Mark's Feed
Dec 19, 2014

U.S. wheat snaps win streak on profit-taking; corn follows

CHICAGO, Dec 19 (Reuters) – U.S. wheat futures fell 3
percent on Friday, stepping back from a six-month high on a
round of profit-taking ahead of a holiday-shortened week,
traders said.
The drop in wheat weighed on corn, but signs of strong
export demand limited selling in the yellow grain. Soybeans also
were weak on forecasts for crop-boosting rain in South America.
Wheat’s decline snapped a six-session winning streak for the
benchmark Chicago Board of Trade March soft red winter wheat
contract that stemmed from concerns about a slowdown in
Russian exports.
“We are running out of steam for the rally,” said Mark
Schultz, chief analyst at Northstar Commodity Investment Co.
“That was a pretty big move up in a short period of time.”
CBOT March soft red winter wheat was down 22 cents at
$6.33-1/4 a bushel at 11:42 a.m. CST (1742 GMT). Prices have
risen 4.5 percent so far this week. The front-month wheat
contract was on pace for its fourth straight weekly gain.
To drive prices above recent highs, the market would need to
see actual signs of a pickup in overseas demand for U.S.
supplies, Schultz added.
Traders and analysts said the market had already priced in
slower Russian exports.
“The market ran ahead of itself yesterday so it makes sense
to cool off a bit,” a European trader said. “With the year-end
holidays plus the usual winter logistical slowdown in Russia,
we’re going to have wait until early next year to see if export
demand shifts to other origins.”
CBOT January soybeans were 10 cents lower at $10.25 a
bushel. The front-month contract has shed 2.1 percent this week.
Commodity Weather Group forecast on Friday that showers this
weekend in key soy- and corn-growing areas of Argentina should
ease concerns about dryness there. Rain was expected to pick up
in Brazil crop areas early next week.
CBOT March corn futures were down 2-3/4 cents at
$4.08-1/4 a bushel. Prices have been stuck in a 10-cent range
all week but the front-month contract was on pace to post
a 3.1 percent gain this week.
The U.S. Agriculture Department on Friday morning reported
that private exporters booked sales of 237,268 tonnes of corn in
two separate deals. It was the second day in a
row the government has announced flash sales of corn.
Name Last Pct Net Pvs Close
Change Change
CORN MAR5 408.75 -0.55 -2.25 411
SOYBEANS JAN5 1025 -0.97 -10 1035
SOY MEAL JAN5 361.7 -0.99 -3.6 365.3
SOYBEAN OIL JAN5 31.9 0.03 0.01 31.89
WHEAT SRW MAR5 633.75 -3.28 -21.5 655.25
ROUGH RICE JAN5 12.26 1.24 0.15 12.11
M.WHEAT EUR MAR5 197.5 -1.86 -3.75 201.25
LIGHT CRUDE JAN5 56.21 3.88 2.1 54.11
DJ INDU AVERAGE 17765.37 -0.07 -12.78 17778.15
GOLD LBMA 1196.05 #N/A -1.6 1197.65
BALTIC EXCH DRY 803 -1.35 -11 814
US DOLLAR INDEX 89.587 0.39 0.352 89.235
In U.S. cents, benchmark contracts, except EU wheat (euros) and
soymeal (dollars).

(Additional reporting by Gus Trompiz in Paris and Naveen
Thukral in Singapore; Editing by Peter Galloway)

