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06-20-2012 06:56 AM - edited 06-20-2012 02:54 PM
At the close:
The July corn futures closed 2 1/2 cents lower at $6.10, while the Dec. contract finised 1 cent higher at $5.64 1/2. The July soybean contract closed 9 1/2 cents higher $14.43 1/4, while the Nov. 2012 contract settled 8 3/4 cents higher at $13.93 3/4. The July wheat futures closed 10 1/2 cents higher at $6.60. July soyoil futures finished $0.34 higher at $50.78. The July soymeal futures settled $.50 lower at $427.40.
In the outside markets, the NYMEX crude oil is $2.93 per barrel lower, the dollar is higher and the Dow Jones Industrials are 51 points lower.
One analyst says, "says it's been transition day. First, the markets priced in this week's hot dry weather into Tuesday/Wednesday highs to profit-taking, then deciding if they should buy long or short for next week on Friday," he says. Next week looks cooler but dry. So the downside is limited to profit- taking and no hard selling, he says.
The July corn futures trade 1 1/2 cents lower at $6.11, while the Dec. contract trades 10 cents lower at $5.53. The July soybean contract is trading 1 1/4 cents higher $14.35, while the Nov. 2012 contract trades 1/2 of a cent lower at $13.84 3/4. The July wheat futures are trading 4 cents higher at $6.53 1/2. July soyoil futures trade $0.39 higher. The July soymeal futures trade $3.90 lower at $424.00.
In the outside markets, the NYMEX crude oil is $1.39 per barrel lower, the dollar is lower and the Dow Jones Industrials are 27 points lower.
At the open:
The July corn futures trade 1 cent lower at $6.11 1/4, while the Dec. contract trades 8 cents lower at $5.58 3/4. The July soybean contract is trading 3 1/4 cents higher $14.37 1/2, while the Nov. 2012 contract trades unchaned at $13.84 3/4. The July wheat futures are trading 7 cents lower at $6.42. July soyoil futures trade higher. The July soymeal futures opened lower.
In the outside markets, the NYMEX crude oil is $0.54 per barrel lower, the dollar is lower and the Dow Jones Industrials are 2 points lower.
No fresh export sales today. The market will be eyeing the Fed's choice to stimulate or not.
--Japan seeks 320,000 mt of feed wheatt, barley in June tender.
--Japan buys 3,000 mt of feed wheat, barley Wednesday.
--Valero announces a temporary shutdown an ethanol plant in Albion, Nebraska, due to low margins, Reuters reports. This is the second Nebraska ethanol plant to stop production. But, I can't think of the name of the town where the other one is located.
Early calls: Corn 1-2 cents lower, soybeans 8-10 cents higher, and wheat 2-4 cents lower.
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.05 per barrel higher.
Wall Street=Seen little changed, as all eyes turn towards to the Federal Reserve to see if another stimilus plan will be launched. An announcement comes at 12-Noon today.
More in a minute,
06-20-2012 07:48 AM
06-20-2012 08:18 AM
This is probably the reason for this mornings pullback, just came accross on twitter:
Nerves in all of the commodities this AM ahead of Fed's policy statement; corn dn 4-10, beans up 3 to dn 2, wheat dn 6
06-20-2012 08:32 AM
Rain chances today for the western Corn Belt, mostly is the cause. But, we return to hot/dry weather quickly at the end of the week. Corn has plenty more upside, analysts say. Be sure to look out for positioning ahead of the June Seed & Stocks Report next week.
06-20-2012 09:03 AM
Local ethanol plant here in Ohio going full tilt. Corn buyer says 100% of their production is already sold for July and August, they will produce ethanol and buy corn for whatever they have to pay! $$