel around midsession Thursday, while May rose 6.5 to $3.915.
Surging soy, U.S. dollar quotes highlight Friday futures trading
Resurgent soybeans pulled corn higher Friday. Prospects for good early-November harvest weather and today’s big U.S. dollar jump pushed corn futures lower around midsession Friday. However, talk of extreme short-term tightness apparently powered the soy complex higher once again, which then pulled corn upward as well. December corn futures closed up 2.75 cents at $3.7675/bushel Friday, while May added 2.25 to $3.98.
Surging U.S. dollar values weighed on ag markets Friday morning
The surging dollar may be undercutting commodities. The soy complex remained generally strong Friday morning, but that support couldn’t keep the grain markets from sliding. Prospects for good harvest may be weighing on corn but today’s big U.S. dollar jump is very likely depressing the commodity markets, particularly those with big export exposure. December corn futures slumped 3.25 cents to $3.7075/bushel late Friday morning, while May lost 4.0 to $3.9175.
Surging soy prices sparked a broad crop-market advance Wednesday
The soy complex continued pulling crop prices higher Wednesday. The corn harvest may have been slightly delayed by the latest Corn Belt weather system, but there’s little doubt it’s advancing rapidly. Nevertheless, CBOT futures rose again today as talk of torrid soy demand sent that complex higher (and pulled the other crop markets upward in concert). December corn futures surged 10.75 cents to $3.7525/bushel in late Wednesday trading, while May added 10.25 to $3.97.
Soy futures continued boosting crop prices Wednesday morning
The soy complex continues pulling crop prices higher. The corn harvest may have been slightly delayed by the latest Corn Belt weather system, but there’s little doubt it’s advancing rapidly. Nevertheless, CBOT futures are rising again today as talk of torrid soy demand sends that complex higher (and pulls the other crop markets upward in concert). December corn futures rose 3.75 cents to $3.6825/bushel late Wednesday morning, while May added 3.5 to $3.9025.
Sliding soy meal futures took starch out of crop markets Tuesday
Corn futures set back in concert with soybeans. Soybeans and meal led the crop markets sharply higher Monday night and Tuesday morning, with bulls apparently banking on robust demand and slow harvests to power prices higher. However, the surge ran out of momentum and bullish profit-taking and fresh selling greatly reduced the gains. Corn did close slightly higher. December corn futures ended Tuesday having gained 1.5 cents to $3.645/bushel, while May added 1.25 to $3.8675.
Tuesday's early meal reversal weighed on crop markets
Talk of slow harvesting is again boosting corn futures. Soybeans and meal led the crop markets higher overnight, but have set back from their highs. However, that has done little to discourage corn bulls, who reportedly were encouraged by the persistently slow harvest. December corn futures climbed 4.75 cents to $3.6775/bushel late Monday morning, while May added 4.0 to $3.895.
Beans and meal led the crop markets higher Monday
Soybeans and meal led the crop markets higher Monday. Ideas that today’s weekly USDA Crop Progress report will show a big increase in crop harvesting weighed on corn and bean futures Sunday night. However, daily and weekly reports confirmed extremely strong demand for beans (and probably meal), which sent those markets and the other crops higher. December corn futures climbed 10.0 cents to $3.63/bushel at their Monday settlement, while May added 10.25 to $3.855.
Bean, meal strength pull crop markets higher Monday morning
Soybeans and meal led the crop markets higher Monday morning. Ideas that today’s weekly USDA Crop Progress report will show a big increase in crop harvesting weighed on corn and bean futures Sunday night. However, daily and weekly reports confirmed extremely strong demand for beans (and probably meal), which sent those markets and the other crops higher. December corn futures rose 4.0 cents to $3.57/bushel late Monday morning, while May added 4.0 to $3.7925.
Ag markets moved almost unanimously higher Wednesday morning
Soybeans pulled grain prices higher Wednesday morning. Corn and wheat futures set back from overnight gains in apparent response to growing harvest pressure on the yellow grain. However, Brazil’s drought problems and news of a big Chinese purchase sent the soy complex surging, which pulled grain futures upward as well. December corn futures gained 1.5 cents to $3.575/bushel around midsession Wednesday, while May moved up 1.25 to $3.7975.
Ag markets moved mostly higher Tuesday morning
Corn futures are rallying Tuesday morning. Monday’s weekly USDA Crop Progress report stated the corn harvest as being just 31% complete, which apparently sparked a corn futures bounce from their overnight decline. Prospects for fine Midwest weather for harvesting through the end of the month may be limiting gains, but bulls are probably being joined by technicians. December corn futures rebounded 6.5 cents to $3.5475/bushel late Tuesday morning, while May climbed 6.5 to $3.77.
Moves in livestock futures bracketed those of the crop markets
Corn futures posted a firm Monday close. Forecasts for benign harvest weather and a disappointing result on the weekly USDA Export Inspections report weighed on corn futures to start the week. However, CBOT prices staged a late comeback, which probably reflected the slow harvest pace to this point, short-covering and to technical support around current levels. December corn futures settled 0.25 cent higher at $3.4825/bushel Monday afternoon, while May inched up 0.5 to $3.705.