Marketing

[marketeye]

At 6:25am:

Early calls: Corn 10-12 cents lower, soybeans 15-17 cents lower, and wheat 8-10 cents lower.

Trackers:
Overnight grain, soybean markets=Trading sharply lower.
Crude Oil=$2.64 lower.
Dollar=Higher.
Wall Street=Seen trading lower after Greece officials call for a referendum on the recently announced Euro zone bailout package.  With the U.S. economy showing signs of recovery, from lagging not forward-looking indicators, the Federal Reserve is expected to make no big moves in tomorrow's meeting. Also, it's  being reported that MF Global is being investigated for millions of dollars of missing customer's money. So, that drama for the ag commodities continues.

World Markets=Lower as the markets react to Greece's announcement today regarding the debt referendum. Plus, Italy's debt problems are starting to get more attention from investors.

Marketeye is still poking around the eastern Corn Belt, visiting Marketing Talk members and trying to get a feel for what kind of crop is out here. I tracked down Marketing Talk's docharing in Lexington, Ohio. He and his brother Josh were great to visit with. Crops wise, the Haring's are seeing 49 bushel per acre soybeans vs. a 44 on-farm average.

These soybans in northcentral Ohio, along I-71, were still showing some moisture. docharing says the beans are having a hard time drying, due to the recent rains. In fact, it rained on us yesterday a bit. When he does get in to cut them, he hopes to get 50 bu./acre.

Thanks Marc for lunch, the tour of the farm, and I enjoyed the visit.

More in a minute,

Mike

[Whitesand_Farms]

 A referendum are you kidding me? What could a vote help and what will happen to Greece if they vote against the bailout? That is why they have elected officials to make decisions for the well being of the country.

[sandiego77]

dec dollar index +1.33 at 77.64, daily indicators just barely out of oversold status...well the referendum is required by law, they just didn't mention that as hedge funds, high frequency traders, trading desks, and sovereign wealth funds ramped the eur/usd to 1.425, not it's 1.365...these have been 'binary markets' where the big boyz take everything 'risk on' or risk off' ...besides europe the asian pmi's came out real poor overnite so hurting physical commodities: Chinese PMI fell short of analysts expectations, recording 50.4 - its lowest since February 2009 - while surveys in South Korea and Taiwan stayed well below 50.0.

[Jeff_a_Caldwell]

Mike just emailed me and said he's on his way back from out east. He sent me this picture that a highway patrolman got of him when he clocked him speeding.