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06-07-2013 07:11 AM - edited 06-07-2013 11:14 AM
At mid-session, the the July futures corn contract is 9cents higher at $6.72. New-crop Dec. futures are trading 10 cents higher at $5.58. The July soybean futures contract is trading 4 cents higher at $15.30, new-crop Nov. soybeans are trading 19 cents higher at $13.25. July wheat futures are trading 1 cent lower at $6.97 per bushel. The July soymeal futures are trading $1.40 per short ton higher at $455.40. The July soyoil futures are trading $0.29 higher at $48.45.
In the outside markets, the NYMEX crude oil is $0.90 per barrel higher, the dollar is higher and the Dow Jones Industrials are 170 points higher.
At the open:
At the open, the the July futures corn contract is 2cents higher at $6.65. New-crop Dec. futures are trading 8 cents higher at $5.56. The July soybean futures contract is trading 14 cents higher at $15.41, new-crop Nov. soybeans are trading 23 cents higher at $13.29. July wheat futures are trading 5 cents higher at $7.02 per bushel. The July soymeal futures are trading $4.80 per short ton at $458.80. The July soyoil futures are trading $0.22 higher at $48.38.
In the outside markets, the NYMEX crude oil is $0.46 per barrel lower, the dollar is higher and the Dow Jones Industrials are 82 points higher.
One analyst says, "Soybeans rallied overnight, due to technical support.That along with a better weather forecast for the weekend has traders willing to buy new crop soybeans."
Another analyst says Monday's Crop Progress Report should show corn 95% planted and soybean 75% planted.
What do you think?
Early calls: Corn is seen 2-4 cents higher (old-crop), soybeans 12-14 cents higher (old-crop), and wheat 1-2 cents higher. Meanwhile, new-crop corn 4-6 cents higher and soybeans are seen 15-17 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.48 per barrel higher.
Wall Street=Seen lower, ahead of the U.S. Weekly Jobs Report.
World=Asia/Pacific stocks were lower and Europe's stocks are lower.
More in a minute,
06-07-2013 07:24 AM
huge gap support at 5.40. Bears thought it would race through that support like a knife through butter. It still leaves a huge island bottom unfilled, very bullish. The only question is, how small is the crop getting and how many acres are shifting to beans or taking pp.
06-07-2013 07:28 AM
Heard an analyst on the radio say that if we lose 3 to 3.5 million acres of corn, we should be fine with a 155 bushel yield. He also said that the price is right where it should be considering the DEMAND.
06-07-2013 07:34 AM
155 should be off the table at this point. earlier in the year the analyst where talking 152 national yield to equal demand. Since we are rallying we must be below that number currently.
06-07-2013 09:03 AM
06-07-2013 09:29 AM
I don´t know how exactly this will affect the market, but there is a major strike going on in Uruguay, which has stopped all country's soybean exports. They suspended the strike yesterday, but they are back stopping soybean shippings and silos around the country. Nobody knows when this strike will end.