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2 weeks ago - last edited 2 weeks ago by marketeye
At the close:
At the close, the Sept. corn futures finished 9 1/2¢ higher at $4.02, while December futures settled 10¢ higher at $4.14 3/4. Aug. soybean futures finished 23 3/4¢ higher at $10.24 3/4, November soybean futures finished 23 3/4¢ higher at $10.39 1/2. September wheat futures closed 15¢ higher at $5.50. August soy meal futures settled $7.50 per short ton higher at $338.20. August soy oil futures finished $0.83 higher at 33.68¢ per pound. In the outside markets, the Brent crude oil market is $0.30 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 18 points higher.
At mid-session, the Sept. corn futures are 7¢ higher at $3.99, while December futures are 7 1/2¢ higher at $4.12. Aug. soybean futures are 22¢ higher at $10.23, November soybean futures are 22¢ higher at $10.37 1/2. September wheat futures are 15¢ higher at $5.50. August soy meal futures are $7.30 per short ton higher at $338.00. August soy oil futures are $0.80 higher at 33.65¢ per pound. In the outside markets, the Brent crude oil market is $0.29 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 21 points higher.
Jason Roose, U.S. Commodities grain analyst, says that the soybean market is responding to weather concerns.
"Prices are trading sharply higher today with a warmer, drier weather forecast which could possibly slow crop development. Monday's USDA crop ratings are anticipated to drop 1-2 percent which is adding to the short-covering," Roose says.
Wheat jumped in overnight trading, resuming gains after two days of losses last week, as the rainfall in the northern Plains was disappointing. Only a quarter-inch fell in a couple counties in North Dakota, less than what some forecasters had been expecting. That leaves spring wheat dry with no real relief in sight. Wheat rose 11-12 cents overnight. Beans jumped 19 cents on concerns about not only the northern Plains crop in the U.S. but also dry weather in canola country north of the border. Corn also rose, gaining 8 cents. Money managers are betting on higher wheat prices and have cut their net-short positions, or bets on lower prices, for corn and soybeans due to the adverse weather conditions. See all the details in today's 3 Big Things at http://www.agriculture.com/news/crops/3-big-things-today-july-10.
Here's what happened overnight:
Brent Crude Oil = down 1%
West Texas Intermediate = down 1.1%
Dollar = up 0.2%
Wall Street = U.S. stock futures mixed in pre-market trading.
World Markets = Global stocks mixed on political uncertainty.
2 weeks ago
Be interesting to see how the market reacts this morning to the rain that moved out of MN overnight.
Looks to have spread out over a large area as it moved SE.
Will it cut into the move higher overnight or is this "baked in"?
Reports of hail in our area last night. Will have to wait and see how much damage was done.
We got 0.8" and quite a light show. Lightning hit a tree not far from the house and blew up a strip of dirt where it grounded.
Lights never flickered.
2 weeks ago
Our promised .6" amounted to 1/4". But oh joy for winds, probably 80mph for a short time, cleaned the furniture off the deck and the only thing stopping the grill was a limb falling on it. No hail though. It`s been a windy summer so far, so the corn was in good shape to handle getting blown around.