At the close:
The Sept. futures corn contract settled 3 cents higher at $5.41. New-crop Dec. corn futures closed 1 cents lower at $5.00. The Aug. soybean futures contract finished 8 cents lower at $14.69, new-crop Nov. soybeans finished 17 cents lower at $12.65. Sept. wheat futures settled 5 cents lower at $6.60 per bushel. The Dec. soymeal futures finished $8.10short ton lower at $377.90.
In the outside markets, the NYMEX crude oil is $1.71per barrel higher, the dollar is higher and the Dow Jones Industrials are 86 points higher.
Mike
----------
At mid-session:
The Sept. futures corn contract is 2 cents lower at $5.36. New-crop Dec. corn futures are 5 cents lower at $4.96. The Aug. soybean futures contract is trading 8 cents lower at $14.69, new-crop Nov. soybeans are trading 19 cents lower at $12.64. Sept. wheat futures started 1 cent lower at $6.64 per bushel. The Dec. soymeal futures are trading $9.60 short ton lower at $376.40.
In the outside markets, the NYMEX crude oil is $1.20per barrel higher, the dollar is higher and the Dow Jones Industrials are 103 points higher.
Mike
-------
At 11am:
Farm markets remain lower. Now, the real big news is the testimony of Fed Chairman Ben Bernanke. Amongst a number of things, he has said things such as:
--For Gold, Chairman Bernanke would not say what he thinks QE tapering would do to commodities. He did say, "I think people hold gold for an inflation hedge. But, gold is not a good indicator of inflation."
--"Inflation is not going up, it's high, but not going up." He says inflation is the same as last year, when figures are plugged into the formula and spit out.
--QE tapering could start in the middle of next year. Or, if the majority of the Fed Committee have their way, tapering will happen at the end of this year.
--He says the benefits of QE programs are still being studied. Chairman Bernanke believes the program does help the economy. But, it is still being studied by many people.
--Student debt is now over $1 Trillion dollars. He says it is a fiscal risk to the U.S. Government. Why? Because, overtime, these people won't be able to buy a home.
This is possibly Chairman Bernanke's final appearance in front of the Congressional panel, due to talks of his retirement from his position.
Mike
------
At the open:
The Sept. futures corn contract is 3 cents lower at $5.35. New-crop Dec. corn futures are 4 cents lower at $4.97. The Aug. soybean futures contract is trading 5 cents lower at $14.72, new-crop Nov. soybeans are trading 7 cents lower at $12.75. Sept. wheat futures started 1 cent higher at $6.65 per bushel. The Dec. soymeal futures are trading $5.30 short ton lower at $380.70.
In the outside markets, the NYMEX crude oil is $0.32 per barrel higher, the dollar is higher and the Dow Jones Industrials are 25 points higher.
Mike
----------
At 7:45am:
USDA Weekly Export Sales Report Thursday indicates corn and soybean sales beat expectations:
Corn= 1.742 million metric tons vs. the trade's expectations of 600,000-950,000 metric tons,
Soybeans= 702,300 mt. vs. the expectations of 350,000-700,000 mt.
Wheat= 996,600 mt. vs. the trade's expectations of 1,000,000-1,300,000 metric tons
Soybean meal= 79,600 mt. vs. the trade's expectations of 50,000-150,000 metric tons.
Mike
------------
At 7:00am:
Early calls: Corn is seen 4-6 cents lower (old-crop), soybeans 5-7 cents lower (old-crop), and wheat 1-2 cents higher. Meanwhile, new-crop corn 6-8 cents lower and soybeans are seen 6-8 cents lower.
Trackers:
Overnight grain, soybean markets=Trading mixed.
Crude Oil=$0.20 per barrel lower.
Dollar=Higher.
Wall Street=Seen flat.
World=Asia/Pacific stocks were mixed and Europe's stocks are mixed.
More in a minute,
Mike
