Corn price limits - 30 cents; soybean limits to 70 cents. Daily price limits can expand twice, by approximately 50% each time, when the price of two or more futures contract months within the same crop year closes at the limit (up or down): when the daily limit conditions are met, expanded limits on the 1st day would be corn 45 cents, wheat 90 cents, and beans $1.05; expanded limits on the 2nd day would be corn 70 cents, wheat $1.35, and beans $1.60. Daily price limits for these commodities will revert to their previous levels when no futures contract month for that commodity closes at limit bid or limit offer that day. July 1, the electronic trade will open at 6:00 pm and close at 7:15 am; daytime electronic and open outcry hours will remain from 9:30 am to 1:15 weekdays.
As this page is opened or refreshed, cash prices are current, based on the 10-minute delay CBOT quotes listed above. Cash prices reflect the electronic trade, including the overnight trade.
Grain markets were mixed overnight as the trade awaits this mornings USDA report at 7:30.
6 - 10 Day Forecast: Normal to Above Temps. Below Normal Precip.
Overnight Corn was down 2. Beans were up 5, and wheat was down 1. The dollar, crude, and the dow were all close to unchanged.
China’s Deputy Ag Minister says China’s grain consumption is likely to increase 4 to 5 mmt. in 2010 to 525 mmt. He said China was unlikely to import large amounts of grain in the short term because of huge stocks, but said the country still faces a tightening balance in grain supply. He also said the country needs to insure output does not fall below 500 mmt. a year.
The Food and Ag Policy Research Institute at the University of Missouri issued a report that says if Congress lets biofuel tax credits to expire this year it would cut Ethanol and Biodiesel production 10%. They estimate Corn and Soybean prices would drop 15 cents a bushel. FAPRI also estimated Corn production this year would come in at 13.134 bil. bu. and Soybean production was estimated at 3.213 bil.bu.
Oil World in their weekly comments said Soybean Meal prices will come under pronounced pressure, falling more sharply than Soybean prices in the next 3 to 4 months. They forecast Soybean Oil prices will see a moderate price rise.
USDA REPORT
Grain Carryout:
Corn- 1.799 vs. 1.716 estimate and 1.719 for Feb.
Beans- .190 vs. .195 estimate and .210 for Feb.
Wheat- 1.001 vs. .971 estimate and .981 for Feb.
Production Corn- 13.131 vs. 13.081 estimate and 13.151 for Jan.
Beans- 3.359 vs. 3.35 estimate and 3.361 for Jan.
Yield
Corn-164.9 vs. 164.5 estimate and 165.2 for Dec.
Beans- 44 vs. 43.8 estimate and 44 for Dec.
Traditional funds sold 1,000 contracts of soybeans on Tue. They are estimated to be net short 15,100. They sold 500 soymeal and bought 500 soyoil. They are net long 17,600 soymeal and 13,500 soyoil contracts. Funds sold 7,000 corn and are net long 27,800 contracts. They sold 3,000 Chicago wheat and are net short 64,700 contracts.
Early calls are corn down 5-7, beans unchanged to down 5, and wheat down 5-10.
Have a great day!
Adam Jackson
Grain Originator :: Topflight Grain Cooperative, Inc.
420 W. Marion :: Monticello, Illinois
phone :: (217) 762-2163
email :: ajackson@topflightgrain.com
web :: www.topflightgrain.com
Evening comments
Good Tuesday Afternoon!
Corn down 6. Soybeans unchanged. Wheat down 6.
The higher dollar set the bearish tone early, with minor adjustments coming in at the close and crude bouncing around as traders positioned for Wednesday morning’s USDA reports. Direction from here will first depend on what those reports have to show us and then on planting intentions. Beans did manage a late bounce as strong demand via crush and exports are expected to lower US carryout stocks, encouraging some to buy despite the record production expected out of South America. In corn, the recent action suggests that traders are looking for a bearish report. For the US, expectations of a lower production number are offset by ideas of reduced export demand. However, the world production numbers should increase, helping to explain the reduced need by the world for US corn. If the report is as expected, look for the corn market to focus on the outside markets and the end-of-month reports (i.e. Prospective Plantings and Grain Stocks).
Have a great evening!
Amy N. Brammer
Business Development Mgr. | Topflight Grain Coop.
400 E. Bodman | Bement, IL 61813
phone :: (217) 678-2261
fax :: (217) 678-8113
email :: abrammer@topflightgrain.com
web :: www.topflightgrain.com
Decatur direct
For our customers hauling direct to Decatur
ADM - Corn - Thursday - 6 am - 2 pm
Beans - Thursday - 6 am - 2 pm
nongmo beans - CLOSED Hours are subject to change; please confirm.
