At the close:
The July corn futures settled 3 cents higher at $6.23. The July soybean contract ended 27 1/2 cents lower $14.38 1/4. The July wheat futures closed 3 cents higher at $6.15. The July soymeal futures closed $9.20 per short ton lower at $417.30 and July soyoil futures closed $0.31 lower at $53.27.
In the outside markets, the NYMEX crude oil is $1.46 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 123 points.
Mike
------
At mid-session:
The July corn futures trade 9 1/2 cents higher at $6.29 1/2. The July soybean contract is trading 17 1/4 cents lower $14.48 1/2. The July wheat futures are trading 6 1/4 cents higher at $6.18 1/2. The July soymeal futures opened $5.30 per short ton lower at $421.20 and July soyoil futures trade down $0.16 at $53.42.
In the outside markets, the NYMEX crude oil is $2.08 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 137 points.
Alan Brugler, President of Brugler Marketing & Mgmt says, "For May corn, closes above $6.85, on the weekly chart, would open the way to $7.12. As I tell my clients "Carries are finite, but inverses are infinite". If you get full carry, selling dries up in the nearby and prices rally away from full carry. In an inverse, when there is no supply to pull forward from the back months, there is no limit to how high prices can go, convincing users to substitute wheat, DDG or something else for the corn."
Mike
-------
In early trading:
The July corn futures trade 10 cents higher at $6.30. The July soybean contract is trading 5 3/4 cents lower $14.60. The July wheat futures are trading 6 1/2 cents higher at $6.18 1/2. The July soymeal futures opened $0.50 per short ton lower at $426.00 and July soyoil futures trade down $0.27 at $53.31.
In the outside markets, the NYMEX crude oil is $1.51 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 183 points.
Mike
--------
At 8am:
USDA announces Tuesday that China bought 225,000 mt of U.S. soybeans, both old & new crop.
This leads me to this question. On Thursday, where do you see the USDA pegging carryouts? Here is roughly where the trade sees 2011-12 estimates, give or take a few million bushels. Are you in agreement here?
Corn=758 million bushels.
Soybeans=221 million bushels
Wheat=781 million bushels
Mike
--------
At 7:25am:
--Japan seeks 151,416 mt of milling wheat from U.S., Canada, and Aust. origins.
--S. Korea buyer purchased 112,000 mt of feed wheat Tuesday from optional origins, DJ Newswire reports.
--S. Korea has secured 23,000 mt of U.S. wheat.
--The U.S. corn planting rate of 71%, as of Sunday, is the sixth fastest pace on record. Soybeans are 24% planted, USDA said Monday.
Great planting and growing weather is coming. Wet fields will dry out and emerged crops will get warm temperatures to shoot higher. I suspect a lot of spraying will occur in the next two weeks. Back to market-like talk, today's markets could be subdued ahead of Thursday's USDA Report, analysts are saying.
Mike
------
At 6:30 am:
Early calls: Corn 5-7 cents higher, soybeans 2-4 cents higher, and wheat 5-7 cents higher.
Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$1.11 per barrel lower.
Dollar=Higher.
Wall Street=Seen falling as a result of Greece's inability to choose a new government.
World Markets=Asia/Pacific stocks are higher, while Europe's are lower.
More in a minute,
Mike
AG MOBILE
FREE E-MAIL NEWSLETTER
