Major storm will halt corn, bean harvesting
A mixed start is indicated this am, roughly 3-5 lower wheat and corn, 5 higher beans. The $ is a shade lower this am and won't influence the grains unless it moves further in either direction.
Deliveries totaled 1800 wheat, 1400 corn, 380 oil and 273 oats. The feature was JP Morgan putting out (delivering) 600 corn, most likely for Cargill.
Dalian, China grain futures were higher today with beans making a new high for the year. This lent support to our bean market in overnight trading.
The Goldman Sachs "roll" starts today and continues for 5 days. They will move their index fund long positions forward in the bean complex by buying Mar/selling Jan in beans, oil and meal, mostly late in the day, around the close. This could weigh on the Jan in these pits late each day.
The USDA US supply/demand and world production, supply/demand reports wll be out Thursday am. Usually, this isn't a major report but that doesn't mean it won't move the market Thursday. Expect some evening up Wednesday ahead of this report. The bean/corn ratio is at its highest level since late August in Mar beans/corn as beans continue to gain relative to corn on a spread basis.
Argentina saw up to .7" of rain this weekend scattered in southern and western areas, where it is welcome. Mostly dry weather is forecast this week, however, but more rain would be welcome in all areas. Up to 1.5" of unwelcome rain fell in parts of southern Brazil over the weekend, slowing bean planting. Light, scattered rain is forecast the rest of the week in the south. The northern areas had up to 2" of weekend rain with more forecast the next few days.
It was generally dry in the Midwest over the weekend. A winter storm will bring up to 12" of snow, the equivalent of up to 1" of rain, to the western half of the belt Tue-Wed with dry weather forecast the second half of the week. The east had snow overnight with more forecast today-Wed, up to 12" or 1" of rain, before dry weather arrives the second half of the week. High winds across much of the midwest will accompany the storm. This will halt corn and late bean harvesting and could cause some crop losses in unharvested fields. Protective snowcover is forecast in parts of the southwest winter wheat belt this week, where it will be welcome.
Deliveries totaled 1800 wheat, 1400 corn, 380 oil and 273 oats. The feature was JP Morgan putting out (delivering) 600 corn, most likely for Cargill.
Dalian, China grain futures were higher today with beans making a new high for the year. This lent support to our bean market in overnight trading.
The Goldman Sachs "roll" starts today and continues for 5 days. They will move their index fund long positions forward in the bean complex by buying Mar/selling Jan in beans, oil and meal, mostly late in the day, around the close. This could weigh on the Jan in these pits late each day.
The USDA US supply/demand and world production, supply/demand reports wll be out Thursday am. Usually, this isn't a major report but that doesn't mean it won't move the market Thursday. Expect some evening up Wednesday ahead of this report. The bean/corn ratio is at its highest level since late August in Mar beans/corn as beans continue to gain relative to corn on a spread basis.
Argentina saw up to .7" of rain this weekend scattered in southern and western areas, where it is welcome. Mostly dry weather is forecast this week, however, but more rain would be welcome in all areas. Up to 1.5" of unwelcome rain fell in parts of southern Brazil over the weekend, slowing bean planting. Light, scattered rain is forecast the rest of the week in the south. The northern areas had up to 2" of weekend rain with more forecast the next few days.
It was generally dry in the Midwest over the weekend. A winter storm will bring up to 12" of snow, the equivalent of up to 1" of rain, to the western half of the belt Tue-Wed with dry weather forecast the second half of the week. The east had snow overnight with more forecast today-Wed, up to 12" or 1" of rain, before dry weather arrives the second half of the week. High winds across much of the midwest will accompany the storm. This will halt corn and late bean harvesting and could cause some crop losses in unharvested fields. Protective snowcover is forecast in parts of the southwest winter wheat belt this week, where it will be welcome.
posted by InsightPublishing at
8:35 AM
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