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05-24-2013 05:59 AM - edited 05-24-2013 11:06 AM
The July futures corn contract is trading 2 cents higher at $6.64. New-crop Dec. futures trade 1 cents lower at $5.33. The July soybean futures contract is trading 14 cents lower at $14.85, new-crop Nov. soybeans trade 2 cents higher at $12.44. July wheat futures are trading 3 cents lower at $7.00per bushel. The July soymeal futures are trading $3.60 per short ton lower at $433.40. The July soyoil futures are trading $0.25 lower at $49.41.
In the outside markets, the NYMEX crude oil is $0.84 per barrel lower, the dollar is higher and the Dow Jones Industrials are 28 points lower.
Ken Smithmier, The Hightower Report grain analyst, tells Agriculture.com that the farm markets are taking a breather ahead of the holiday weekend, following the volatile action from Thursday.
"New crop soybeans remain well supported from a fundamental perspective, while new crop corn continues to trade in a choppy range as the market digests the weather outlook over the next week against favorable soil moisture conditions for a large portion of the Corn Belt," Smithmier says.
The market has already trimmed the USDA corn planted acreage estimate, he says. "So, I believe weather from here on out trumps concerns on the remaining acreage left to be planted."
USDA announces Friday that China bought 180,000 tons of SRW wheat for 2013-14 delivery.
At the open:
The July futures corn contract opened 4 cents lower at $6.58. New-crop Dec. futures opened 4 cents lower at $5.30. The July soybean futures contract opened 12 cents lower at $14.87, new-crop Nov. soybeans opened unchanged at $12.43. July wheat futures opened 6 cents lower at $6.97per bushel. The July soymeal futures opened $3.30per short ton lower at $433.90. The July soyoil futures opened $0.23 lower at $49.43.
In the outside markets, the NYMEX crude oil is $0.67 per barrel lower, the dollar is lower and the Dow Jones Industrials are 61 points lower.
Jeff Coleman, The Trean Group analyst, says "The big three grain markets all traded lower overnight with corn and wheat futures down slightly and July soybean futures, after yesterday’s wild ride, once again had a wide trading range before this morning’s close. July corn took a breather trading in a narrow 3.25 cent trading range never seeing the positive side closing the session minus a penny on the day. July wheat futures opened one cent higher, traded 2.5 cents lower and rallied back to trade 3.5 cents higher thereby maintaining the 14.75 cent gain from yesterday. July soybeans opened 6.5 cents lower but did trade 6.25 cents higher overnight before losing steam and falling 6.5 cents in negative territory. Volume was heavy as July beans experienced a 17.5 cent trading range."
Early calls: Corn is seen 1-2 cents lower (old-crop), soybeans 4-6 cents lower (old-crop), and wheat 4-6 cents higher. Meanwhile, new-crop corn and soybeans are seen 1-2 cents lower.
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.42 per barrel lower.
Wall Street=Seen mixed, ahead of Memorial Day holiday.
World=Asia/Pacific stocks were mixed and Europe's stocks are mixed.
More in a minute,
05-24-2013 03:30 PM
Many years, the highs are in by the 4th of July. Are any of you going to short the board or contract cash in the next 30 days? Or are you going to gut it out and go naked into harvest? Might be a shivery winter.