At midsession;
At midsession, the May corn futures are 2 3/4¢ lower at $3.29 1/4. July corn futures are 2 3/4¢ lower at $3.34 1/2.
May soybean futures are 11 1/2¢ lower at $8.52 1/4. July soybean futures are 11 1/4¢ lower at $8.59.
May wheat futures are 1 1/2¢ lower at $5.55.
July soymeal futures are $3.50 per short ton lower at $294.30.
May soy oil futures are $0.52 cents lower at 26.89¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.40 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 449 points lower.
Mike
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At 8:45am:
In early trading, the May corn futures are 1 3/4¢ lower at $3.30 1/4. July corn futures are 1 3/4¢ lower at $3.35 1/2.
May soybean futures are 1 1/2¢ lower at $8.62 1/4. July soybean futures are 1 1/4¢ lower at $8.69.
May wheat futures are 5 3/4¢ higher at $5.62 3/4.
July soymeal futures are $2.10 per short ton lower at $295.70.
May soy oil futures are $0.29 cents lower at 27.12¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.58 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 234 points lower.
Al Kluis, Kluis Advisors, says that investors are weighing the impacts on the grain markets, regarding the global oil production deal announced Sunday.
"On Sunday afternoon, the OPEC-Plus group announced an agreement to cut daily global oil production by 9.7 million barrels," Kluis told customers in a daily note. What will happen with crude oil futures? The weekly crude oil chart showed an inside week last week. Taking out last week’s high would be a positive sign for energy and commodity prices. Taking out the low would be bearish for both."
Kluis added, "The USDA reports on Thursday are a good step in getting the reduced ethanol demand factored into the corn market. Even with the negative report, corn prices closed higher, showing that the negative expectation was built into the current market price."
Mike
