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.
Another wave of the white stuff will hit us today, with talk of up to 7" by late tomorrow night when it's all said and done. Add in some strong winds tomorrow afternoon/evening and it sounds like a great time! The good news is the grain markets closed higher overnight on some pre-report short covering as the trade anticipates a friendly S&D report for Soybeans. (Although, we don't expect much from the report as a whole.). Additionally support came from outside markets as Crude is starting higher and the US Dollar is lower. Financial markets remain concerned though about the state of Greece, Ireland, Spain and Portugal economy and Banking systems. This could offer resistance to World financial markets.
Crude Oil higher $71.27 up .07. Gold higher $1070.20 up $4.10.
The Dollar is slightly lower vs. most currencies this morning. World stocks, Japan off 1.1% Europe up 1.1% China off .10% Dow futures off 10 points. Chinese Soybean, Corn, Meal and Oil futures closed higher. Malaysian Palm Oil up 1.7%. Indian Soybean futures up 1.3%
Tyson Foods reported a higher than expected fourth quarter profit on Friday. The company said Beef and Pork profits were better due to cost cutting measures and improved exports. The Chicken business made a profit but it was note on small profit margins.
USDA Ag Secretary Vilasack said on Friday the USDA would spend $1.0 bil. over the next 12 months to underwrite US biorefineries and cost sharing payments for biomass. He said half the money would go to the Biomass Crop Assistance program and a large amount would go to retro-fit biorefineries or to build new plants.
Brazil grain analyst Safras Mercado estimated Brazil Soybean harvest at 9% complete vs. 4% last year
The Argentine Ag Ministry in its weekly report noted the Soybean crop in good condition as recent rains eased the impact of hot weather.
Net Fund Positions: Corn +112,339. Soybeans +27,270, Meal +24,984. Oil +1,267. Wheat -58,881.
The Commitment of Traders report as of February 2nd : Swap Dealer: Corn:Long 392,916. Soybeans:Long 133,828. Wheat:Long 167,818. Meal: Long 485. Oil: Long 69,572. Managed Money: Corn: Long 75,891. Soybeans: Long 21,453. Wheat :Short 39,307. Meal: Long 25,22. Oil: Long 1,972. Commercials:
Corn: Short 319,627. Soybeans: Short 97,360. Wheat: Short 109,191. Meal: Short 32,565. Oil: Short 70,846. Small Traders: Corn: Short 173,663. Soybeans: Short 57,010. Wheat: Short 19,462. Meal: Long 5,981. Oil: Long 1,338.
Above number show long liquidation for both Index Funds and the regular Funds all across the grain complex. Index Funds had just put their New Year money allocations to work and now face paring of positions as redemptions take place.
6 - 10 Day Forecast: Normal to Below Temps. Normal to Below Precip.
Early calls are higher on some pre-report short covering and continued oversold conditions. .
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
Evening comments
Good Monday Afternoon!
Corn up 4. Soybeans up 16.
The board managed to hold onto it's strong gains into the close. Support came from friendly outside markets and traders covering some of their net short positions in front of Tuesday's USDA Supply and Demand report.
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 - Tuesday - 6 am - 2 pm
Beans - Tuesday - 6 am - 2 pm
nongmo beans - CLOSED Hours are subject to change; please confirm.
