The grain and soybean markets will be closed Monday, due to the Labor Day Holiday.
Mike
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At the close:
The Dec. futures corn contract settled 8 cents lower at $7.99 1/2. Dec. wheat futures ended 13 cents lower at $8.89 per bushel. Nov. soybean futures contract closed 7 cents lower at $17.56. The Dec. soyoil futures contract finished $0.17 lower at $57.08. The Dec. soymeal futures contract settled $1.90 per short ton lower at $533.40.
In the outside markets, the NYMEX crude oil is $1.71 per barrel higher, the dollar is lower and the Dow Jones Industrials are 78 points higher.
Mike
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At mid-session:
The Dec. futures corn contract is trading 12 cents lower at $7.96 1/2. Dec. wheat futures are trading 20 cents lower at $8.82 per bushel. Nov. soybean futures contract is trading 14 cents lower at $17.49. The Dec. soyoil futures contract is trading $0.08 lower at $57.17. The Dec. soymeal futures contract is trading $4.10 per short ton lower at $531.20.
In the outside markets, the NYMEX crude oil is $1.58 per barrel higher, the dollar is lower and the Dow Jones Industrials are 67 points higher.
One analyst says, "Wheat markets are lower on the Russian news. "In Russia, no export ban is contemplated and no action contemplated for now in limiting exports or raising taxes. So, wheat is giving back some gains on that," he says.
The rest of the market action weakness looks like spec long liquidation before the holiday and not much more, he says.
"No real demand news out there and some weaker basis reports are driving things down. But, I think people are mostly just happy to get out and take a few days off and I can’t say I blame them. Given the price action today I have to say it is a low volume day for me,"
Mike
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At the open:
The Dec. futures corn contract is trading 2 cents lower at $8.05. Dec. wheat futures are trading 8 cents lower at $8.95 per bushel. Nov. soybean futures contract is trading 9 cents lower at $17.54 1/2. The Dec. soyoil futures contract is trading $0.11 lower at $57.14. The Dec. soymeal futures contract is trading $3.40 per short ton lower at $531.70.
In the outside markets, the NYMEX crude oil is $1.55 per barrel higher, the dollar is lower and the Dow Jones Industrials are 115 points higher.
The Fed Reserve Chairman announced Friday that there will be no quantitative easing measure applied to the U.S. economy, right now. So, do you see this as price-supportive for the ag commodities? The news appears to be creating a buying atmosphere, with all commodities trading higher.
Mike
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At 8:30am:
The news is heating up:
--An earthquake hit the Phillipines Friday.
--Heavy rains are headed towards the Midwest this weekend, due to Hurricane Isaac.
--There's new talk of Hurricane Kirk, off of the coast of Bermuda.
--And, Tropical Storm Leslie could hit the U.S. East Coast next week.
--Ben Bernanke speaks this morning, as does his world counterparts.
--No new fresh export sales this morning.
--Russia already made its splash on the market, with its overnight announcement of no grain export ban.
--Long holiday weekend ahead, could make for an interesting Monday night e-trade, once the markets open back up.
What can you add to the list? The stock market and grain markets have plenty to trade today. And I haven't even mentioned end-of-month profit-taking. What else am I missing?
Mike
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At 7am:
Why is wheat down overnight? Russia says no ban on grain exports.
Mike
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At 6:45am:
Early calls: Corn 1-2 cents lower, soybeans 3-4 cents lower, and wheat 5-7 cents lower.
Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.65 per barrel higher.
Dollar=Lower.
Wall Street=Seen opening higher, ahead of more global economic reports and speeches from Fed Reserve Chairman Ben Bernanke and the European Central Bank's president at the world summit in Jackson Hole, Wyoming.
World=Asia/Pacific stocks are lower, Europe stocks are higher.
More in a minute,
Mike
