KCG FUTURES AM GRAIN FUTURES COMMENTS

KCG FUTURES   AM GRAIN FUTURES COMMENTS   Monday   10.14.13

 

Grain futures are mixed with the bean complex a bit higher while wheat and corn are trading lower.  Beans are recovering a bit of Friday’s losses and wheat is giving back some of Friday’s gains, as the bearish news Friday that the EPA was ready to roll back ethanol and bio diesel blending mandates appears to be misunderstood and that adjustments to the mandates are just in the initial draft stage.  CZ is down slightly – at a new contract low.  In general, futures markets are consolidating Friday’s row crop price break and basis levels are a bit weaker.

Precipitation is moving into the western Midwest with rains this morning in Nebraska and the Dakotas.  Rains are not expected to be heavy, but will disrupt harvest.  Analysts think that overall corn harvest is less than 30% complete, while bean harvest is over 40% complete.

The world weather situation is somewhat mixed.  There are improvements in Brazil with more rain and cooler temps supporting planting and the Ukraine/western Russia with less rain and warmer temps supporting wheat planting and row crop harvesting. A number of countries have less beneficial weather circumstances with Argentina still experiencing dry, hot weather in many locations, and Western Europe and China experiencing wet and cool harvest/planting delays.  China announced production increases in corn (215 mmt up 4.6%) and wheat (122 mmt up 1.1%) but a decrease in bean (12.5 mmt down 4.24%) production.

Congress and the White House were unable to find a compromise in their debt ceiling impasse over the weekend.  Senate leaders are now involved to find a coalition that can resolve issues.  The White House seems to have the upper hand at the moment and I don’t think they will agree to kick the can down the road a few more weeks unless there is serious backroom agreement in how to use those weeks productively – ie revenue and entitlement reform that both sides can live with.

–       Helen Pound

 

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

 

CZ

SX

SMZ

BOZ

WZ

KWZ

MWZ

Today’s Pause

$4.32

$12.71

$405

$0.4040

$6.88

$7.56

$7.51

Change

-1

+4

+2

+0.0012

-5

-5

-4

 

OVERNIGHT PERCENT CHANGE IN FUTURES VALUES

Grains

Corn

Beans

Meal

Soy Oil

W

KC

Mpls

% Daily Change

  OCT

-2.0%

-2.2%

  DEC 13(or X)

-0.2%

+0.3%

+0.4%

+0.3%

-0.7%

-0.6%

-0.5%

  JULY 14

-0.3%

+0.9%

+1.0%

+0.3%

-0.6%

-0.3%

+0.0%

DEC 14(or X)

-0.3%

+0.5%

+0.6%

+0.2%

-0.7%

-0.3%

+0.0%

 

Macros

Dollar

10 Yr

S+P

Crude

Copper

Gold

Silver

% Daily Change

-0.3%

+0.1%

-0.8%

-0.9%

+1.3%

+1.1%

+1.6%

 

SPOT TRUCK BASIS BID

 

MEMPHIS

CHICAGO

Champaign ILLINOIS

CEDAR RAPIDS

HERFORD, TX

CORN

-10 CZ

-10 CZ

-12 CZ

+28 CZ

+92 CZ

 change

0

0

0

-8

0

 

BEANS

+22 SX

-5 SX

-12 SX

-15 SX

 change

-3

0

0

-5

 

 

UPCOMING REPORTS

 

Week of 10.14.13

Mon 10.14                 10:00 am       Export Inspections

LAST TRADING DAY OCTOBER SOY MEAL/OIL

COLUMBUS DAY

3:00 pm          Weekly Crop Progress Report

Tues 10.15                3:30 pm          API Energy Stocks

Futures Delivery Stocks

NOPA CRUSH

Wed 10.16                 9:30 am          EIA Energy Stocks

Thur 10.17                 7:30 am          Export Sales

DEBT CEILING DEADLINE

Fri 10.18                    2:00 pm          Commitment of Traders report

 

 

 

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