At the close:
The March futures corn contract settled 1 cent lower at $6.94. The March soybean futures contract finished 5 cents lower at $14.18. March wheat futures ended 3 cents lower at $7.32 per bushel. The March soyoil futures contract closed $0.04 higher at $51.70. The March soymeal futures are trading $3.10 per short ton lower at $405.00.
In the outside markets, the NYMEX crude oil is $0.33 per barrel higher, the dollar is higher and the Dow Jones Industrials are 9 points lower.
One trader says, "Ever since the markets broke through every support level and moving average, they have not looked back.
"This is especially true in soybeans, which were overbought anyway on South American weather fears. Corn was down for the 10th day in a row. It had not been down 9 days in a row since 1980. So how long has it been since 10 straight down days? Wow. The markets just feel heavy."
No spark to the upside at all, he says.
"Once the wheat/corn (buy wheat/sell corn spread) corrected, corn seems to have had the stuffing knocked out of it. Weather looking better in South America and better here for wheat," he says.
Mike
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At mid-session:
The March futures corn contract is trading 3 cents lower at $6.92. The March soybean futures contract is trading 9 cents lower at $14.13. March wheat futures are trading 9 cents lower at $7.26 per bushel. The March soyoil futures contract is trading $0.03 lower at $51.63. The March soymeal futures are trading $3.10 per short ton lower at $405.00.
In the outside markets, the NYMEX crude oil is $0.46 per barrel higher, the dollar is higher and the Dow Jones Industrials are 14points lower.
Mike
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At the open:
The March futures corn contract is trading 2 cents lower at $6.96. The March soybean futures contract is trading 11 cents lower at $14.11. March wheat futures are trading 5 cents lower at $7.29 per bushel. The March soyoil futures contract is trading $0.04 lower at $51.62. The March soymeal futures are trading $4.60 per short ton lower at $403.50.
In the outside markets, the NYMEX crude oil is $0.50 per barrel higher, the dollar is higher and the Dow Jones Industrials are 7 points lower.
Mike
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At 7:35am:
USDA releases friendly weekly wheat sales, neutral corn and bearish soybean data:
Corn= 284,700 mt vs. the trade's expectations of 150,000-325,000 metric tons.
Wheat= 706,300 mt vs. the trade's thoughts of 225,000-375,000 mt
Soybeans= 135,800 mt vs. the trade's expectations of 700,000-1,100,000 mt
Mike
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At 6:35am:
Early calls: Corn is seen steady, soybeans 3-5 cents lower, and wheat 1-2 cents higher.
Trackers:
Overnight grain, soybean markets=Trading mixed.
Crude Oil=$0.08 per barrel lower.
Dollar=Higher.
Wall Street=Seen lower, as the market awaits the U.S. Jobless Claims report. Fewer Americans are expected to have filled out first time jobless claims last week. G20 finance ministers meet over the weekend.
World=Asia/Pacific stocks were mostly higher and Europe's stocks were higher.
More in a minute,
Mike
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