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06-15-2017 06:44 AM - last edited on 06-15-2017 02:41 PM by marketeye
At the close:
At the close, the July corn futures settled 2 1/2¢ higher at $3.79 1/2, while December futures finished 2 1/4¢ higher at $3.97 3/4. July soybean futures closed 3¢ higher at $9.34 3/4, November soybean futures finished 5¢ higher at $9.44. July wheat futures closed 10 3/4¢ higher at $4.53 3/4. July soy meal futures finished $1.20 per short ton lower at $300.60. July soy oil futures ended $0.65 higher at 32.74¢ per pound. In the outside markets, the Brent crude oil market is $0.34 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 23 points lower.
Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that it is still a weather market, with fund selling noted in corn.
“The funds are buying in the other markets, but not in big amounts,” Scoville says. “The big action is in corn. We are slated to get a little more rain through the weekend, then dry and cooler.”
Longer term models call for hot and dusty after next week, Scoville says.
So, I don’t think there is much down side left. The NOPA data was price- positive today, and the export sales report was strong for the soy complex,” Scoville says.
At mid-session, the July corn futures are 2 1/2¢ lower at $3.74, while December futures are 3 1/4¢ lower at $3.92. July soybean futures are 3 1/4¢ higher at $9.35, November soybean futures are 3 1/2¢ higher at $9.42. July wheat futures are 4 1/2¢ higher at $4.47. July soy meal futures are $0.20 per short ton higher at $302.00. July soy oil futures are $0.36 higher at 32.45¢ per pound. In the outside markets, the Brent crude oil market is $0.22 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 48 points lower.
In early trading:
At 9am, the July corn futures are 5 1/4¢ lower at $3.71, while December futures are 5 1/2¢ lower at $3.90. July soybean futures are 4 1/2¢ lower at $9.27, November soybean futures are 5¢ lower at $9.34. July wheat futures are 2¢ lower at $4.41. July soy meal futures are $2.50 per short ton lower at $299.30. July soy oil futures are $0.11 higher at 32.20¢ per pound. In the outside markets, the Brent crude oil market is $0.21 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 60 points lower.
Corn, beans and wheat were all lower overnight as the dollar strengthened on the Fed's interest rate hike. The value of the greenback gained about 0.4% overnight, which increases the cost of buying US products for overseas buyers and effectively makes out corn and beans less attractive. The good news, however, is that the dollar has been steadily declining since the start of the year with a few blips higher, which makes today's improvement somewhat moot. Analysts said in morning comments they don't expect the dollar to hurt markets for very long.
Corn was down about 2 cents, soybeans lost about 4 cents and wheat was down 1-2 cents. In weather news, Iowa saw some much-needed rain yesterday and might get more today, though the odds of precip are sketchy right now, according to the NWS. Catch all the overnight news in today's 3 Big Things at http://www.agriculture.com/news/crops/3-big-things-today-june-15-0
Here's what happened overnight:
Brent Crude Oil = down 0.6%.
West Texas Intermediate Crude Oil = down 0.4%.
Dollar = up 0.4%
Wall Street = U.S. stock futures down in pre-market trading after Fed rate decision.
World Markets = Global stocks lower on economic concerns.
06-15-2017 09:01 AM
I wonder why the change in the dollar seems temporary? It would seem to me it's an objective number. When the dollar changes, does something else change soon after to offset the change?
I think we have analysts saying something because they think they are expected to say something, and frequently what the analyst says not only is not based on facts but actually hasn't anything to do with the market move at all.
Analysts talk because they think they need to.
The question is, why do we listen?
06-15-2017 09:01 AM - edited 06-15-2017 09:04 AM
Any excuse to lower the markets will do apparently.........
The complacency in these markets is astounding..................