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At the close:
The Sep. corn futures settled 5 cents higher at $5.04 per bushel. The Dec. corn futures contract closed 5 cents lower at $4.80. The Sep. soybean futures contract ended 19 cents higher at $14.33, new-crop Nov. soybeans settled 2 cents higherat $13.72. Dec. wheat futures finished 4 cents lower at $6.59 per bushel. The Dec. soymeal futures closed $1.10 per short ton lower at $429.30. The Dec. soyoil futures finished $0.26 higher at $44.78.
In the outside markets, the NYMEX crude oil is $0.95 per barrel higher at $109.00, the dollar is higher and the Dow Jones Industrials are 53 points higher.
Mike
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At mid-session:
The Sep. corn futures are 2 cents higher at $5.01 per bushel. The Dec. corn futures contract is trading 5 cents lower at $4.81. The Sep. soybean futures contract is trading 10 cents higher at $14.23, new-crop Nov. soybeans are trading 1 cent lower at $13.70. Dec. wheat futures are trading 2 cents lower at $6.61 per bushel. The Dec. soymeal futures are trading $1.80 per short ton lower at $428.60. The Dec. soyoil futures are trading $0.23 higher at $44.75.
In the outside markets, the NYMEX crude oil is $0.84 per barrel higher, the dollar is higher and the Dow Jones Industrials are 53 points higher.
Peter Meyer, PIRA Energy Group senior director of agricultural commodities, says it's a weather market.
"We’re trading a weather market," Meyer says. "Since some relief to the heat has surfaced in the forecasts, along with a chance of showers for some areas over the weekend, we’ve seen some selling come back into the market." Overall, investor sentiment is still bearish in corn, though traders seemed to have taking a liking to soybeans over the past week or so, Meyer says. "The markets looks like it will remain pretty volatile in the short term, until a clearer picture develops with the release of the September Farm Service Agency's acreage data, the September Quarterly Stocks Report, and the October WASDE. We believe that the September WASDE will be a non-event," Meyer says.
Mike
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At the open:
The Sep. corn futures are 2 cents lower at $4.97 per bushel. The Dec. corn futures contract is trading 3 cents lower at $4.83. The Sep. soybean futures contract is trading 4 cents higherat $14.18, new-crop Nov. soybeans are trading 1 cent higher at $13.72. Dec. wheat futures are trading 3 cents lower at $6.61 per bushel. The Dec. soymeal futures are trading $2.00 per short ton higher at $432.40. The Dec. soyoil futures are trading $0.08 higher at $44.59.
In the outside markets, the NYMEX crude oil is $1.47 per barrel higher, the dollar is higher and the Dow Jones Industrials are 16 points higher.
Mike
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At 8am:
--USDA announces Wednesday that China bought 120,000 tons of U.S. soybeans for 2013-14 delivery.
--USDA announced Wednesday that an 'unknown' buys 119,000 tons of U.S. wheat for 2013-14.
Mike
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At 7:45am:
--Japan seeks 320,000 tons of feed wheat Wednesday.
--S. Korea buys 60,000 tons of Ukraine and Brazilian corn Wednesday.
--Egypt tenders for 55,000-60,000 tons of milling wheat. Some of that will be of U.S. origin.
--Reports out of the U.S. South indicate corn yields are very strong.
Mike
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At 6:45am:
Early calls: Corn is seen 1-2 cents higher (old-crop), soybeans 4-5 cents higher (old-crop), and wheat 1-2 cents higher. Meanwhile, new-crop corn 1-2 cents higher and soybeans are seen 2-4 cents higher.
Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.57 per barrel higher at $109.00 per barrel, a six month high.
Dollar=Higher.
Wall Street=Seen cautiously higher, as the market eyes developments in Syria.
World Markets=Asia/Pacific stocks were lower, Europe stocks lower.
More in a minute,
Mike
