CHICAGO, Feb 5 (Reuters) – The boisterous world Kevin Duffy
entered 34 years ago to run paper slips into trading pits at the
Chicago Board of Trade was an age apart from today, when
open-outcry trading only intermittently disrupts the quiet hum
The Chicago corn market was a noisy, bruising, frantic place
where traders and commercial brokers establish prices for future
deliveries of grain. Trading on the CBOT had a self-descriptive
moniker: “open outcry.”
CHICAGO, Feb 4 (Reuters) – U.S. soybean futures fell 1.5 percent on
Wednesday, retreating from a three-week high notched Tuesday as the dollar rose,
Outlooks for the driest areas of Brazil’s crop region calling for rain this
week and the falling crude oil market also hurt soy prices.
CHICAGO, Feb 3 (Reuters) – U.S. Corn Belt farmers on Tuesday
actively sold corn and soybeans for the first time this year
amid a healthy increase in futures prices, cash merchandisers
“There were a lot more sales than what I’ve seen in a couple
weeks,” said J.R. Kennedy, general manager with Snittjer Grain
Co in Wellsburg, Iowa.
CHICAGO, Feb 3 (Reuters) – U.S. wheat and soybean futures
rose more than 2 percent early Tuesday on a short-covering
bounce after a month-long price slide that was stirring fresh
export interest, traders said.
A broad-based advance in commodity markets led by crude oil
also provided support.
“After five days of declines in beans it’s short covering
that is leading beans higher,” said Terry Reilly, a grains
analyst with Futures International in Chicago.
“You are also seeing short covering in wheat from a whole
round of fresh export tenders across the globe plus unfavourable
winter wheat conditions in selected states,” Reilly added.
Traders said Chicago grain markets were long overdue for a
rebound. When Chicago Board of Trade March soybeans broke
through nearby resistance of $9.77-3/4 – a double-top notched in
January – technical buying was triggered, they said.
CBOT March soybeans were up 22 cents, or 2.3 percent at
$9.81-1/2 a bushel by 10:16 a.m. CST. CBOT March wheat was
12-3/4 cents higher, or 2.6 percent at $5.05-1/2. CBOT March
corn was up 8-1/2 cents, or 2.3 percent at $3.78-1/4,
riding on the coattails of soybeans and wheat, traders said.
Open interest in soybeans and wheat rose sharply on Monday,
up 9,100 contracts in soybeans and nearly 11,000 in wheat – a
sign both markets were oversold after falling to the lowest
levels since the autumn.
With wheat trading near four-month lows, exporters have seen
a pick-up in demand, traders noted. Egypt’s GASC on Tuesday
bought 300,000 tonnes of Romanian and French wheat for shipment
during first-half March. Saudi Arabia purchased
690,000 tonnes of hard wheat via a tender on Monday.
Iraq is seeking a minimum of 50,000 tonnes of
“The weak euro is still providing strong support for EU
exports. To take one example, a French ship is currently taking
on board a consignment of (feed) wheat for Bangladesh – the
largest quantity the country has ordered since 2000/01,”
Commerzbank said in a market note.
“European wheat is looking pretty cheap and there is not
much concern at the moment about the state of any of the wheat
crops in the northern hemisphere,” said Paul Deane, senior
agricultural economist at ANZ Bank in Melbourne.
Wheat futures in Paris were also higher with March
up 1.5 percent, or 2.75 euros, at 185.75 euros a tonne.
Prices at 10:16 a.m. CST (1616 GMT)
LAST NET PCT
CBOT corn 378.25 8.50 2.3%
CBOT soy 981.50 22.00 2.3%
CBOT meal 336.90 9.00 2.7%
CBOT soyoil 30.73 0.32 1.1%
CBOT wheat 505.50 12.75 2.6%
CHICAGO, Jan 28 (Reuters) – U.S. grain farmers are boosting
demand for loans from farm banks as five-year lows in crop
prices squeeze operating budgets ahead of spring planting,
according to a national survey of farm bankers issued by the
Federal Reserve Bank of Kansas City on Wednesday.
“Reduced profits in the crop sector persisted in the fourth
quarter of 2014, leading to a sharp rise in farm-sector
borrowing and a slight decline in cropland values,” the bank
said. “Should low crop prices and high input costs persist, crop
sector profit margins may weaken further and strain loan
repayment capacity in the coming year.”
CHICAGO, Dec 23 (Reuters) – U.S. farmland rents for 2015 are
on track to be down 5 to 10 percent from the top fees of a year
ago due to lower grain prices, but landowners remain stubborn
about deeper cuts and some are adding clauses to boost revenue
if grain prices bounce back.
More than half the 230 million acres of corn, soybean and
wheat land in the United States are rented. Rents, the biggest
cost in growing crops, doubled during the farm boom of the past
CHICAGO (Reuters) – China will become an even bigger market for U.S. farm goods in coming years but obtaining accurate information on the country’s food situation will remain a big challenge, according to U.S. Agriculture Department Chief Economist Joseph Glauber.
“There is no question in my mind that China is and will become an even bigger market for feed grains,” Glauber, who retires at year-end after 30 years at USDA, told Reuters in an interview. “Obviously we’ve been saying that about China for a long time but the evidence certainly points in that direction now.”
CHICAGO, Dec 18 (Reuters) – The average price of Iowa
farmland slumped 8.9 percent in 2014, the largest annual decline
since 1986 as crop prices fell, according to the Iowa Land Value
Survey released on Thursday.
It is only the second year since 1999 that the benchmark
survey, conducted in November by Iowa State University
researchers, has shown a decline in farmland values. The
findings are similar to those of the Realtors Land Institute and
the Federal Reserve Bank of Chicago.
WASHINGTON/CHICAGO (Reuters) – U.S. farmers are about to reap a bumper harvest not just in corn and soybeans but also in new subsidies that could soar to $10 billion, blowing a hole in the government’s promise that its new five-year farm bill would save taxpayers money.
If payments for 2014, the first year the farm bill takes effect, do come in at that level – as some private economists have calculated – they would be more than 10 times the U.S. Department of Agriculture’s working estimate and more than double the forecast by the Congressional Budget Office.
CHICAGO, Nov 13 (Reuters) – Farmland prices in the U.S. Corn
Belt and central Plains were mostly steady in the third quarter,
but weakness was likely before year-end as farmers absorb the
impact of 5-year lows in grain prices, regional Federal Reserve
banks said on Thursday.
“The downturn in crop prices of the past two years finally
extinguished the trend of rising farmland values that had
prevailed in the District since the fourth quarter of 2009,” the
Federal Reserve Bank of Chicago said, reporting land prices fell
2 percent from the second quarter but were unchanged from a year