Dec 18, 2014

Wheat extends rally on Russia woes; corn, soy firm

CHICAGO, Dec 18 (Reuters) – U.S. wheat futures rose on
Thursday, extending a winning streak spurred by concerns of
Russia cutting back on their overseas shipments, traders said.
Corn and soybean futures also firmed, with traders noting
technical buying and spillover strength from the wheat market.
Improving export prospects following China’s approval of some
genetically modified strains added support.
Wheat futures were the leader even with prices trading below
the seven-month high hit during the overnight session.
“(The wheat market) is due to slow down a little bit but
wheat is still supported by Russia announcing that they are
going to limit exports,” said Dewey Strickler, president of
grain consultancy Ag Watch Market Advisors.
Chicago Board of Trade March soft red winter wheat was
up 6-3/4 cents at $6.55-1/4 a bushel at 11:33 a.m. CST (1733
GMT), on track for its sixth straight day of gains. The contract
has rallied nearly 13 percent during the streak.
“The market is continuing to price in the uncertainty
surrounding Russia,” a European trader said. “It’s hard to read
because you have a very volatile market that’s risen very fast.”
Russia, one of the world’s main wheat exporters, is
restricting grain exports to try to cool domestic prices as it
tackles a currency crisis linked to plunging oil prices and
Western sanctions. Industry sources said the country has
significantly cut railway loading of grain for export, adding to
informal curbs to overseas shipments.
Traders said the informal steps taken by Russia were making
it very hard to assess the impact on exports and that there was
still confusion about whether ships at Russian ports were
loading and getting export clearance.
CBOT January soybeans were 2 cents higher at $10.29 a
bushel and CBOT March corn was up 2-1/2 cents at $4.10-3/4
a bushel.
The U.S. Agriculture Department on Thursday morning said
that private exporters reported the sale of 1.5 million tonnes
of soybeans to China for delivery in the 2015/16 marketing year.
Exporters also sold 126,000 tonnes of corn to unknown
destinations for 2014/15 shipment.
USDA’s weekly export sales report showed corn and soybean
sales near the low end of a range of analysts’ forecasts.

Prices at 11:34 a.m. CST (1734 GMT)

LAST NET PCT YTD
CHG CHG CHG
CBOT corn 410.50 2.25 0.6% -2.7%
CBOT soy 1029.25 2.25 0.2% -21.6%
CBOT meal 363.30 4.00 1.1% -17.0%
CBOT soyoil 31.69 -0.08 -0.3% -18.4%
CBOT wheat 654.75 6.25 1.0% 8.2%
CBOT rice 1210.50 -1.00 -0.1% -22.0%
EU wheat 200.00 1.25 0.6% -4.3%

Dec 4, 2014

U.S. corn, soy rally on strong exports; wheat weak

CHICAGO, Dec 4 (Reuters) – Soybean and corn futures rose on
Thursday on an export report that showed recent price declines
have sparked strong overseas demand for U.S. commodities,
traders said.
“It was down in the dumps all night and then we saw export
sales for corn, soybeans and soymeal that exceeded expectations
by a sizeable amount,” said Jim Gerlach, president of A/C
Trading. “That triggered the rally late in the overnight session
that carried over into the day session.”
The U.S. Agriculture Department also reported disappointing
export sales for wheat, which added further pressure to a market
weighed down by profit taking as well as easing concerns about
crop health in key growing areas around the globe.
CBOT soybeans for January delivery were up 10-1/2
cents at $10.08-3/4 a bushel at 10:49 a.m. CST (1649 GMT)
Traders noted some technical buying hit the market after prices
dipped below $10 a bushel.
“We have had a dollar break from recent highs,” said Jason
Britt, president of Central States Commodities. “I think the
time for pushing the short side is a little bit past.”
CBOT March corn was 6-1/2 cents higher at $3.88-1/2 a
bushel.
Traders also noted slow country movement of both corn and
soybeans as bullish inputs for the futures market. Britt said
that most farmers were reluctant to book new sales, which made
supplies that exporters needed to meet their hefty new
commitments scarce.
CBOT March wheat was 2-1/4 cents lower at $5.87-1/4 a
bushel. Prices for the front-month contract hit a near
six-month high of $6.11-3/4 a bushel earlier this week.
“U.S. wheat is looking expensive compared to alternative
origins,” Tobin Gorey, agricultural commodities strategist,
Commonwealth Bank of Australia, wrote in a research note.
“Some of the crop dangers are receding too. Weather
forecasters continue to expect (former Soviet Union)
temperatures to rise from critical levels into the weekend, so
for now there’s unlikely to be further crop damage.”
Recent deep frosts across most Ukrainian regions have not
affected winter grain crops, weather forecasters said on
Thursday.
USDA on Thursday morning reported soybean export sales at a
robust 1.180 million tonnes in the latest week, well above
estimates ranging from 650,000 to 850,000 tonnes. Corn
export sales were 1.170 million tonnes, also above the range of
market expectations.
Wheat export sales came in at the low end of expectations.
Name Last Pct Net Pvs Close
Change Change
CORN DEC4 374.5 1.56 5.75 368.75
SOYBEANS JAN5 1007 0.88 8.75 998.25
SOY MEAL DEC4 386.1 1.31 5 381.1
SOYBEAN OIL DEC4 31.55 -0.97 -0.31 31.86
WHEAT SRW DEC4 594.75 -0.38 -2.25 597
ROUGH RICE JAN5 12.155 0.12 0.015 12.14
M.WHEAT EUR MAR5 187 -0.66 -1.25 188.25
LIGHT CRUDE JAN5 66.48 -1.34 -0.9 67.38
DJ INDU AVERAGE 17845.54 -0.37 -67.08 17912.62
GOLD LBMA CONTRIB 1208.77 #N/A -0.42 1209.19
BALTIC EXCH DRY 1019 -5.56 -60 1079
US DOLLAR INDEX 88.329 -0.7 -0.627 88.956
In U.S. cents, benchmark contracts, except EU wheat (euros) and
soymeal (dollars).

