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07-22-2013 07:41 AM - edited 07-22-2013 01:46 PM
At the close:
The Sept. futures corn contract closed 3 cents lower at $5.40. New-crop Dec. corn futures finished 3 cents lower at $4.98. The Aug. soybean futures contract ended 30 cents higher at $15.20, new-crop Nov. soybeans settled 14 cents higher at $12.88. Sept. wheat futures settled 5 cents lower at $6.59 per bushel. The Dec. soyoil futures finished $0.01 short ton lower at $45.31. The Dec. soymeal futures finished $7.40 per short ton higher $389.90.
In the outside markets, the NYMEX crude oil is $1.27 per barrel lower, the dollar is lower and the Dow Jones Industrials are 23 points higher.
The Sept. futures corn contract is 5 cents lower at $5.39. New-crop Dec. corn futures are 6 cents lower at $4.95. The Aug. soybean futures contract is trading 25 cents higher at $15.16, new-crop Nov. soybeans are trading 12 cents higher at $12.86. Sept. wheat futures started 7 cents lower at $6.57 per bushel. The Dec. soyoil futures are trading $0.13 short ton lower at $45.19. The Dec. soymeal futures are trading $5.90 per short ton higher $388.40.
In the outside markets, the NYMEX crude oil is $0.94 per barrel lower, the dollar is lower and the Dow Jones Industrials are 10 points higher.
Alan Brugler, President of Brugler Marketing & Management LLC, says the feature for today's trade is a 'short' traders squeeze in August beans. "About 40,000 contracts of OI, delivery notices start on 7/31, almost no old crop receipts available for delivery. Commercials will hold long in August, as deliveries can still be crushed at end of month. Not the case for September, but spread traders have it along for the ride.
Rain totals are light, but the forecasts have absolutely no "dome", lots of T-storm activity that on average means most folks get some water. Tough to rally corn in that environment, given largest acreage since 1930's."
Meanwhile, one analyst agrees that the soybeans and meal are leading because of short supply.
"I think that is all it is. The weather was a little drier than forecast, but areas that got rains got real good rains and I think the market is generally reflecting this today. Even beans to some extent. Forecasts imply that areas that got missed should have some chances later in the week, which the market is also recognizing. Talk is that crop conditions will be down 2% this week in both beans and corn good to excellent, which can be but does not have to be. Demand seems quiet to start the week. A slowish start to the week for me spec and commercial."
At the open:
The Sept. futures corn contract is 3 cents lower at $5.40. New-crop Dec. corn futures are 4 cents lower at $4.96. The Aug. soybean futures contract is trading 13 cents higher at $15.04, new-crop Nov. soybeans are trading 2 cents higher at $12.76. Sept. wheat futures started 1 cent higher at $6.64 per bushel. The Dec. soyoil futures are trading $.05 short ton higher at $45.37. The Dec. soymeal futures are trading $1.50 per short ton higher at $384.00.
In the outside markets, the NYMEX crude oil is $0.38 per barrel higher, the dollar is lower and the Dow Jones Industrials are 9 points lower.
Early calls: Corn is seen 5-7 cents lower (old-crop), soybeans 12-14 cents higher (old-crop), and wheat 2-4 cents higher. Meanwhile, new-crop corn 3-5 cents lower and soybeans are seen 3-5 cents higher.
Overnight grain, soybean markets=Trading mixed.
Crude Oil=$0.31 per barrel higher.
Wall Street=Seen lower, after McDonald's earnings miss expectations Monday.
World=Asia/Pacific stocks were higher and Europe's stocks are lower.
More in a minute,
07-22-2013 08:39 AM
Yes, I'm told by three central Iowa farmers that the weekend rains were enough to make the crop look like they are improving, but much more is needed. It will be difficult to get some of the crop turned around, unless significant rainfall is received. Now, I drove through Warren County, Iowa, yesterday, after the short rain event. I thought the crops looked relieved from the drink.
07-22-2013 09:22 AM - edited 07-22-2013 09:54 AM
|Futures Price||Futures Change||Futures Month||Delivery||Cash Price||Basis|
|Nov 13||Oct/Nov 13||12.00||-0.80|
This is the current bid structure at the local elevator
anybody notice the hole in this?
NO Aug or Sept bid.
Is this where we on this side get to set the price?
The corn bid chart has a bid for every month.
07-22-2013 05:53 PM
THE ARTICLE ABOUT 8-12 IN CH SOYBEANS HAD ME THINKING ABOUT MINE PLANTED JUST AT THE CROP INS. CUT OFF ARE JUST THAT SIZE I HAD A PLANTER PROBLEM I WENT TO FIX AFTER SOYBEANSEMERGED FILLED IN SEVERAL WET SPOTS THAT WERE TOO MUDDY FIRST TIME AND QUESS WHAT ???I CAN REBAG THOSE BEANS NOT GERMINATED NO RAIN SINCE PLANTING BUT THE REl shock was only 4 nodes some 3 one couldnt stand the heat and wind the yield here in central iowa wont be good well have to lather the ground and shave to get any