At the close:
The July corn futures settled 8 1/4 cents lower at $6.20 3/4. The July soybean contract closed 3 3/4 cents lower at $14.40 3/4. The July wheat futures ended 14 1/4 cents lower at $6.30 1/4. The July soymeal futures finished $1.20 per short ton higher at $397.80. The July soyoil futures finished $0.73 lower at $56.87.
In the outside markets, the NYMEX crude oil is $0.72 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 99 points.
Mike
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At mid-session:
The July corn futures trade 11 3/4 cents lower at $6.17 1/4. The July soybean contract is trading 7 1/2 cents lower at $14.37. The July wheat futures are trading 18 1/4 cents lower at $6.26 1/4. The July soymeal futures are trading $1.30 per short ton lower at $395.30. The July soyoil futures are trading $0.78 lower at $56.82.
In the outside markets, the NYMEX crude oil is $0.49 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 77 points.
One analyst says, "The market is trading the lack of a foreseen bullish report and favorable planting weather.
"With not having another perceived bullish USDA crop report for a month and the last half of April bringing a bearish planting mindset, funds continue to bank previous crop report profits," he says. This all happens before they begin to build a weather premium in the months of May and June.
Meanwhile, the Friday soybean market is seeing buying off the breaks, limiting losses, as new export business to China surfaces every other day," he says.
Mike
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At the open:
The July corn futures trade 3 1/4 cents lower at $6.25 1/2. The July soybean contract is trading 4 1/2 cents lower at $14.40. The July wheat futures are trading 5 3/4 cents lower at $6.38 1/2. The July soymeal futures are trading $1.30 per short ton lower at $395.50. The July soyoil futures are trading $0.63 lower at $56.93.
In the outside markets, the NYMEX crude oil is $0.60 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 102 points.
Mike
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At 8:01am:
They did it again!
Like yesterday, USDA announces that China bought 165,000 mt of U.S. soybeans Friday for 2012-13 delivery. This kind of news boosted the soybean market yesterday. Will it stage a command performance today? What's your best guess?
Mike
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At 7:22am:
China--So, what's up? Its GDP grew by 8.1% in its first quarter, below the expectations of 8.3%, the lowest since three years, and lower than 8.9% in the fourth quarter of 2011. Consumption is increasing, but investments are lower. The real estate, railroad system, and local garment sectors are seeing investments fall, concerning economists. However, this news is not a disaster because China's growth rate is still a lot higher than most countries. Other stuff to mention involves talk about labor costs increasing in China, threatening that country's exports. Also, economists worry about the Chinese resident not making enough money to uphold needed consumption levels.
Mike
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At 7:11am:
According to radar maps, it appears those areas of the western Corn Belt that needed rain received it. That could be bearish for the markets. What do you think? Unless, of course, China buys six more cargoes of soybeans like they did yesterday. Wow, what a shot in the arm that was. More rain coming this weekend too.
Mike
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At 6:45am:
Early calls: Corn 1-2 cents higher, soybeans 1-2 cents lower, and wheat 1-2 cents higher.
Trackers:
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$0.08 per barrel lower.
Dollar=Lower.
Wall Street=Seen trading lower, as fears reappear that China's economy is headed for a hard landing. The Asian country will announce its GDP today.
World Markets=Asia/Pacific stocks are higher, while Europe's stocks fall.
More in a minute,
Mike