(Additional reporting by Colin Packham in Sydney and Nigel Hunt
in London; Editing by Michael Urquhart and James Dalgleish)

Dec 3, 2014

Wheat sags on profit taking; corn, soy weak too

CHICAGO, Dec 3 (Reuters) – U.S. wheat futures fell 2.1
percent on Wednesday, retreating from near six-month highs on a
round of profit taking and ideas that the rally had made U.S.
supplies uncompetitive on the global market, traders said.
Corn and soybeans eased too, weighed down by ample supplies
and good growing weather in key South American production
countries.
Wheat was on track for its worst daily decline in two weeks.
“We are way out of the market,” said Shawn McCambridge,
senior grains analyst for Jefferies Bache. “Prospects are pretty
slim for securing additional market share overseas.”
Egypt, the world’s largest buyer of wheat, on Tuesday
announced that it had bought 175,000 tonnes of wheat from
Romania and Ukraine. U.S. supplies offered in the tender were
priced more than $25 per tonne above the wheat that Egypt
purchased.
Chicago Board of Trade soft red winter wheat for March
delivery was down 12-1/12 cents at $5.90-3/4 a bushel.
K.C. hard red winter wheat for March delivery lost
12-1/4 cents at $6.40 a bushel. Hard red winter wheat, which
traders said faced additional pressure from heavy deliveries
against the expiring December contract and improving
conditions in the U.S. Plains, has shed 4.2 percent during the
past two days.
CBOT January soybeans were 4 cents lower at $9.91-3/4
a bushel and hit their lowest since Oct. 27. CBOT March corn
dropped 1-1/2 cents to $3.79-3/4 a bushel, finding support
at its 40-day moving average.
“It continues to prove difficult to find any bullish
fundamentals for the corn market after the U.S. harvest proved
ample,” Macquarie analysts said in a note.
Bearish expectations for crop production in Brazil and
Argentina also loomed over the market.
“South America has seen some decent rain and that brightened
the outlook for crops,” said Paul Deane, senior agricultural
economist, ANZ Bank.
Further moisture is expected in the coming days.
Name Last Pct Net Pvs
Change Change Close
CORN DEC4 367 -0.2 -0.75 367.75
SOYBEANS JAN5 991.75 -0.4 -4 995.75
SOY MEAL DEC4 379 -1.07 -4.1 383.1
SOYBEAN OIL DEC4 31.57 1.28 0.4 31.17
WHEAT SRW DEC4 594.5 -1.78 -10.75 605.25
ROUGH RICE JAN5 12.17 -0.08 -0.01 12.185
M.WHEAT EUR MAR5 188.25 -1.57 -3 191.25
LIGHT CRUDE JAN5 67.47 0.88 0.59 66.88
DJ INDU AVERAGE 17885.37 0.03 5.82 17879.55
GOLD LBMA CONTRIB 1210.6 #N/A 12.04 1198.56
BALTIC EXCH DRY 1079 -3.57 -40 1119
US DOLLAR INDEX 88.907 0.29 0.26 88.647
In U.S. cents, benchmark contracts, except EU wheat (euros) and
soymeal (dollars).

