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07-25-2012 06:33 AM - edited 07-25-2012 03:08 PM
At the close:
The Sep. corn futures settled 4 1/2 cents higher at $7.94 1/2, while the Dec. contract finished 9 3/4 cents higher at $7.88. The August soybean contract closed 45 cents higher $16.94 1/2, while the Nov. soybean futures settled 46 cents higher at $16.15 1/2. The Sep. wheat futures closed 24 1/2 cents higher at $9.03 1/2. Aug. soyoil futures ended $0.66 higher at $52.24. The Aug. soymeal futures finished $20.00 higher at $529.80.
In the outside markets, the NYMEX crude oil is $0.81 per barrel higher, the dollar is lower and the Dow Jones Industrials are 58 points higher.
Corn and soybeans are up 13 cents and 49 cents respectively.
One analyst says, "Market held support levels overnight and found new buying interest. Some disagreement on how much rain will move into the Midwest over the next couple of days, but it will turn cooler. Been a lot of spec buying so far for me, my commercials and farmers are looking at sales but not much yet. Sep-Dec corn spread is soft, something interesting to note. I feel like corn has to get to 800 and above in dec to keep this thing going, otherwise maybe we got a top. Beans pretty nervous about the rains, the rains could really make a big difference to bean yields now and could also keep corn from tanking a little more. So, kind of a wait and see attitude here."
The Sep. corn futures are trading 5 1/4 cents higher at $7.95 1/4, while the Dec. contract trades 11 3/4 cents higher at $7.90. The August soybean contract is trading 43 cents higher $16.92 1/4, while the Nov. soybean futures are trading 47 1/2 cents higher at $16.17. The Sep. wheat futures are trading 24 3/4 cents higher at $9.03 1/2. Aug. soyoil futures trade $0.64 higher at $52.22. The Aug. soymeal futures are trading $18.40 higher at $528.20.
In the outside markets, the NYMEX crude oil is $1.08 per barrel lower, the dollar is lower and the Dow Jones Industrials are 33 points higher.
At the open:
The Sep. corn futures opened 8 1/2 cents higher at $7.98, while the Dec. contract trades 13 1/2 cents higher at $7.91. The August soybean contract is trading 39 cents higher $16.88. The Sep. wheat futures opened 25 1/2 cents higher at $9.04 1/2. Aug. soyoil futures trade $0.66 higher at $52.24. The Aug. soymeal futures opened $17.10 higher at $526.90.
In the outside markets, the NYMEX crude oil is $0.19 per barrel higher, the dollar is lower and the Dow Jones Industrials are 54 points higher.
Corn is up 15 cents, soybeans have jumped up 50 cents.
No fresh export sales Wednesday. But, get this. Smithfield has announced it has imported Brazilian corn. What do you think of that? See full story here.
Early calls: Corn 7-9 cents higher, soybeans 9-11 cents higher, and wheat 8-10 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.15 per barrel higher.
Wall Street=Seen opening mixed, ahead of new home sales report.
World=Asia/Pacific markets trade lower, Europe stocks higher.
More in a minute,
07-25-2012 08:48 AM
For Indiana, here are some yields that I wrote down. Keep in mind, many Indiana counties, last year, averaged between 150-160 bu./acre.
89, 0, 121, 14, 134, 120, 108.
104, 92, 188, 111, 68.
07-25-2012 08:57 AM
07-25-2012 09:09 AM
The tour did not attempt to figure yields. Our summary of the crop was that it was mostly short, plant heighth wise. We saw flowering, pod-setting, and pod-filling stages. Again, with rain, some of it will finish well. But, the rain better hurry. Because the crop was planted earlier than normal, the critical reproduction stage is said to be this week and the first two weeks of August. So, we'll see what areas get the rains.
07-25-2012 09:12 AM
It just used up some more of the supply. Everything based on WORLD supply and it just got smaller. Somebody should tell the powers that be this time is different. Price will sort it out in the end. Politics etc can distort it but supply and price will reach an equilibrium.