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07-23-2013 06:40 AM - edited 07-23-2013 01:43 PM
At the close:
The Sept. futures corn contract settled 18 cents lower at $5.22. New-crop Dec. corn futures settled 12 cents lower at $4.85. The Aug. soybean futures contract finished 57 cents lower at $14.62, new-crop Nov. soybeans ended 28 cents lower at $12.60. Sept. wheat futures settled 6 cents lower at $6.53 per bushel. The Dec. soyoil futures closed $0.63 lower at $44.68. The Dec. soymeal futures finished $9.10 per short ton lower at $380.80.
In the outside markets, the NYMEX crude oil is $0.09 per barrel higher, the dollar is lower and the Dow Jones Industrials are 39 points higher.
The Sept. futures corn contract is 18 cents lower at $5.22. New-crop Dec. corn futures are 15 cents lower at $4.83. The Aug. soybean futures contract is trading 35 cents lower at $14.85, new-crop Nov. soybeans are trading 12 cents lower at $12.76. Sept. wheat futures started 7 cents lower at $6.52 per bushel. The Dec. soyoil futures are trading $.52 per short ton lower at $44.79. The Dec. soymeal futures are trading $3.00 per short ton lower at $386.90.
In the outside markets, the NYMEX crude oil is $0.09 per barrel higher, the dollar is lower and the Dow Jones Industrials are 23 points higher.
The farm markets are trading double-digits lower. Corn is down 17 cents on the old crop, 13 cents on the new. For soybeans, old-crop is down 38 cents, new crop down 12 cents.
Meanwhile, one analyst says, "Conditions fell below market expectations but the modest miss was more than offset with showers in some of the driest regions of the west which was enough to push the market lower from the opening bell overnight. Weather forecasts appear non-threatening, with cooler temperatures and the bearish technical charts will keep the trend down for corn. Funds hold a hefty net short position but it's rather small relative to historic long positions which implies it may grow as long as there is no significant threat or story to force a massive liquidation move. We look for another round of strong end-user coverage when/if new lows in Dec corn are made."
At the open:
The Sept. futures corn contract is 9 cents lower at $5.32. New-crop Dec. corn futures are 7 cents lower at $4.90. The Aug. soybean futures contract is trading 8 cents lower at $15.12, new-crop Nov. soybeans are trading 5 cents lower at $12.83. Sept. wheat futures started 4 cents lower at $6.55 per bushel. The Dec. soyoil futures are trading $.027 per short ton lower at $45.04. The Dec. soymeal futures are trading $1.00 per short ton lower at $388.90.
In the outside markets, the NYMEX crude oil is $0.09 per barrel higher, the dollar is lower and the Dow Jones Industrials are 54 points higher.
--USDA announces Tuesday that Mexico bought 106,400 tons of U.S. corn.
As a sidenote, as the U.S. sells corn to Mexico, more Mexican corn farmers are displaced, according to a U.S. migrant farmers group leader. He says the NAFTA Agreement that allows this trade is a mistake.
Early calls: Corn is seen 5-7 cents lower (old-crop), soybeans 1-2 cents lower (old-crop), and wheat 5-7 cents lower. Meanwhile, new-crop corn 7-9 cents lower and soybeans are seen 1-2 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.09 per barrel higher.
Wall Street=Seen higher.
World=Asia/Pacific stocks were higher and Europe's stocks are higher.
In central Iowa, a very nice shower late last night. I'm not sure how much we received. The yards turned from a brownish-yellow tint to green.
More in a minute,
07-23-2013 08:11 AM
Ok. This post is for you and all of those that say, "Mike, you need to get out of the office and off of that concrete more often." So, I call a few farmers about 25 miles south of Des Moines, this morning. I ask if they received the rains that I ordered for them. I was certain they received the heavy rains that Des Moines had last night. The farmer says, "What rain? We had some high winds, it looked black and nasty, but nothing."
And then he said golf ball-sized hail fell in Boone, to the north of Des Moines. I guess some crop damage was done up there. So, the moral of the story is that maybe I should get out of the office more often. I would have bet a wider area of central Iowa would have benefitted from that rain last night. I'm really surprised. And I can guarantee you this, those traders in Chicago are not aware of this. But, being the person I am, I will do my best today to tell some of them.
07-23-2013 08:19 AM
That system came across ILL and did benefit some of the Northern areas. The storm that came through NE-ILL looked good on the radar but only trace amounts fell. Couldn't even get a drop out of the rain gauge. It showed yellow and red but nothing. Green areas don't hit the ground at all. I would guess some got a tenth or two at some point back west.
07-23-2013 09:17 AM
I caught a rain this morning. It was an isoloated event again. If you want to know HOW narrow it was 12 miles to the west of me they got 1/4 of an inch. I got 1.80 LIke shaggy told me, I don't want to rub it in to those guys that missed it. and I feel bad because I said anything...
Still I don't understand the market action when I started typing this the old crop was lower then the new crop. and the bean processors are starting to get crappy on their market action,,,,,biding off of November.......
07-23-2013 09:44 AM
07-23-2013 09:52 AM
I mentioned that the U.S. sold more corn to Mexico Tuesday. This reminded me of an interview I watched on Iowa Public Television, on Sunday. With graciousness, clarity, ground-truthness, and a common sense approach, it seems like this Baldemar Velasquez, the activist leader of migrant farmworkers, addresses equality with a faith-based angle. It's been a longtime since an activist's thoughts reasonated with me. So, I thought I would pass along the link to the interview. Velasquez touches upon topics like U.S. corn being exported to Mexico, and letting the labor market operate like the commodities market, as it relates to supply/demand.
This is not a short interview. But, grab a cup of coffee, gather the kids and be prepared to allow your mind to be stretched on a few topics that relate to U.S. ag industry.