KCG Futures AM Grain Comments

KCG FUTURES   AM GRAIN FUTURES COMMENTS   Monday   9.23.13

 

Grain futures prices are mixed in narrow ranges with wheat steady to a tad higher while corn and beans are a bit lower. Beneficial Midwest weather this week and another forecast for no damaging cold through the first week of October, as well as Cattle on Feed reported down 7% from last year weigh on prices.

The USDA announced a corn sale of 192 mmt to Mexico, but Mexico is a consistent buyer so this is not a surprise.

This afternoon the USDA will release their Weekly Crop Quality and Progress numbers.  Last week’s rains are expected to keep quality numbers steady, but may slow progress toward maturity.

Next Monday the USDA will release their Quarterly Stocks and Small Grains Summary.  There Stocks Report is expected to show very tight ending stocks for beans and corn, and possibly more wheat feeding than current USDA tables reflect.  The Small Grains Report is expected to show tight HRW stocks.

Over the past several weeks the cash market has dramatically reduced quick shipment premiums, and futures markets have slipped toward recent lows.  A considerable amount of risk premium has been taken out of the market.  Traders are more confident of having comfortable corn supplies, but the bean market is expected to remain tight and it’s crucial for South American to have a good growing season.  Weather is South America is still erratic enough to worry about wheat production, but the high prices they are paying is encouraging sales from Canada and Europe as well as the US.

–       Helen Pound

 

GRAIN FUTURES 7:45 to 8:30 am PAUSE –rounded

 

CZ

SX

SMZ

BOZ

WZ

KWZ

MWZ

Today’s Pause

$4.49

$13.12

$412

$0.4207

$6.48

$6.93

$7.01

Change

-3

-4

+1

-0.0027

+2

0

+1

 

OVERNIGHT PERCENT CHANGE IN FUTURES VALUES

Grains

Corn

Beans

Meal

Soy Oil

W

KC

Mpls

% Daily Change

  DEC 13(or X)

-0.6%

-0.3%

+0.1%

-0.6%

+0.2%

-0.0%

+0.1%

  JULY 14

-0.6%

-0.2%

+0.2%

-0.6%

+0.2%

-0.0%

DEC 14(or X)

-0.6%

-0.2%

+0.1%

-0.1%

+0.3%

-0.0%

 

Macros

Dollar

10 Yr

S+P

Crude

Copper

Gold

Silver

% Daily Change

-0.1%

+0.1%

-0.2%

-1.1%

-1.0%

-1.0%

-0.6%

 

SPOT TRUCK BASIS BID

 

MEMPHIS

CHICAGO

CENTRAL ILLINOIS

CEDAR RAPIDS

HERFORD, TX

DENVER

CORN

-23 CZ

+20 CZ

+10 CZ

+65 CZ

+120 CZ

+50 CZ

 change

-3

0

0

-1

-5

-1

 

BEANS

+10 SX

+0 SX

+50 SX

+90 SX

 change

-8

0

0

-8

 

 

 

UPCOMING REPORTS

Week of 9.23.13

Mon 9.23                   10:00 am       Export Inspections

3:00 pm          Weekly Crop Progress Report

Tues 9.24                  3:30 pm          API Energy Stocks

Futures Delivery Stocks

Wed 9.25                   9:30 am          EIA Energy Stocks

Thur 9.26                   7:30 am          Export Sales

Fri 9.27                       2:00 pm          Commitment of Traders report

 

Week of 9.30.13

Mon 9.30                   10:00 am       Export Inspections

11:00 am       USDA QUARTERLY STOCKS AND

SMALL GRAIN SUMMARY

3:00 pm          Weekly Crop Progress Report

Tues 10.01                3:30 pm          API Energy Stocks

Futures Delivery Stocks

Wed 10.02                 9:30 am          EIA Energy Stocks

Thur 10.03                 7:30 am          Export Sales

Fri 10.04                    2:00 pm          Commitment of Traders report

 

 

 

 

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