At the close:
At the close, the May corn futures finished 8 1/2¢ higher at $3.17 1/2. July corn futures ended 7 1/2¢ higher at $3.24 3/4.
May soybean futures settled 4¢ higher at $8.34 1/2. July soybean futures closed 1 3/4¢ higher at $8.42 1/2.
July wheat futures ended 2 1/2¢ lower at $5.43 1/4.
July soymeal futures closed $1.60 per short ton lower at $292.90.
July soy oil futures finished $0.23 cent higher at 25.99¢ per pound.
In the outside markets, the NYMEX crude oil market is $2.44 per barrel higher at $14.01 per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 494 points higher.
Mike
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At midsession:
At midsession, the May corn futures are 6 1/2¢ higher at $3.15. July corn futures are 5 1/2¢ higher at $3.22.
May soybean futures are 2¢ higher at $8.32 1/2. July soybean futures are unchangedat $8.40.
July wheat futures are 4¢ lower at $5.42 1/4.
July soymeal futures are $2.80 per short ton lower at $291.70.
July soy oil futures are $0.27 cent higher at 26.03¢ per pound.
In the outside markets, the NYMEX crude oil market is $2.13 per barrel higher at $13.70 per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 449 points higher.
Jack Scoville, PRICE Futures Group, says that today's trade may be lead by an oversold corn market.
“The headlines are that China bought up to half a million tons of beans but corn is the mover and not beans. Corn was very oversold and due an up move I guess while beans reacted yesterday," Scoville says.
Mike
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At 9am:
In early trading, the May corn futures are 4 1/2¢ higher at $3.13. July corn futures are 4¢ higher at $3.21.
May soybean futures are 4 3/4¢ higher at $8.35 1/2. July soybean futures are 3 1/2¢ higher at $8.44 1/4.
July wheat futures are 2 1/4¢ lower at $5.44.
July soymeal futures are $0.80 per short ton lower at $293.70.
July soy oil futures are $0.34 cent lower at 26.10¢ per pound.
In the outside markets, the NYMEX crude oil market is $3.36 per barrel higher at $14.93 per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 373 points higher.
On Tuesday, private exporters reported to the USDA export sales of 198,000 metric tons of soybeans for delivery to China during the 2019/2020 marketing year.
The marketing year for soybeans began Sept. 1.
Al Kluis, Kluis Advisors, says that investors are eyeing a low in the energy market.
"The sell-off in crude oil continued Tuesday. This put pressure on corn. Grain traders are becoming more concerned that an extended period of weakness in the energy sector will do long-term damage to US grain balance sheets. Ethanol and RBOB have not made new contract lows on the recent weakness, but prices are getting very close to those levels," Kluis told customers in a daily note.
Kluis added, "May grain options expire on Friday. We have seen option expiration days set an extreme before the market reverses the trend. Continue to watch the daily chart for higher highs and higher lows."
The U.S. production of ethanol hit a record-low, while stocks hit a record-high, last wee.
On Wednesday, the Energy Information Agency released its weekly Ethanol Production Report.
In the report, the EIA pegged ethanol production at a record low 563,000 barrels, down 7,000 from a week ago and down 46% vs. a year ago.
Meanwhile, ethanol stocks built to a record-high of 220,000 barrels.
Mike
