06-13-2012 06:50 AM - edited 06-13-2012 01:47 PM
At the close:
The July corn futures settled 7 3/4 cents higher at $5.91 3/4, while the Dec. contract closed 12 cents lower at $5.10 3/4. The July soybean contract finished 27 1/2 cents lower $14.07 1/2, while the Nov. 2012 contract settled 16 cents lower at $13.21. The July wheat futures ended unchanged at $6.16. July soyoil futures settled $0.62 lower at $49.10. The July soymeal futures finished $11.00 lower at $422.00.
In the outside markets, the NYMEX crude oil is $0.41 per barrel lower, the dollar is lower and the Dow Jones Industrials are 49 points lower.
The July corn futures trade 11 1/2 cents higher at $5.95 1/2, while the Dec. contract trades 6 3/4 cents lower at $5.15 3/4. The July soybean contract is trading 24 cents lower $14.11, while the Nov. 2012 contract trades 20 1/4 cents lower at $13.16 3/4. The July wheat futures are trading 4 3/4 cents higher at $6.20 3/4. July soyoil futures trade $0.58 lower at $49.14. The July soymeal futures are trading $10.30 lower at $422.70.
In the outside markets, the NYMEX crude oil is $0.58 per barrel lower, the dollar is lower and the Dow Jones Industrials are 22 points lower.
One grain analyst says, "I'm stumped why the soybeans are taking it on the chin so much today. The rain talk is out there. But, a lot of these rain events haven't materialized in the Midwest. There is talk that speculators are heading to the sidelines ahead of this weekend's vote in Greece. Also, we are seeing a reversal in the wheat/corn spreads, with people buying wheat, selling corn. Old-crop corn is going higher because there is just no farmer-selling."
Soybeans have dropped 18 cents, corn is up on old-crop and down new-crop, and wheat is higher.
At the open:
The July corn futures trade 1 1/2 cents lower at $5.82 1/2, while the Dec. contract trades 7 cents lower at $5.15. The July soybean contract is trading 11 cents lower $14.23 1/2, while the Nov. 2012 contract trades 14 cents lower at $13.22. The July wheat futures are trading 2 1/2 cents higher at $6.18. July soyoil futures trade $0.49 lower at $49.23. The July soymeal futures opened $4.70 lower at $428.30.
In the outside markets, the NYMEX crude oil is $0.99 per barrel lower, the dollar is lower and the Dow Jones Industrials are 30 points lower.
U.S. retail sales declined in May, according to a new report released Wednesday. This is weighing on the U.S. stock market.
--Australia's wheat output is dropped by ABARE. Wheat market finds strength in this news.
--S. Korea buyer seeks 25,000 mt of U.S. wheat.
--Japan seeks 147,118 mt of mostly U.S. milling wheat Wednesday. Japan is also buying 173,000 mt of feed barley and wheat from multiple origins, including the U.S.
Early calls: Corn 1-2 cents lower, soybeans 1-2 cents lower, and wheat 5-7 cents higher.
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.20 per barrel lower.
Wall Street=Seen starting lower, ahead of U.S. retail data.
World Markets=Asia/Pacific stocks are mostly higher, Europe's stocks are mixed.
More in a minute,
06-13-2012 06:53 AM - edited 06-13-2012 07:07 AM
Does it seem like the same area of the Midwest keeps getting all of the rain? And good for them, wow! In June, Mitchell, South Dakota has recorded eight rain events for a total of .20-inch. I'm sure other areas getting eight rain events have received much more. Here's what is out there again this morning, according to the Freese-Notis Weather Inc. radar:
06-13-2012 07:09 AM
I am on the far West end of where that rain starts. We seem to get 'just enough, just often enough' to get by, but deep rooted crops like alfalfa isn't fairing so well, and missing just one rain event (anymore I'm considering .20" an 'event') will get the corn hurting. East of me just 10 miles, things are way greener, they get .5 to .75" per 'event' and West of me, pivot corners are being abandon. It looks like SW of me got something last night, they were in dire need, but NW not so much.
In fact, we are so dry, that we have yet to have a stick of hay on the ground, get rain on it, all year.
06-13-2012 07:49 AM
JR, I think you need to come back home to Union City and cut some hay...... Better yet stop into the south end of Branch county and cut some hay. We can't buy rain here unless its through the pivots and if this drought continues those guys wont make any money irrigating from start to finish. Those pictures I posted in yesterdays from the floor should have taken you back in time haha!
06-13-2012 08:21 AM
If any of you have a good dog, ask him/her if I should just let the rest of my old crop corn fly now?
Or any other thoughts, I talked to one of my neighbors, who has hogs, he wanted to contract corn to buy for August September. The local coop manager said that he can't get any corn bought for August/September delivery.
The corn market doesn't act well to me. Is the trade just waiting to see what the acreage report is?
I personnal think we'll have plenty of corn acres.
06-13-2012 08:53 AM - edited 06-13-2012 08:55 AM
If your neighbor really wants corn for Aug/Sept have him/them send me a check for $7 / bu and then send trucks in that time period.
Just trying to be helpfull.
The radar estimated rainfall totals from the above cloud are not big but are falling where there was a nice rain event two days ago.
06-13-2012 09:13 AM
Mike, looks like a couple other forecasters say they expect things to turn a little damper over the next couple of weeks. Hope everybody gets a drink!
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