(Additional reporting by Colin Packham in Sydney and Nigel Hunt
in London; Editing by Michael Urquhart and Jonathan Oatis)

Nov 7, 2014

CBOT wheat down 1.6 pct on supply glut; corn, soy weak too

CHICAGO, Nov 7 (Reuters) – Chicago Board of Trade wheat
futures dropped for the fourth day in a row on Friday as U.S.
exporters struggled to compete on an export market laden with
supplies from around the globe, traders said.
Corn and soybean prices also fell, with investors staking
out positions ahead of a U.S. Agriculture Department report that
was expected to boost production estimates from the ongoing
harvest in the Midwest.
Wheat futures have shed 3.9 percent this week and were on
track to snap a streak of five straight weekly gains.
“Weak (wheat) exports continue to dog rally attempts, with
buyers in no mood to chase the market higher,” Bryce Knorr,
senior editor of Farm Futures Magazine, said in a note. “Until
one of the world’s growing regions suffers a disaster there’s
little reason for prices to rally much.”
CBOT soft red winter wheat for December delivery was
down 8-1/4 cents at $5.12 a bushel at 11:08 a.m. CST (1708 GMT).
The contract was finding support at its 50-day moving average.
“U.S. wheat exports remain no more than routine, and with a
firmer dollar, this is deemed negative to U.S. exports and
future price,” David Sheppard, managing director of UK merchant
Gleadell, said in a market note.
Iraq’s state grains board bought 200,000 tonnes of hard
wheat from Canada and Australia in a tender, European traders
said on Friday. Traders said earlier in the week that U.S. wheat
was priced about $20 a tonne higher than Canada’s offer.

CBOT January soybeans were down 4 cents at $10.24 a
bushel while December corn was 6-3/4 cents lower at
$3.64-1/2 a bushel. For the week, soybeans have fallen 2.2
percent while corn was 3.3 percent lower.
“The context still militates against a sustained rise in
prices. Crops are large and the weather is behaving as it
should,” analyst Tobin Gorey of Commonwealth Bank of Australia
said in a market note.
Good weather for harvest added weight to the corn market,
where the forecast was seen as allowing farmers to catch up to
their typical schedule.
“For corn there is less concern about weather holdups, we
are seeing better harvest activity,” said Clancy of IKON
Commodities.
Name Last Pct Change Net Change Pvs Close
CORN DEC4 364.5 -1.82 -6.75 371.25
SOYBEANS NOV4 1028 -0.29 -3 1031
SOY MEAL DEC4 383.6 -2.04 -8 391.7
SOYBEAN OIL DEC4 32.52 -0.03 -0.01 32.53
WHEAT SRW DEC4 512 -1.59 -8.25 520.25
ROUGH RICE NOV4 11.84 0 0 11.84
M.WHEAT EUR JAN5 169.75 -0.73 -1.25 171
LIGHT CRUDE DEC4 79.04 1.45 1.13 77.91
DJ INDU AVERAGE 17554.47 0 0 17554.47
GOLD 1168.6 #N/A 27.7 1140.9
BALTIC EXCH DRY 1437 0.07 1 1436
US DOLLAR INDEX 87.754 -0.29 -0.258 88.012
In U.S. cents, benchmark contracts, except EU wheat (euros) and
soymeal (dollars). CBOT wheat, corn and soybeans per bushel,
rice per hundredweight, soymeal per ton and soyoil per lb.

