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a week ago - last edited Friday by marketeye
At the close:
At the close, the July corn futures settled 1/2¢ lower at $3.63 3/4, while December futures finished 1/2¢ lower at $3.82. July soybean futures ended 4¢ higher at $9.60 3/4, November soybean futures ended 5 3/4¢ higher at $9.59 1/2. July wheat futures settled 3/4¢ lower at $4.21. July soy meal futures settled $1.70 per short ton higher at $313.60. July soy oil futures closed $0.04 higher at 32.16¢ per pound. In the outside markets, the Brent crude oil market is $1.20 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 6 points higher.
Jack Scoville,The PRICE Futures Group’s senior market analyst, says that alls quiet at the farm market’s version of Lake Wobegon.
“I think people are holding back due to the French elections and on uncertainty about the weather,” Scoville says.
He adds, “Farmers are mostly outside, but not necessarily planting as most have been too wet. But, I have farmer-customers that are out there working away.”
There is still some talk of good demand for US Soybeans in summer months, with China getting the mention of course, he says.
“There were sales today. So, I suppose it is true. Funds are selling corn and wheat and finding not much buying. Forecasts for next week look fairly wet, and lots of people are looking at buying corn due to the potential for some planting delays, but not much action so far,” Scoville says.
At mid-session the July corn futures are 1/4¢ lower at $3.64, while December futures are 1/4¢ lower at $3.82. July soybean futures are 1 1/2¢ higher at $9.58, November soybean futures are 3 3/4¢ higher at $9.57. July wheat futures are 2 1/4¢ lower at $4.19. July soy meal futures are $1.40 per short ton higher at $313.30. July soy oil futures are $0.16 lower at 31.96¢ per pound. In the outside markets, the Brent crude oil market is $1.42 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 7 points lower.
If you missed it, the USDA announced fresh soybean exports, Friday.
Private exporters reported to the U.S. Department of Agriculture export sales of 146,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.
The marketing year for soybeans began Sept. 1.
In early trading, the July corn futures are 1 1/4¢ lower at $3.63, while December futures are 1 1/4¢ lower at $3.81. July soybean futures are 1/4¢ higher at $9.57, November soybean futures are 3/4¢ higher at $9.54. July wheat futures are 2 1/4¢ lower at $4.19. July soy meal futures are $0.20 per short ton higher at $312.10. July soy oil futures are $0.08 higher at 32.20¢ per pound. In the outside markets, the Brent crude oil market is $0.21 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 6 points lower.
Wheat was little changed, rebounding from yesterday's 12-cent debacle, amid bargain hunting and the realization that the US will produce very little wheat this year. Still, global production and stockpiles are expected at records, easily, which is weighing on sentiment. Wheat was unchanged to up a penny. Corn was up less than a penny and soybeans gained 2 cents overnight. Export sales of soybeans were lower week-over-week, as were those for wheat. Corn was up, but only slightly. In weather news, a big storm is pushing through the southern Plains, bringing hail, strong winds and potentially tornadoes, though the risk of that is low.
Here's what happened overnight:
Brent Crude Oil = down 0.1%.
West Texas Intermediate Crude Oil = down 0.2%.
Dollar = up 0.1%.
Wall Street = U.S. stock futures higher in pre-belltrading.
World Markets = Global stocks mixed as French election roiled by terrorist attack.