05-25-2012 07:31 AM - edited 05-25-2012 01:33 PM
Notice: Holiday Trading Hours:
The CME Group futures markets close today at 2pm (electronically), 1:15pm on the floor. They will not open again until Monday night at 7pm.
The July corn futures closed 1 cent higher at $5.79, while the Dec. contract settled 5 1/2 cents higher at $5.20 1/4. The July soybean contract settled 5 1/2 cents higher $13.81 1/2, while the Nov. 2012 contract closed 11 3/4 cents higher at $12.88. The July wheat futures settled 15 1/2 cents higher at $6.78 1/2. July soyoil futures finished up $0.73 at $50.15. The July soymeal futures settled $1.40 per short ton lower at $409.60.
In the outside markets, the NYMEX crude oil is $0.22 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 67 points.
The July corn futures trade 1/4 of a cent higher at $5.78 3/4, while the Dec. contract trades 6 1/4 cents higher at $5.21 1/4. The July soybean contract is trading 5 1/4 cents higher $13.81 1/2, while the Nov. 2012 contract trades 9 1/2 cents higher at $12.85 3/4. The July wheat futures are trading 22 cents higher at $6.85. July soyoil futures trade up $0.55 at $49.97. The July soymeal futures are trading $1.60 per short ton lower at $409.20.
In the outside markets, the NYMEX crude oil is $0.33 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 41 points.
Jack Scoville, PRICE Futures Group vice president, says the fact that wheat leads all markets is kind of a surprise.
"But, there are still dry weather issues in the western Great Plains and I suppose that is it. Corn is being led by new crop, a hot and dry weekend, although forecasters are calling for cooler weather next week. I think some is short covering, after the beating this week who wants to be short," Scoville says.
With a long weekend ahead, the surprise would be that something price positive happen, so why take the risk of being short?
Traders in this office watching the oats getting hit and wondering if this is a signal for the coming weeks in other markets, he says.
Regarding soybeans, the marketwatchers believe farmers should be about done getting planted and waiting for rain.
"Rain forecasts and temps forecasts will be the primary movers for next week, unless a lot of demand shows up. I am not hearing much about demand and the spreads are not showing much demand either," Scoville says.
At the open:
The July corn futures trade 6 cents higher at $5.84 3/4, while the Dec. contract trades 5 3/4 cents higher at $5.20 3/4. The July soybean contract is trading 4 1/4 cents higher $13.80 1/2, while the Nov. 2012 contract trades 3 3/4 cents higher at $12.80. The July wheat futures are trading 10 cents higher at $6.73. July soyoil futures trade up $0.48 at $49.89. The July soymeal futures opened $0.30 per short ton higher at $411.10.
In the outside markets, the NYMEX crude oil is $0.23 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 27 points.
It looks like rain is falling in the states of southern South Dakots, Nebraska, Iowa, Missouri.
--China estimated its May soybean imports at 7.23 mmt, a new monthly record. June soybean imports are expected to be around 5.63 mmt. This pace could end up making China's 2012/13 soybean imports much higher than the USDA estimate of 56.0 mmt.
--The U.S. and EU weather models show differing patterns for the 6-10 day outlook. In a nutshell, the U.S. model is wetter for the Midwest.
Early calls: Corn 7-8 cents higher, soybeans 3-5 cents higher, and wheat 10-12 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.42 per barrel higher.
Wall Street=Seen unchanged as the European Central Bank show signs of bailing out the euro zone.
World Markets=Mostly lower.
More in a minute,
05-25-2012 08:42 AM
Mike here in the Eastern cornbelt things are drying out fast without much relief in sight. High winds and 90 degree heat will start taking its toll on this crop. Our last rain was nearly 3 weeks ago.
05-25-2012 09:13 AM
Sorry to hear about that, man. Not to be cute, because I know it's a serious concern. But, maybe I'll do a rain dance for you. Do you think it's going to be one of those years that we hear a lot of "out my back window" reports. In other words, I hear 5-inches fell in 36 hours in a few spots in Minnesota the last day-and-a-half. Out their window, they are thinking bring on the sunshine. Yet, others in the Midwest received lighter amounts of rain and are asking for a nice mixture of both, more rain and more sunshine. Just a few thoughts.
05-25-2012 10:15 AM
Mike I have found the rain dances are not a sure thing and you have bigger things to worry about LOL! Maybe it will be a back window year once again here but I don't think much of Indiana and Ohio have received much for rain lately. Every acre is planted here and a little good weather could make a lot of grain.... Crops are not yet stressed but lawns are starting to burn up..... The lawns are usually the first to go.
05-25-2012 01:52 PM
Corn is about V5 and is rolling its leaves today in SENE. Not for sure what to make of it, I dont' think it has the roots down far enough yet to catch in sub soil moisture we might have. The bigger corn we have a like v7 is doing better. some corn along the trees and windbreaks all ready looks burnt up. next two days in the 90's with strong south winds.
interesting start to this year. we have had two 40% chances of rain over the past 3 days and have seen nothing. as of yet.