Nov 6, 2014

U.S. soymeal, soy rally as harvest fails to relieve supply pressure

CHICAGO, Nov 6 (Reuters) – U.S. soymeal futures rose 3.5
percent on Thursday, pulling soybeans higher, as robust export
shipments tightened supplies on the domestic market, traders
said.
Strong export data added to the gains in soybeans and lent
support to ideas that end users will be scrambling for supplies
in the coming months even with a record harvest.
“There is just a lot of demand out there,” said Greg Grow,
director of agribusiness at Archer Financial Services. “They are
having a hard time logistically getting the beans where they
need to be and getting the meal where it needs to be.”
Corn prices edged higher, supported by the gains in soybeans
as well as better-than-expected export data. Wheat was weak due
to plentiful supplies.
The moves in corn and wheat were muted as traders
consolidated their positions ahead of the U.S. Agriculture
Department’s monthly supply and demand report on Monday.
At 11:10 a.m. CST (1710 GMT), Chicago Board of Trade soymeal
for December delivery was up $13.10 at $388.40 per ton.
CBOT January soybeans were 11-1/2 cents higher at
$10.30-3/4 a bushel.
“Harvest has come and gone with little to no pressure on the
meal premiums, in fact it was the reverse,” a trader said.
USDA said on Thursday exporters shipped out 307,600 tonnes
of soymeal in the latest week, more than double the 150,600
tonnes of a week earlier.. USDA also said weekly
soybean export sales were 1.610 million tonnes, above the high
end of forecasts ranging from 900,000 to 1.1 million tonnes.

Brisk exports have helped soybean prices recover in the past
month, reflecting strong demand from top importer China.
China’s monthly soybean imports are expected to jump around
38 percent in November as buyers there, spurred by improving
crush margins, raced to secure cheap supplies from the U.S.
harvest.
CBOT soft red winter wheat for December delivery was
down 3 cents at $5.21-3/4 a bushel, on track for its third
straight losing session. CBOT December corn was 2 cents
higher at $3.72-1/4 a bushel.
The United Nations Food and Agriculture Organisation on
Thursday forecast record world production of wheat and corn this
year, despite trimming overall cereals output and stocks, mainly
due to reduced expectations for Chinese corn production.

Oct 22, 2014

Mega harvest leaves U.S. farmers battling bugs in storage bins

CHICAGO (Reuters) – With record harvests depressing prices, U.S. farmers are holding tight to their corn and soybeans and binging on chemicals that protect stored grain from critters or even leaving corn standing in fields over winter to avoid storage charges.

Still flush with cash after years of record income and with shipping rates near record highs, farmers have resources to store grain rather than sell into a down market.

Oct 10, 2014

U.S. corn, soybeans drop ahead of USDA report

CHICAGO, Oct 10 (Reuters) – U.S. corn and soybean futures
fell sharply on Friday as investors staked out positions ahead
of a key government report that was expected to boost already
record forecasts for the U.S. harvests of both crops, traders
said.
Wheat futures were slightly firmer, stabilizing after
falling nearly 3 percent on Thursday. Signs of strong global
demand lent support to wheat prices.
But the market was mostly focused on the upcoming government
reports. The U.S. Agriculture Department will release its
monthly supply and demand reports, as well as crop production
forecasts, at 11 a.m. CDT (1600 GMT).
“The day has arrived, and the trade is clearly fearful of a
bearish report,” Matt Zeller, director of market information at
INTL FCStone, said in a note to clients.
Chicago Board of Trade corn for December delivery was
down 5-1/4 cents at $3.39-1/2 a bushel at 9:45 a.m. CDT (1445
GMT). CBOT November soybeans were 12-1/4 cents lower at
$9.29-3/4 a bushel.
Investors shrugged off the harvest delays, and forecasts for
more rain in southern areas of the U.S. Midwest, that have
provided some support to prices over the past week.
Despite the recent delays, the huge harvest was expected to
quickly replenish tightness in the supply chain in the coming
weeks.
“While the slow pace of harvest helped ease hedge pressure a
bit, traders mostly expect another increase in production from
USDA this morning,” Bryce Knorr, senior editor at Farm Futures
Magazine, said in a note. “While the overall outlook from USDA
may not grow much more bearish today, a huge crop still
threatens burdensome supplies.”
CBOT December wheat was 1-3/4 cents higher at $4.95 a
bushel.
A wheat tender on Friday by Egypt, the world’s top importer
of the cereal, is being watched as a test of U.S. price
competitiveness against western European and Black Sea origins.

