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06-28-2012 06:28 AM - edited 06-29-2012 03:00 PM
VIDEO: USDA Stocks/Seeds Reports Preview with Marketeye and David Hightower, The Hightower Report. Grab a cup of coffee and get a hint of what the trade thinks USDA will do with tomorrow's data.
At the close:
The July corn futures settled 2 1/2 cents higher at $6.52, while the Dec. contract finished 3/4 of a cent lower at $6.32 1/2. The July soybean contract finished 5 cents lower $14.66, while the Nov. 2012 contract finished 8 1/2 cents lower at $14.03 1/2. The July wheat futures finished 6 cents lower at $7.26. July soyoil futures finished $0.44 lower at $50.92. The July soymeal futures finished $1.40 lower at $426.60.
In the outside markets, the NYMEX crude oil is $1.74 per barrel lower, the dollar is higher and the Dow Jones Industrials are 24 points lower.
The July corn futures are trading 7 cents higher at $6.56 1/2, while the Dec. contract trades 9 1/2 cents higher at $6.42 1/2. The July soybean contract is trading 2 1/2 cents lower $14.68 1/2, while the Nov. 2012 contract trades 2 1/2 cents lower at $14.09 1/2. The July wheat futures trade 1 cent lower at $7.31. July soyoil futures trade $0.40 lower at $50.96. The July soymeal futures trade $1.30 higher at $429.30.
In the outside markets, the NYMEX crude oil is $1.67 per barrel lower, the dollar is higher and the Dow Jones Industrials are 132 points lower.
Forecasts are turning wetter for the next 5 days. Meanwhile, the markets are pulling back, at this hour.
At the open:
The July corn futures opened 5 cents higher at $6.55, while the Dec. contract trades 6 cents higher at $6.39. The July soybean contract is trading 3 cents lower $14.67 1/2, while the Nov. 2012 contract trades 4 cents lower at $14.08. The July wheat futures opened 1 cent lower at $7.31. Aug. soyoil futures trade $0.19 higher at $51.35. The Aug. soymeal futures opened $1.60 higher at $425.30.
In the outside markets, the NYMEX crude oil is $0.50 per barrel lower, the dollar is higher and the Dow Jones Industrials are 109 points lower.
USDA announces Thursday that an 'unknown' buyer purchased 110,000 mt of U.S. soybeans for 2012-13.
USDA releases friendly soybean Weekly Export Sales figures:
Corn=292,800 mt vs. the trade's expectations of 150,000-500,000 mt.
Soybeans=793,100 mt vs. the trade's expectations of 525,000-925,000 mt.
Wheat=324,500 mt vs. the trade's expectations of 600,000-800,000 mt.
Soybean Meal=261,200 mt vs. the trade's expectations of 125,000-225,000 mt.
Early calls: Corn 8-10 cents higher, soybeans 2-4 cents higher, and wheat 1-2 cents lower.
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$0.20 per barrel lower.
Wall Street=Seen opening lower on concerns of the EU Summit and concerns of JP Morgan's shares falling due to losses from its botched trade reaching $9.0 billion, four times as high as the original estimate, according to the NY Times Thursday.
World Markets=Mostly lower.
More in a minute,
06-28-2012 07:11 AM - edited 06-28-2012 07:38 AM
I can't imagine the Iowa temperatures, yesterday, helping this corn crop? Here's what I drove by around 3pm.
And then a few miles down the road, my car thermometer read the outside temperature even higher:
It was hot!
06-28-2012 07:17 AM
Yesterday I drove from my house south to Luverne and then back up on 69 towards swea City (turned around by Senneca) over to bancroft and then back down to home in Wesley. There was NO corn curled up at 7 PM. the beans looked great. got a lot of DEW last night and even a few sprinkles this morning. In fact up around Bancroft they have had to much water.
06-28-2012 07:35 AM
06-28-2012 07:46 AM
Yep. Same time, same bat station. Rain is falling, again, in southern Minnesota, NW Iowa, NE Nebraska, and Se South Dakota, according to the latest Frees Notis Weather Inc. radar Thursday:
The "garden spot" is being watered again. Good for them folks.
06-28-2012 07:58 AM
Don't get your undies in a bunch there big fella. It may be green on the radar but it's not raining. Might be a sprinkle in that but that's about it. Not hurting as much as others but still living from rain to rain. Corn was starting to go backwards on the lighter soils yesterday. If no rain this weekend (30% chances at best) and the heat cranks up again next week things will start hurting.
06-28-2012 08:32 AM - edited 06-28-2012 09:43 AM
This shot of the temp came from NW of Stockton or SW of Phillipsberg, Ks yesterday afternoon . The local radio station here said this morn that Phillipsberg set an all time Ks high at 117 yesterday. Both of my good friends that farm out there are getting really down about this weather ... it's been like 12 days above a 100 out there so far and July and Aug are not here yet.
this is part of an email I got from the other friend/farmer out there in that area...