At midsession:
At midsession, the May corn futures are 8¢ lower at $3.14. July corn futures are 7 1/4¢ lower at $3.22.
May soybean futures are 4¢ lower at $8.28 3/4. July soybean futures are 4 1/2¢ lower at $8.38.
July wheat futures are 17 3/4¢ higher at $5.51 1/2.
July soymeal futures are $1.40 per short ton lower at $291.40.
July soy oil futures are $0.22 cents lower at 26.45¢ per pound.
In the outside markets, the NYMEX crude oil market is $9.47 per barrel lower at $8.80, the U.S. dollar is lower, and the Dow Jones Industrials are 202 points lower.
Mike
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At 8:45am:
In early trading, the May corn futures are 4¢ lower at $3.18 1/4. July corn futures are 3¢ higher at $3.25 1/4.
May soybean futures are 4 1/4¢ lower at $8.28 3/4. July soybean futures are 4 1/2¢ lower at $8.37 1/4.
July wheat futures are 17 3/4¢ higher at $5.51 1/2.
July soymeal futures are $0.30 per short ton higher at $293.40.
July soy oil futures are $0.38 cents lower at 26.29¢ per pound.
In the outside markets, the NYMEX crude oil market is $6.89 per barrel lower at $11.01, the U.S. dollar is higher, and the Dow Jones Industrials are 495 points lower.
Al Kluis, Kluis Advisors, says that the corn market may be putting in a low.
"The corn market may be putting in a low. It's bearish out there. We know corn being used for ethanol is an ongoing problem, and we know crude oil is at the lowest price this morning since 1988. However, the corn market was able to close higher on Thursday and Friday. The corn market is oversold on the daily and weekly chart, and the bull spreads have started to work. Now a close above the two-day high at $3.25 ½ will signal a possible change of trend in the corn market," Kluis told customers in a daily note.
Kluis added, "Two major reports come out this week. First, the USDA Crop Progress report this afternoon. We expect US corn planting to be reported at 8% complete, about 4 points behind normal. The second big report will be the Energy Information Agency report on Wednesday that will show gasoline demand starting to increase."
Mike