The tender could see Russian wheat back into contention
after missing out in the most recent Egyptian tenders, following
a three-week drop in Russian prices, traders said.

Oct 9, 2014

Wheat breaks win streak before USDA report; corn, soy firm

CHICAGO, Oct 9 (Reuters) – U.S. wheat futures fell 2.7
percent from four-week highs on Thursday, with investors
focusing on poor demand and plentiful global stocks ahead of a
key government report, traders said.
Corn and soybeans firmed, with corn on track for its seventh
straight day of gains. Both commodities received support from
harvest delays in eastern areas of the U.S. Midwest that delayed
the long-awaited replenishment of supplies at processors and
elevators.
The setback in wheat followed six straight days of gains
that added 6.3 percent to the benchmark Chicago Board of Trade
December soft red winter wheat contract.
“The U.S. Agriculture Department (on Friday) is going to
remind us of a world that is flush with wheat,” said Tom Fritz,
a partner with EFG Group in Chicago. “We have seen the short
covering – it came and it went.”
The monthly supply and demand report was expected to show
that 2014/15 U.S. ending stocks of wheat would be 704 million
bushels, up 6 million bushels from the government’s estimate of
a month ago and well above the 590 million bushels left over at
the end of the 2013/14 crop year. Global wheat
end stocks were estimated to come in at a robust 196.38 million
tonnes.
CBOT December soft red winter wheat was down 13-3/4
cents at $4.94 a bushel. Prices fell through technical support
at the 30-day moving average.
USDA said on Thursday morning that weekly export sales of
wheat were just 372,400 tonnes, below the range of trade
estimates for 400,000 to 600,000 tonnes.
CBOT December corn was up 2-1/4 cents at $3.45-1/2 a
bushel while November soybeans gained 5-3/4 cents to
$9.40-3/4 a bushel.
“Beans are recovering some recent losses as rains throw a
wrench into the Midwest harvest while key Brazilian soy areas
have none of that precipitation on tap,” Matt Zeller, director
of market information for INTL FCStone, said in a note to
clients.
Gains in soybeans and corn were kept in check by
expectations that USDA will boost its U.S. production outlook
for both crops.
Analysts polled by Reuters forecast the USDA on Friday will
estimate this year’s U.S. corn crop at a record 14.506 billion
bushels. Soybean production was seen at 3.976 billion bushels,
which also would be a record. The USDA report is
expected to be released at 1600 GMT on Friday.

Name Last Pct Change Net Change Pvs Close
CORN DEC4 345.5 0.66 2.25 343.25
SOYBEANS NOV4 940.75 0.61 5.75 935
SOY MEAL OCT4 333.1 1 3.3 329.8
SOYBEAN OIL OCT4 32.92 0.12 0.04 32.88
WHEAT SRW DEC4 493.75 -2.76 -14 507.75
ROUGH RICE NOV4 12.59 -0.28 -0.035 12.625
M.WHEAT EUR JAN5 160.75 -1.98 -3.25 164
LIGHT CRUDE NOV4 86.3 -1.16 -1.01 87.31
DJ INDU AVERAGE 16797.7 -1.16 -196.48 16994.22
4
GOLD 1223.9 #N/A 2.7 1221.2
BALTIC EXCH DRY 974 -1.72 -17 991
US DOLLAR INDEX 85.447 0.18 0.15 85.297
In U.S. cents, benchmark contracts, except EU wheat (euros) and
soymeal (dollars). CBOT wheat, corn and soybeans per bushel,
rice per hundredweight, soymeal per ton and soyoil per lb.

