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05-30-2012 06:36 AM - edited 05-30-2012 01:37 PM
At the close:
The July corn futures settled 2 cents lower at $5.60 1/2, while the Dec. contract closed 3 1/4 cents higher at $5.20 3/4. The July soybean contract ended 11 1/4 cents lower $13.75, while the Nov. 2012 contract ended 1 1/2 cents higher at $12.95. The July wheat futures closed 2 3/4 cents lower at $6.54. July soyoil futures finished down $0.46 at $49.71. The July soymeal futures closed $2.70 per short ton lower at $409.80.
In the outside markets, the NYMEX crude oil is $2.92 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 141 points.
Corn has turned up by a few pennies, wheat and soybeans continue to fall Wednesday.
The July corn futures trade 1 1/2 cents higher at $5.64, while the Dec. contract trades 2 cents lower at $5.19 1/2. The July soybean contract is trading 14 1/4 cents lower $13.72 1/2, while the Nov. 2012 contract trades 4 cents lower at $12.89 1/2. The July wheat futures are trading 5 1/4 cents lower at $6.51 1/4. July soyoil futures trade down $0.49 at $49.68. The July soymeal futures are trading $5.50 per short ton lower at $407.00.
In the outside markets, the NYMEX crude oil is $3.01 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 156 points.
One analyst says, "Support in corn comes from a sharper drop in the USDA condition report than expected. Monday's report indicated the rating deterioration is led by Illinois and Indiana.
"Most see soybeans' early emergence hurt as well. The rain called for in the next three days is badly needed, but would only gain back 2 to 3% in the good to excellent category for corn versus this week's 5% drop," he says.
Corn,beans and wheat look to find a weeks low by Thursday, he says.
"Then, you can expect higher trade next week on a drier forecast and position-buying late next week. Prior to the June 12 USDA Crop Report, traders again will fear lower ending stocks."
At the open:
The July corn futures trade 4 1/4 cents lower at $5.58, while the Dec. contract trades 2 cents lower at $5.15 1/2. The July soybean contract is trading 18 cents lower $13.68 3/4, while the Nov. 2012 contract trades 7 cents lower at $12.86 3/4. The July wheat futures are trading 5 cents lower at $6.51 1/4. July soyoil futures trade down $0.63 at $49.44. The July soymeal futures opened $3.70 per short ton lower at $408.70.
In the outside markets, the NYMEX crude oil is $2.17 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 138 points.
Another day and no demand showing up. In honor of the old lady that coined the phrase: "Where's the beef?", well "Where's the demand?".
--USDA's Weekly Export Sales Report will be delayed until Friday.
--FWIW: Just talked to my aunt that lives in Colorado. Residents there are watering their lawns. She says it's dry there too.
Crop-saving rains could come this weekend and the start of next week. If not, a whole lot of nervousness is going to set in.
India companies are exporting 100,000 mt of wheat Wednesday.
--S. Korea processor buys 60,000 mt of optional origin corn.
Early calls: Corn 1-2 cents higher, soybeans 7-8 cents lower, and wheat 8-10 cents lower.
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$1.32 per barrel lower.
Wall Street=Seen cutting its losses, after the European Commission revaled its economic strategy.
More in a minute,
05-30-2012 06:43 AM
I just read on the technical side that July corn could hit as low as $5.06. Spain is in trouble in the euro zone as well. I remember when the euro was formed there was talk by most that it was going to over come the dollar as world currency. One guy in the corner was saying that the souther tier would bring the whole thing down. I wish I could remember who that guy was. Cause he was right.
05-30-2012 08:10 AM
Sounds like we better all dig out our jackets later this week. Our friends up the street at Freese-Notis Weather say it's going to feel 'like someone left the refrigerator door open' into this weekend.
05-30-2012 02:00 PM - edited 05-30-2012 02:02 PM
New poster. Just had to comment on the purple corn. It is not a good thing to have purple corn. Purple corn = phosphorus deficiency. Phosphorus is essential for determining rows around on an ear of corn. Rows around an ear are determined during the first 40-50 days after germination. It will usually be worse in cold weather.
I'm sure most guys know this. On the other hand it could be Indian corn.