At the close:
At the close, the Sep. corn futures settled 4 1/4¢ higher at $3.26 1/2, Dec. futures are 4¢ higher at $3.37 per bushel. Sep. soybean futures settled 24 3/4¢ higher at $10.23 3/4, while Nov. soybean futures finished 27 1/2¢ higher at $10.09 1/4. Sept. wheat futures ended 1/2¢ lower at $4.22. Sep. soymeal futures closed $7.10 short ton higher at $339.60. Sept. soyoil futures closed $1.18 higher at 33.21¢ per pound. In the outside markets, the Brent crude oil market is $1.21 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 78 points higher.
Mike
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At 1pm:
NOPA Soybean Crush Falls In July.
NOPA reports Monday that its members crushed 143.715 million bushels
of soybeans in July, down from 145.050 million during June. In
July 2015, the NOPA crush was 145.227 million bushels, according to Reuters
Mike
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.
At mid-session:
At mid-session, the Sep. corn futures are 5 1/4¢ higher at $3.27, Dec. futures are 5 1/4¢ higher at $3.38 per bushel. Sep. soybean futures are 22 3/4¢ higher at $10.21, while Nov. soybean futures are 25 3/4¢ higher at $10.07. Sept. wheat futures are 3/4¢ lower at $4.21. Sep. soymeal futures are $4.80 short ton higher at $337.30. Sept. soyoil futures are $1.24 higher at 33.27¢ per pound. In the outside markets, the Brent crude oil market is $1.12 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 80 points higher.
Mike
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At the open:
At the open, the Sep. corn futures are 4 1/4¢ higher at $3.26, Dec. futures are 4 1/4¢ higher at $3.37 per bushel. Sep. soybean futures are 20 3/4¢ higher at $10.19, while Nov. soybean futures are 20 3/4¢ higher at $10.02. Sept. wheat futures are 4 1/4¢ higher at $4.26 3/4. Sep. soymeal futures are $6.50 short ton higher at $339.00. Sept. soyoil futures are $0.64 higher at 32.67¢ per pound. In the outside markets, the Brent crude oil market is $0.69 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 66 points higher.
Deanna Hawthorne-Lahre, StatFutures co-founder, says demand is the main driver, along with technical features.
“Gulf rains and a strong business book are bolstering some short-covering,” Hawthorne-Lahre says. “A gap in soybeans at $10.06 1/2 per bushel has been sitting on the charts for awhile, it got filled today. Also, heavy rains in New Orleans area has the supply chain backed up a bit. A day of physics, as I call it when pressure is released and the market finds a new level.”
Mike
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Traders are ignoring the WASDE report from Friday -- many just don't believe the numbers -- as prices jumped overnight despite forecasts for record production. Demand continues to be strong with the USDA announcing on Friday that China bought another shipment of US soybeans.
There's a lot of flooding going on in southern Illinois and central Indiana, and of course Louisiana where thousands of people have lost their homes. Still, some parts of the Midwest remain dry including northern Illinois and Indiana and Ohio.
Brent Crude Oil = 0.1% higher.
West Texas Intermediate Crude Oil = 0.2% higher.
Dollar = down 0.1%.
Wall Street = U.S. stock futures slightly higher in overnight trading.
World Markets = Global stocks gain on emerging market optimism.