Oct 7, 2014

U.S. wheat jumps 3 percent; corn, soybeans also firm

CHICAGO, Oct 7 (Reuters) – U.S. wheat and corn futures rose
for the fifth straight day on Tuesday, with short-covering and
technical buying in focus as investors scrambled to stake out
positions ahead of a key government report, traders said.
Soybeans also firmed, supported by a slowdown in the pace of
harvest that left processors and exporters short of supplies as
they waited for the bumper crop to come in from the fields.
Chicago Board of Trade soft red winter wheat posted
the biggest gains, surging 3 percent on a wave of follow-through
buying from a firm close on Monday.
“Wheat, technically, had a nice close yesterday,” said Ted
Seifried, vice president and chief market strategist at Zaner Ag
Hedge in Chicago. “We ended up closing above the 20-day moving
average for the first time since Aug. 29.”
Chicago Board of Trade wheat for December delivery was
up 15-1/4 cents at $5.06-3/4 a bushel at 11:12 a.m. CDT (1612
GMT). The front-month contract has risen 6 percent during
the five-session rally, its longest since July.
“The wheat market is trading higher as the technical picture
remains friendly along with good demand and strong cash
markets,” INTL FCStone said in a research note to clients. “The
entire complex is trying to carve out a rounding bottom at
current levels as technicals have given a buy signal.”
The strength in wheat lent support to corn, which has risen
6.1 percent during its streak of positive closes.
CBOT December corn was 8 cents higher at $3.40-1/2 a
bushel.
CBOT November soybeans were up 7-1/2 cents at
$9.49-3/4 a bushel.
“Once harvest is in full swing, there will be beans to crush
and ship, but we have not quite made the progress necessary to
allow that yet,” INTL FCStone said. “Pipelines are trickling at
best. Big crops take longer to harvest, so at least there is
that to keep in mind.”
The U.S. Department of Agriculture said on Monday afternoon
that 20 percent of the soybean crop had been harvested as of
Oct. 5, up from the 10 percent completed last week but 15
percentage points behind the five-year average. Analysts had
expected the crop to be 23 percent complete.
The agency pegged the corn harvest at 17 percent, up from 12
percent the week before, but still lower than market
expectations of 20 percent.
USDA will release its monthly supply and demand estimates,
as well as its crop production forecasts on Friday. Volatile
trade was expected in anticipation of the closely watched report
as investors try to cover short positions they built up when
grain and oilseed prices fell to multi-year lows in recent
weeks.

Name Last Pct Net Pvs Close
Change Change
CORN DEC4 340.5 2.41 8 332.5
SOYBEANS NOV4 949.75 0.8 7.5 942.25
SOY MEAL OCT4 328.8 2.65 8.5 320.3
SOYBEAN OIL OCT4 33.13 -0.57 -0.19 33.32
WHEAT SRW DEC4 506.5 3.05 15 491.5
ROUGH RICE NOV4 12.75 0.39 0.05 12.705
M.WHEAT EUR JAN5 165.75 1.38 2.25 163.5
LIGHT CRUDE NOV4 89.43 -1.01 -0.91 90.34
DJ INDU AVERAGE 16878.43 -0.67 -113.48 16991.91
GOLD 1208.8 #N/A 2.15 1206.65
BALTIC EXCH DRY 1015 -1.36 -14 1029
US DOLLAR INDEX 85.828 -0.12 -0.1 85.928

    • About Mark

      "I cover grain futures out of Chicago, with a focus on the wheat market. Examining the effects of world crop production on prices and the vagaries of export demand for U.S. supplies takes up most of my time. Previously, I was a reporter on the equities desk in New York and I got my start as a news assistant in the Washington Bureau."
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