Market Closes – May 22, 2013

In a surprising move, July Corn futures soared today, supported by a large new-crop export sale, an increase in the weekly ethanol production and ideas corn planting will slow down again this week (especially in northern Corn Belt).  Even with today’s 18.5-cent gain, the July contract still sits below...

Market Update – May 22, 2013

Corn and wheat futures are lighting up the board today with July Corn futures leading the way higher. I’m not sure what is behind the change, but would suspect funds are significant buyers. The cash soybean basis is beginning to weaken as the July futures have soared in recent days.  There are reports of...

Market Closes – May 21, 2013

  The past week’s fast progress in planting of corn and soybeans gave the bears more comfort.  Real demand for cash supplies appears to be stronger for soybeans than corn. CBOT futures, except new-crop soybeans, rallied throughout the morning with closes near the highs of the daytime pit trade. With...

Market Update – May 21, 2013

It seems yesterday’s NASS report that put corn planting at 71 pct complete has relieved bullish pressure from corn futures.  Old-crop soybean futures continue to find buying support on the tight supply situation even though exports have slowed and there are reports that South American soybeans are/will be...

Market Closes – May 20, 2013

Corn Planting for the 18-States came in at 71%, at the high end of trade expectations.  Planting is now only 8 points behind the 5-year average. Kentucky planting advancement was much slower than the Corn Belt this past week.  KY at 56 pct is now the second slowest state. Corn Emergence for 18-States is 19...

Market Update – May 20, 2013

The CBOT board is all RED except for old-crop soybean and soybean meal futures where tight old-crop supplies keep sellers at bay. July Corn futures traded higher overnight but sold off this morning before the pit-trade started. The July was turned back at last week’s high set on Monday at $6.61. Corn may...

Market Closes – May 17, 2013

The concern over old-crop supplies of corn and soybeans in the U.S. drove market action today as active bull-spreading (buy nearby/sell deferred contracts) resulted in sharp gains for July futures. However, wheat futures have disconnected from the corn market as world wheat supplies are likely to be...

Market Update – May 17, 2013

CBOT futures are trading little changed beyond the July Corn and Soybean contracts.   Old-crop corn, soybean and soybean meal futures continue to gain on the new-crop contracts due to tight supply conditions. Chicago and KC wheat futures are lower on technical selling and improved growing conditions.  MGE...

Market Closes – May 16, 2013

  Corn futures closed lower on weak export sales and rapid planting progress this week (although arriving rain will take many out of the field).  Corn was also weighed on by another day of losses in the CBOT Wheat pit.  Given a lack of production problems around the globe, wheat supplies may need to...

Market Update – May 16, 2013

Corn and wheat futures are trading down by over one percent while soybean futures are rallying. Corn is under pressure from disappointing export sales this morning and a perceived advancement in the corn planting pace. CBOT Wheat is lower today following yesterday’s sharp losses. The global wheat...