05-22-2012 06:18 AM - edited 05-22-2012 01:33 PM
At the close:
The July corn futures settled 36 cents lower at $5.97, while the Dec. contract closed 20 1/2 cents lower at $5.20. The July soybean contract finished 30 1/4 cents lower $13.81 1/4, while the Nov. 2012 contract finished 24 cents lower at $12.82. The July wheat futures closed 18 1/2 cents lower at $6.85 1/2. July soyoil futures ended down $0.35 at $50.57. The July soymeal futures settled $11.00 per short ton lower at $405.50.
In the outside markets, the NYMEX crude oil is $1.01 per barrel lower, the dollar is higher and the Dow Jones Industrials are up 45 points.
The July corn futures trade 14 1/4 cents lower at $6.18 3/4, while the Dec. contract trades 5 1/2 cents lower at $5.35. The July soybean contract is trading 16 3/4 cents lower $13.95 3/4, while the Nov. 2012 contract trades 19 cents lower at $12.87 1/4. The July wheat futures are trading 12 1/2 cents lower at $6.91 1/2. July soyoil futures trade down $0.11 at $50.81. The July soymeal futures are trading $7.10 per short ton lower at $409.40.
In the outside markets, the NYMEX crude oil is $0.45 per barrel lower, the dollar is higher and the Dow Jones Industrials are up 17 points.
One analyst says, "We are dumping out with lots of default talk from China around. I saw it for coal and iron, but not beans, but I suppose there is talk about it with the government ready to auction off 600,000 tons on Thursday there. Other than that, no demand news, a stronger US Dollar, and good condition and progress ratings have people negative. A bearish day here today, but we seem to be trying to find a place to hold now. Charts suggest that down side should be limited from here. Weather is not perfect, but not bad. From Chicago north it's ok, but could stand a drink. It's drier and warmer southward and they could definitely use a rain, but still time. Plus, rain is in the forecast for next week. Some showers this weekend, maybe, but better chances next week."
At the open:
The July corn futures trade 8 cents lower at $6.25 1/4, while the Dec. contract trades 4 cents lower at $5.36. The July soybean contract is trading 3 1/4 cents higher $14.15 3/4, while the Nov. 2012 contract trades 1/2 of a cent higher at $13.06. The July wheat futures are trading 12 cents lower at $6.92. July soyoil futures trade up $0.14 at $51.06. The July soymeal futures opened $2.00 per short ton higher at $418.50.
In the outside markets, the NYMEX crude oil is $0.49 per barrel lower, the dollar is higher and the Dow Jones Industrials are up 41 points.
There are reports of corn leaves "rolling" in central Illinois and Missouri. Personally, I have seen Iowa sweetcorn plants twisting a bit, indicating moisture needed.
Early calls: Corn 7-8 cents lower, soybeans 4-6 cents lower, and wheat 13-15 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.57 per barrel lower.
Wall Street=Seen lower as Fitch rating service downgrades Japan's credit due to building consumer debt and slow measures to correct the problem. Stocks will watch the 9am release of existing home sales data Tuesday.
More in a minute,
05-22-2012 12:08 PM
I normally don't make a habit of trying to talk a market up, but AgResource came out this morning and said the soil moisture levels have went from the 14th driest since 1895 to the 7th driest since 1895. We're hanging in there for now, but another two weeks of this and we'll be in deep trouble on the dryland. I talked to a friend of mine the other day who planted some continuous dryland corn which isn't really all that common. He said a month ago his profile was full, but today he had to dig down six inches or so just to find moisture. In other words, he was starting to question his decision for plant continuous crop dryland.
In the past week or so, there has been a few discussions from cow/calf guys on what to do. Some are wondering if they should be proactive and dump some pairs now while the prices are high, or whether they should wait to see if it does rain. We all know what happened to those guys down in TX and OK that waited and what happened to them and the value of their cows. Feed is still short due to the amount that left the country and made its way to TX and OK. The first cutting of alfalfa is for the most part put up, but if it stays hot and dry the next three cuttings may not amount to much. This is normally our rainy season, and thus far its been a bust this year. I have very little dryland corn this year, so I'm not too concerned about it from that regard. However, I'm getting a little nervous on the pasture situation for the cows.
05-22-2012 05:00 PM
wow my first post was i'm short soybeans for now 1100 nov puts i've almost doubled it. alot of guys here seem to wish for higher prices using any excuse to justify thier side. As a trader not a farmer, (although i am a cattleman) if i was a farmer i would be selling into rallies alittle. jmo Iv'e seen rain on and off on future models not everywhere but enough to hold my position. I say farmers have planted more beans than what were hearing, and crop progress is just fine. sell alittle or buy alittle puts jmo.