06-20-2013 06:28 AM - edited 06-20-2013 02:23 PM
Floor traders are getting this message whispered into their ears. BUT, will Big Ben trump the Big D-drought? What say you?
At the close:
The July futures corn contract settled 9 cents lower at $6.73. New-crop Dec. corn futures ended 10 cents lower at $5.60. The July soybean futures contract finished 25 cents lower at $14.97, new-crop Nov. soybeans ended 25 cents lower at $12.85. July wheat futures finished 6 cents lower at $7.00 per bushel. The July soymeal futures finished $8.00 per short ton lower at $445.60. The July soyoil futures closed $0.95 lower at $48.40.
In the outside markets, the NYMEX crude oil is $3.20 per barrel lower, the dollar is higher and the Dow Jones Industrials are 337 points lower.
At mid-session, the the July futures corn contract is 6 cents lower at $6.75. New-crop Dec. corn futures are trading 12 cents lower at $5.58. The July soybean futures contract is trading 15 cents lower at $15.08, new-crop Nov. soybeans are trading 22 cents lower at $12.88. July wheat futures are trading 2 cents lower at $7.04 per bushel. The July soymeal futures are trading $5.80 per short ton lower at $447.80. The July soyoil futures are trading $0.83 lower at $48.52.
In the outside markets, the NYMEX crude oil is $2.98 per barrel lower, the dollar is higher and the Dow Jones Industrials are 190 points lower.
One grain analyst says, "The broad commodities sell-off is the key market factor today.Every so often, the outside markets have a house cleaning day and liquidate excess long held positions. Today saw metals, energies and currencies all fall hard, pulling grains off their two-day weather rally. Note, it's not July yet, when yields are lost to weather problems. So, the recent weather is just a scare of possible trends to come and are easily erased."
At the open, the the July futures corn contract is 8 cents lower at $6.73. New-crop Dec. corn futures are trading 10 cents lower at $5.60. The July soybean futures contract is trading 13 cents lower at $15.09, new-crop Nov. soybeans are trading 20 cents lower at $12.80. July wheat futures are trading 11 cents lower at $6.95 per bushel. The July soymeal futures are trading $3.60 per short ton lower at $450.00. The July soyoil futures are trading $0.73 lower at $48.62.
In the outside markets, the NYMEX crude oil is $0.05 per barrel higher, the dollar is higher and the Dow Jones Industrials are 206 points lower.
All commodities miss trade expectations for USDA Weekly Export Sales:
Corn= 200,500 metric tons vs. the trade's expectations of between 200,000-450,000 mt .
Soybeans= 161,100 mt compared to the trade's expectations of 350,000-600,000 mt.
Wheat= 434,700 mt vs. the trade's expectations of 300,000-650,000 mt.
Early calls: Corn is seen 6-8 cents lower (old-crop), soybeans 10-12 cents lower (old-crop), and wheat 12-14 cents lower. Meanwhile, new-crop corn 8-10 cents lower and soybeans are seen 12-14 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$2.10 per barrel lower.
Wall Street=Seen lower, after the Fed Reserve hinted Wednesday that the U.S. economy is showing enough recovery signs that it could begin to end its stimulus as early as this year. This has sparked a broad-based commodities sell-off. World markets are selling off too. Plus, China announced that its economy is slowing.
World=Asia/Pacific stocks were lower and Europe's stocks are lower.
More in a minute,
06-20-2013 07:36 AM
Thanks for the contribution. Great photo. I've toured central Iowa and found nothing close to how great your corn looks. I think you're headed for on-farm record yields!!
06-20-2013 07:36 AM
Oh boy here ! WHAT sandbager's you IOWA farmers are -- LMAO no lets make that a double LMAO !
Yeah that looks like peak corn to me ! ROTFLMAO -- peak corn my azz
I don't know how in the world you guys can make with corn that looks like that ! I must be hard haven to look at only 200 bpa corn every day .
06-20-2013 07:46 AM
Here is another look at that same field the day before from another location. What a difference warm weather, sunshine, 3 oz of 2-4D makes. Makes you think about a "cherry picked" photo?
06-20-2013 09:52 AM - edited 06-20-2013 09:53 AM
It just depends on which model you are looking at - to IF the drought started yesterday -- The GFS model = the U.S. -- had the ridge building over the eastern corn belt - really to me - the center was in the middle of WS. --- BTW
The Euro - model has it way to the west -- with the heart in Canada - this would likely be more of a Great plains type deal .
Now the GFS is free !!!! And that's what a lot of the trade uses ( I think ) BUT the Euro is a lot better and more reliable than the GFS .
This may be why the market is down this moning -- more looking at the Euro .
As brother Hoosier--- Time would say -- Time will tell