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06-09-2014 07:10 AM - edited 06-09-2014 01:50 PM
At the close:
The July corn futures contract closed 8 cents lower at $4.51. The Dec. corn futures finished 7 3/4 cents lower at $4.50. The July soybean futures contract ended unchanged at $14.57. The Nov. soybean futures closed 5 1/2 cents higher at $12.24. July wheat futures closed 5 3/4 cents lower at $6.12. The July soymeal futures contract finished $5.40 per short ton lower at $482.20.The July soyoil futures settled $0.27 higher at $39.28. In the outside markets, the NYMEX Brent crude oil is $1.71 per barrel higher, the dollar is higher and the Dow Jones Industrials are 8 points higher.
The July corn futures contract is trading 11 3/4 cents lower at $4.47. The Dec. corn futures are trading 11 cents lower at $4.46. The July soybean futures contract is 6 3/4 cents higher at $14.63. The Nov. soybean futures are trading 4 3/4 cents higher at $12.23. July wheat futures are 9 cents lower at $6.09. The July soymeal futures contract is trading $1.40 per short ton lower at $486.20.The July soyoil futures are trading $0.17 higher at $39.18. In the outside markets, the NYMEX Brent crude oil is $1.48 per barrel higher, the dollar is higher and the Dow Jones Industrials are 30 points higher.
Rumor is that China has found an unapproved GMO gene, MIR 162 in DDG shipments from the U.S. As a result, the country has stopped issuing import licenses for DDGs. It is applying significant pressure on the corn market, Monday.
One analyst says, "Corn down big today on the news that China will not buy ddg from us due to gmo problems, I kind of feel we might be making a temporary low on this kind of news. Wheat lower too on good planting weather and good harvest weather for the winter crops as well as cheaper overseas prices. Wheat should be near some kind of low, too. Prices are starting to turn higher on Russia so maybe the extreme down side pressure is passing. But, there is nothing around to make for a long term move higher, maybe we just level off for a while. The big action is in beans and especially the July-Nov spread. It has been a yo-yo today. Broke support but re bounded right back. We still got the roll this week so this might be short lived. Beans looking good out there too, and the crop ratings should be very high, for corn too."
At the open:
The July corn futures contract is trading 2 cents lower at $4.51. The Dec. corn futures are trading 7 cents lower at $4.50. The July soybean futures contract is 1/2 of a cent higher at $14.57. The Nov. soybean futures are trading 3 cents higher at $12.22. July wheat futures are 5 cents lower at $6.12. The July soymeal futures contract is trading $5.50 per short ton lower at $482.50.The July soyoil futures are trading $0.27 higher at $39.28. In the outside markets, the NYMEX Brent crude oil is $0.67 per barrel higher, the dollar is higher and the Dow Jones Industrials are 6 points higher.
If you missed Friday's COT Report, here is a summary of it fromFC Stone Int'L:
Friday afternoon’s Disaggregated CFTC Report showed corn dropping just under 5k net contracts in the managed money category on the week ending last Tuesday (6/3), compared to trade estimates for a 16k net loss; soybeans were expected to lose just 6k but wound up with a 19k official net liquidation. Managed money traders sold net contracts across the rest of the Chicago grains as well, including oil down 14.5k and wheat down 17.5k on the week. Meanwhile, producers and merchants gained ground in most of the grains, including a net 8.7k in corn,+28.9k beans, +20.9k oil, and +13.8k Chi wheat
Early calls: Corn is seen 4-6 cents lower, soybeans 2-4 cents lower, and wheat 1-2 cents lower.
Overnight grain, soybean markets=Trading lower.
Brent Crude Oil=$0.59 per barrel higher.
Wall Street=Seen lower.
World Markets=Europe stocks were mostly higher, Asia/Pacific stocks were higher.
More in a minute,