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05-21-2013 07:19 AM - edited 05-21-2013 02:07 PM
At the close:
The July futures corn contract closed 9 cents lower at $6.40. New-crop Dec. futures finished unchanged at $5.20. The July soybean futures contract ended 13 cents higher at $14.78, new-crop Nov. soybeans closed 4 cents lower at $12.20. July wheat futures closed 5 cents lower at $6.80 per bushel. The July soymeal futures closed $3.40 per short ton higher at $438.70. The July soyoil futures finished $0.28 higher at $49.48.
In the outside markets, the NYMEX crude oil is $0.68 per barrel lower, the dollar is lower and the Dow Jones Industrials are 79 points higher.
One analyst says, "It has been a choppy market. Near term tight supplies are supporting July soybeans, while the planting progress is hurting corn and new crop soybeans, so far today. Wheat is down with corn and good potential for world crops. Funds doing selling in general, but buying some July Soybeans. Farmers are planting and not talking to brokers in general, so little on offer anywhere for another week or so. Crops in Indiana have emerged and are looking good, at least for corn. I am seeing some spec scalping in the market, but no one is too willing to take a longer term position, just too scared I think. I am not sure the Bernanke talk did anything to us in grains, it did not feel like it did. All in all, I generally expect weakness in new crop and strength in old crop to continue for a while."
At the open:
The July futures corn contract opened 14 cents lower at $6.35. New-crop Dec. futures opened 7 cents lower at $5.12. The July soybean futures contract opened 6 cents lower at $14.58, new-crop Nov. soybeans opened 10 cents lower at $12.15. July wheat futures opened 9 cents lower at $6.75per bushel. The July soymeal futures opened $1.90per short ton lower at $433.40. The July soyoil futures opened $0.12 lower at $49.08.
In the outside markets, the NYMEX crude oil is $0.25 per barrel lower, the dollar is higher and the Dow Jones Industrials are 29 points higher.
--Japan seeks 122,000 mt of milling wheat Tuesday.
--China reports April soybean imports at 3.98 mmt, down 19% from a yrar ago. Also, China's total soybean exports from Jan-April are pegged at 15.47 mmt, down 15% from a year ago.
--Russia's grain exports, for the year, are down 41% vs. a year ago.
At 7:15 am:
Early calls: Corn is seen 10-12cents lower (old-crop), soybeans 1-2 cents higher (old-crop), and wheat 8-10 cents lower. Meanwhile, new-crop corn and soybeans are seen down 4-6 cents.
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.45per barrel lower.
Wall Street=Seen opening flat, as Home Depot beats the streets expectations for the big box store Tuesday.
World=Asia/Pacific stocks were mostly lower and Europe's stocks are mostly lower.
More in a minute,