At the close:
The May corn futures contract settled 2 3/4 cents lower at $4.98. The Dec. corn futures ended 5 3/4 cents lower at $4.99. The May soybean futures contract is 17 1/4 cents lower at $14.65. The Nov. soybean futures are trading 10 cents lower at $12.15. May wheat futures are 3 1/2 cents higher at $6.65 per bushel. The May soymeal futures contract is trading $6.60 per short ton lower at $472.90. The May soyoil futures are trading $0.40 lower at $42.10.
In the outside markets, the crude oil is $0.60 per barrel higher, the dollar is lower and the Dow Jones Industrials are 148 points lower.
Mike
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At mid-session:
The May corn futures contract is trading 1 cent lower at $5.00. The Dec. corn futures are trading 3 1/2 cents lower at $5.01. The May soybean futures contract is 17 1/4 cents lower at $14.65. The Nov. soybean futures are trading 10 cents lower at $12.15. May wheat futures are 3 1/2 cents higher at $6.65 per bushel. The May soymeal futures contract is trading $6.10 per short ton lower at $473.40. The May soyoil futures are trading $0.33 lower at $42.17.
In the outside markets, the Brent crude oil is $0.81 per barrel higher, the dollar is lower and the Dow Jones Industrials are 82 points lower.
One analyst lays the pressure of the soybean market at the feet of the Chinese. "Soybeans on the cancellations from China. Reuters is saying 500,000 in sales confirmed cancelled between Brazil and the US and says the total could go up. I have heard up to a million both countries so far. Given how long the market is on supply tightness some selling should be expected. I expect more as this story develops as we move to ensure at least adequate supplies. Not a surplus, but a few more beans than before and that seems to be kind of a trend in the market talk now. A bit more here and there and we will make it.
Corn holding pretty well, I suppose some spreads against beans and wheat there and alsop uncertain weather for the coming couple of weeks, one model cool and wet and the other warmer and drier. We need warmer and drier.
Wheat is holding pretty well, the wheat supported by the dry weather in the western Plains that does not seem to go away. Still a weather market over there. Overall trends for wheat appear lower, but today people are covering some shorts," he says.
Mike
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At 10:15am:
Egypt's GASC Buys 230,000 TONNES OF Wheat for shipment MAY 1- 10
--55,000 tonnes of Russian wheat from Bunge
--60,000 tonnes of Romanian Wheat from Ameropa
--60,000 tonness of Romanian wheat from Nidera
--55,000 tonness of Ukrainian Wheat from Bunge.
Mike
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At the open:
The May corn futures contract is trading 1 1/2 cents lower at $4.99. The Dec. corn futures are trading 2 cents lower at $5.02. The May soybean futures contract is 8 cents lower at $14.73. The Nov. soybean futures are trading 7 cents lower at $12.18. May wheat futures are 2 cents lower at $6.59 per bushel. The May soymeal futures contract is trading $0.90 per short ton lower at $478.60. The May soyoil futures are trading $0.36 lower at $42.14.
In the outside markets, the Brent crude oil is $0.35 per barrel lower, the dollar is higher and the Dow Jones Industrials are 107 points lower.
Mike
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At 8am:
-USDA announces Friday that an 'unknown' purchased 330,000 tons of U.S. soybeans for 2014-15.
Mike
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At 6:30am:
Early calls: Corn is seen 1-2 cents lower, soybeans 7-9 cents lower, and wheat 5-7 cents lower.
Trackers:
Overnight grain, soybean markets=Trading lower.
Brent Crude Oil=$0.35 per barrel lower.
Dollar=Higher.
Wall Street=Seen lower.
World Markets=Europe stocks were lower, Asia/Pacific stocks lower.
More in a minute,
Mike
