After the close:
USDA rates U.S. corn plantings as 30% complete.
Those planters are wide and those tractors are fast.
Mike
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At the close:
At the close, the July corn futures settled 6 1/4 cents higher at $3.81 3.4, of its high, Dec. futures finished 6 3/4 cents higher at $3.87 3/4 per bushel . July soybean futures finished 13 1/2 cents higher at $10.09 3/4, with a 43-cent trading range, while Nov. soybean futures closed 14 3/4 cents higher at $9.97. July wheat futures ended 3 3/4 cents higher at $4.77 3/4. July soymeal futures closed $4.90 short ton higher at $319.50. July soyoil futures closed $0.10 lower at $34.20. In the outside markets, the Brent crude oil market is $0.72 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 68 points lower.
Jason Roose, U.S. Commodities grain analyst, says that the market continues to see fund buying in the bean market today. It's also supported by a weaker dollar. Plus, grain markets like to have some kind of price premium in this time of year, in case of planting delays or weather problems. And, slow farmer-selling is adding to the rally."
Mike
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At mid-session:
At mid-session, the July corn futures are trading 9 3/4 cents higher at $3.85, Dec. futures are 8 cents higher at $3.89 per bushel . July soybean futures are 25 1/4 cents higher at $10.21, while Nov. soybean futures are 22 3/4 cents higher at $10.05. July wheat futures are 7 1/4 cents higher at $4.81. July soymeal futures trade $9.00 short ton higher at $323.60. July soyoil futures are $0.14 higher at $34.44. In the outside markets, the Brent crude oil market is $0.21 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 112 points lower.
CME Group floor sources say that it's a little confusing why the markets ar rallying. It could be that the funds or some large spec saw the soybean market hit $9.88, felt like that was a good entry point, and as a result is pushing this thing up.
Yet another trader replied like this: "I'm a little lost. Big volatility swing causing another gamma short to get squeezed. Some further talk of problems in Argentina and Uruguay with production.
Personally I think its overdone but shorting it has killed the trade recently and people freak out quickly."
Mike
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At the open:
At the open, the July corn futures are trading 4 3/4 cents higher at $3.80, Dec. futures are 4 3/4 cents higher at $3.85 per bushel . July soybean futures are 1/4 of a cent lower at $9.96, while Nov. soybean futures are 2 1/4 cents higher at $9.85. July wheat futures are 2 1/2 cents higher at $4.76. July soymeal futures trade $2.50 short ton lower at $312.10. July soyoil futures are $0.09 higher at $34.39. In the outside markets, the Brent crude oil market is $0.15 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 55 points lower.
Mike
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Soybeans fell overnight again, continuing their downward trajectory from Friday, as the large amount of net-longs are making non-speculators nervous. Money managers are a notoriously skittish bunch and when they all rush to one side and the boat starts tipping, well ... we all know what happens. That said, they've been very well-behaved for about the past year without the huge swings dominating the markets, at least until last week. It'll be interesting to see if they want to hold onto their contracts or if they'll jump ship.
Here's what happened overnight:
Brent Crude Oil = 0.5% lower.
West Texas Intermediate Crude Oil = 0.8% lower.
Dollar = down 0.3%.
Wall Street = U.S. stock futures slightly lower in pre-market trading.
World Markets = Global stocks decline as oil prices fall.
