07-06-2012 08:06 AM - edited 07-06-2012 10:35 AM
Well, the profit-taking's come and gone, and while the overnight and early losses have been trimmed somewhat, the grains are still lower across the board: Nearby corn's 10 3/4 lower, soybeans are 11 3/4 lower and wheat's 20 lower. Sounds like the trade's still eyeballing this "moderate" forecast. But, what exactly is "moderate" when you compare it to 100+ degrees? Still pretty warm, right? Anyway, sounds like this could be the theme the rest of the day as traders trim back some risk ahead of the weekend.
So, is the mercury going to dip at your place in the next few days?
Whoa, Nellie! I guess traders saw yesterday's sharp gains as just the opportunity they needed to take some profits, and that's exactly what they did, sending grain futures sharply lower overnight. And, that tone's expected to spill over into Friday's open outcry session. As of a couple minutes ago, July corn's down 18 1/4 at $6.90 1/4, while July beans are 19 1/2 lower at $15.07 and July wheat's 28 lower at $8.10. Yikes. All eyes remain on the forecast, though, and with an outlook that includes some cooling temperatures over the next few days in the Corn Belt, that's enough to send prices back lower a bit. Here's a little more on that.
But, will it last? Even if temps moderate, will it mean any change in your crop conditions? Who's got some pictures of your fields to share? We'd love to see 'em on here!
Anyway, Mike's still probably up to his eyeballs in diapers and pacifiers today, so the B-Team's in. Don't shoot the messenger!
More in a few...
07-06-2012 09:04 AM
It's more fun talking about babies than markets anyway. Babies are all about a positive future. A renewal of all that is good about humanity. The best gift that grandmas and grandpas can get.
07-06-2012 09:11 AM
You are 100% right. Yesterday, basis really tanked, it sounds like. So, think it'll be enough to get anybody to pull the trigger?
07-06-2012 11:58 AM
07-06-2012 12:04 PM
I heard about the 153 national and thought what a bunch of dopes. Who takes them seriously anymore?
Are they pandering to their commercial customers who want a chance to buy low or are they trying to talk the market down to buy in? Nope, I'm thinking their just dopes!