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marketeye
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Floor Talk July 1

[ Edited ]

At the close:

The Dec. corn futures settled 2 1/2 cents lower at $4.22 3/4.

 

Nov. soybean futures ended 9 3/4 cents lower at $11.47.

 

Sep. wheat futures settled 5 cents lower at $5.72.

 

The Dec. soymeal futures contract closed $5.30 per short ton lower at $362.10. The Dec. soyoil futures settled $0.08 higher at $39.23.
In the outside markets, the NYMEX Brent crude oil is $0.54 per barrel lower, the dollar is higher and the Dow Jones Industrials are 158 points higher.

 

Mike

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Jack Scoville, PRICE Futures Group senior grain analyst, says that today's lower market action is mostly follow-through selling.  "A lot of people got trapped long in the beans and rallies will be sold.  That and the fact that the big acres take out some of the weather risk should keep the beans losing premium to corn and wheat for the short term if not longer.  Beyond that, I think wheat and corn are looking to be bought, I think they are down enough.  Lots of interest from customers on this idea, too.  Wheat prices are close enough to world values now and corn is below costs, so cash market offers should be gone."

 

Mike

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At 11:45am;

Egypt bought 240,000 mt of wheat, Tuesday. Little if any was from the U.S., from what I can gather. Why not? Well, here's the note sent to me:

 

"US offer was at $259 + $27 freight = $286 mt vs $262 delivered. So, there was a $24 mt spread, equaling .88/bu spread. The bearish corn/bean US fundamentals, combined with the world cash markets that are much below US values, continue to be the bottom line for wheat."

 

Mike

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At mid-session:

 

 

 

 

The Dec. corn futures are trading 6 cents lower at $4.19.

 

Nov. soybean futures are trading 17 3/4 cents lower at $11.39.

 

Sep. wheat futures are 6 3/4 cents lower at $5.70.

 

The Dec. soymeal futures contract is trading $7.70 per short ton lower at $359.70. The Dec. soyoil futures are trading $0.14 lower at $39.01.
In the outside markets, the NYMEX Brent crude oil is $0.32 per barrel lower, the dollar is higher and the Dow Jones Industrials are 135 points higer.

 

Mike

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At the open:
The Dec. corn futures are trading 4 1/2 cents lower at $4.20.

 

Nov. soybean futures are trading 13 1/4 cents lower at $11.44.

Sep. wheat futures are 2 3/4 cents lower at $5.74.

 

The Dec. soymeal futures contract is trading $5.70 per short ton lower at $361.70. The Dec. soyoil futures are trading $0.14 lower at $39.01.
In the outside markets, the NYMEX Brent crude oil is $0.09 per barrel higher, the dollar is higher and the Dow Jones Industrials are 86 points higer.

 

Mike

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At 7:55am:

Early calls: Corn is seen 2-4 cents lower, soybeans 10-12 cents lower, and wheat 1-2 cents lower.

Trackers:
Overnight grain, soybean markets=Trading lower.

Brent Crude Oil=$0.09 per barrel higher.
Dollar= Higher.

Wall Street=Seen higher, on improving China data.

World Markets=Europe stocks were mostly lower, Asia/Pacific stocks were higher.

 

 

 

More in a minute,

 

Mike