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 beautiful day on tap for today! Although, the grain markets aren't as cheery as the weather. Overnight, we saw a sell off in grains as outside markets supplied pressure, profit taking from yesterday’s rally showed up, and weather poses no threat to crops. Beans surged early on last night to basically match yesterday’s high at 14 1/2 cents better, but they quickly met resistance there and eventually sunk along with the rest of the grains and energies. Crude has been on the downslide since its Monday night surge to 8-month highs, while forecasts are showing no signs of any abnormal heat or dryness. The trade will look for direction from this morning's friendly export sales, followed by Informa’s July S&D’s at 10:30 AM. Informa should provide few surprises, though, with hefty old & new-crop corn carryouts now unavoidable and anticipated with the acreage projected.
Crude Oil lower $67.97 off $1.33. Gold lower $931.40 off $9.40. The Dollar is trading higher vs. most major currencies this morning. World stocks, Japan off 0.6% Europe off 1.0% China up 1.7% Dow futures off 53 points Chinese Soybean , Corn and meal futures closed higher, Oil lower.
Topflight Grain offices will be CLOSED Friday, July 3rd, in observation of Independence Day. If you think you will be harvesting wheat this weekend, please contact your local office so arrangements can be made to dump your grain.
Informa to release World crop production estimates this morning.
Weekly Egg sets were down 4% from the same week a year ago while Broiler placements came in down 5% from last year.
The CFTC is closely monitoring commodity markets for sign of excess spec activity, with special attention being paid to the energy complex, Commissioner Bart Chilton told Reuters Television in an interview. These comments followed last week’s Senate subcommittee report charging commodity index funds for driving up wheat prices in 2008 and compromising the contract’s convergence with the cash markets. "Something is going on in these markets and it’s our job to make sure it’s nothing illegal. That there’s not any overt manipulation to ensure that we can protect consumers so they don’t have to pay high prices at the gas pump." He also supported the Senate panel’s call to put "a limit on the amount a trader can have in some of these markets to ensure that they don’t have an inordinate and unanticipated impact on price."
Talk China may have bought another cargo of US Soybeans for Aug/Sept. This is what helped push beans yesterday.
As mentioned yesterday, China will stop issuing import permits for US poultry starting today, the head of the USA Poultry and Egg Export Council said. He added that this was in retaliation for the US preventing imports of Chinese chicken products. There has not been an official announcement by Beijing, but he said there have been verbal acknowledgements. China has recently become the #1 US poultry importer, a spot long held by Russia. It purchased $372 million worth of US poultry during the first half of 2009. China launched a complaint with the WTO in April charging the US with limiting Chinese poultry imports.
Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy's road to recovery will continue to be a bumpy one.
One commission house announced a new “green” index fund. The fund will be 60 pct weighted on biofuel crops like sugar, soybeans, palm oil and corn and 40 pct on carbon credits and metals such as platinum and palladium used for purifying automotive emissions.
The Argentine Buenos Aires Grain Exchange lowered their estimate for the Argentine planted Wheat area to 2.8 mil. hectares vs. last week’s estimate of 2.9 mil. hectares. This would be off 40% from last year.
German trading house Toepfer International reported the country’s 2009 grain harvest at 46.5-47.5 million tonnes this morning, as better crop weather minimizes the drop from last year’s 50 MMT bumper crop. Wheat harvest was pegged at 24-25 MMT, less than one MMT below LY. Toepfer estimated the E.U. wheat crop at 128.8 MMT, down from 141.1 MMT LY, with corn output falling to 57.5 MMT, below last year’s 62.1 MMT record.
Brazil’s trade ministry reported June soybean exports at a record 6.17 million tonnes, up nearly a third from the previous monthly record of 4.68 MMT set in May, and the third straight month of record bean exports.
A survey out of India estimates the area planted to summer crops is down 2.3% fro 2008/09.
Brazil’s Trade Minister reports that Brazil exported a record 6.1 mmt. of Soybeans in June vs. the previous record set in May at 4.6 mmt. This is the third straight monthly record for Soybean exports.
Net Fund Positions: Corn +108,533. Soybeans +116,317. Meal +50,315. Oil +13,289. Wheat -21,413.
6-10 Day Forecast: Normal Temps. Normal to Above Precip.
Early calls are lower. Corn called 4-6 cents lower. Wheat 1-3 cents lower. Soybeans 15-20 cents lower. We'll see how the market reacts to the good export sales and then the Informa numbers at 10:30.
Have a wonderful & safe 4th of July weekend!!
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 Afternoon!
Corn down 11. Soybeans down 10. Wheat down 6.
Corn futures closed lower in quiet trading. Traders and analysts cited crude oils drop as the reason for corn's slip, and said export sales were bullish but only helped to limit losses. Favorable crop weather also continues to weigh on the market. T-storm Weather said temperatures will be seasonable before heat could set in next week. Traders and analysts said some positioning occurred before the holiday weekend, with traders long corn liquidating their positions.
Soybean futures stumbled under pressure from pre-holiday weekend position evening, friendly weather forecasts, and overall commodity and financial market weakness. However, a strong export base limited downside pressure, as the fear of continued strong export demand drawing down already thin U.S. inventories kept a floor beneath prices said analysts. The tightening supply outlook is keeping support in the market, with record planted acreage not seen providing a comfortable cushion of new-crop stocks. Nevertheless, futures backpedaled today, as bearish economic signals from financial markets attracted speculative sales following Wednesday's sharp gains.
Have a wonderful holiday weekend! See ya on Monday!
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 Thursday - Corn - 6 am - 2 pm; Beans - 6 am - 2 pm; nongmo - 6 am - 4 pm
ADM Friday - CLOSED
ADM Monday - Corn - 6 am - 4 pm; Beans - 6 am - 2 pm; nongmo - 6 am - 4 pm Hours are subject to change; please confirm.
