KCG FUTURES AM GRAIN FUTURES COMMENTS

KCG FUTURES   AM GRAIN FUTURES COMMENTS   Tuesday   9.24.13

 

Grain futures are mixed with strength in beans and weakness in wheat and corn.  Traders are disappointed that yesterday afternoon’s Weekly Crop Quality and Progress

showed some quality improvement in corn, but not much in beans.  The report showed the corn quality index up 1% to 97% of normal, while the bean rating was unchanged at 94% of normal.  Many thought last week’s rains would help beans more than corn as beans were not quite as mature.  Corn is 40% mature (55% ave) with 7% harvested.  Beans are 47% dropping leaves (56% ave) with 3% harvested.  With beneficial weather this week and still no damaging cold in the forecast, the bounce in futures may be limited.

It’s still a bit early to worry about South American weather as planting is still a couple of weeks away.  The forecast for South America shows beneficial precipitation in southern Brazil, but still warm and dry in Mato Grosso.  Argentina also needs rain.

US cash markets are mixed with some regions still reaching for quick shipment while others are moving toward a “harvest style” basis structure.

All in all future markets are consolidating with wheat and corn a bit above contract lows, and SX down a buck since the beginning of the month.

–       Helen Pound

 

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

 

CZ

SX

SMZ

BOZ

WZ

KWZ

MWZ

Today’s Pause

$4.53

$13.19

$414

$0.4221

$6.52

$6.95

$6.99

Change

-1

+11

+5

-0.0003

-2

-3

0

 

OVERNIGHT PERCENT CHANGE IN FUTURES VALUES

Grains

Corn

Beans

Meal

Soy Oil

W

KC

Mpls

% Daily Change

  OCT

+1.3%

-0.1%

  DEC 13(or X)

-0.1%

+0.8%

+1.1%

-0.1%

-0.3%

-0.4%

+0.1%

  JULY 14

-0.1%

+0.6%

+1.2%

-0.1%

-0.3%

+0.4%

DEC 14(or X)

-0.1%

+0.3%

+1.1%

+0.1%

-0.4%

 

Macros

Dollar

10 Yr

S+P

Crude

Copper

Gold

Silver

% Daily Change

+0.2%

+0.2%

+0.1%

-0.7%

-1.6%

-1.3%

-0.1%

 

SPOT TRUCK BASIS BID

 

MEMPHIS

CHICAGO

CENTRAL ILLINOIS

CEDAR RAPIDS

HERFORD, TX

DENVER

CORN

-23 CZ

+20 CZ

+10 CZ

+76 CZ

+120 CZ

+10 CZ

 change

0

0

0

+11

0

-40

 

BEANS

+10 SX

-5 SX

+40 SX

+40 SX

 change

0

-5

-10

-50

 

 

 

UPCOMING REPORTS

Week of 9.23.13

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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