Home / Markets / Markets Analysis / Soybeans market / Grains tank on negative macros

Grains tank on negative macros

Jeff Caldwell 11/02/2012 @ 9:41am Multimedia Editor for Agriculture.com and Successful Farming magazine.

A mostly neutral jobs report, slipping outside markets and lackluster grain export reports Friday morning have overnight grain losses sharpening as the open outcry session begins on the CME Group floor.

Just prior to the opening bell, the December corn futures contract was 7 1/4 cents lower at $7.43 3/4 per bushel, while December wheat was 4 1/2 lower at $8.64. January soybeans lost about 4 cents in the last hour or so, trading 17 1/2 lower to $15.42 1/2.

Weekly grain export sales, announced a day later than normal because of Hurricane Sandy earlier this week, on Friday morning showed corn and wheat exports fell on the low side of previous trade estimates, while soybeans rose beyond earlier guesses:

  • Corn: 167,900 MT; previous trade estimate range was 100-400K

  • Wheat: 362,900 MT; previous trade estimate range was 300-600K

  • Soybeans: 741,200 MT; previous trade estimate range was 500-700K

One big macro-economic factor today was Friday's federal employment report. Previous estimates were for the economy to have added 125,000 new jobs, and the report showed 171,000. Unemployment is, however, still sitting at 7.9%, just under the key 8% mark. Analysts say the report is largely neutral.

CancelPost Comment

Thanks 11/02/2012 @ 2:48pm Thanks for the great day way to contractict yourselves as usual enjoy your weekend off oh wait the cbot gets every weekend and holiday off.

Report Abuse Reply
MORE FROM JEFF CALDWELL more +

New Platform Puts Grain Sales Control In… By: 10/17/2014 @ 2:35pm Now likely more so than at any point in the last 5 or 6 years, getting every last penny you can…

Harvest Headquarters: Keep Up With… By: 10/17/2014 @ 12:24pm It's been cool and wet in much of the Corn Belt the last couple of weeks, but looking ahead…

EPA Report: Neonicotinoids Provide Minimal… By: 10/17/2014 @ 11:10am The class of soybean pesticide seed treatments about which speculation has swirled on its impact on…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Over-Arching Issues at the World Food Prize