At the close:
At the close, the Sept. corn futures settled 2 cents lower at $4.26 1/2 per bushel. The Dec corn futures finished 2 1/4 cents lower at $4.35 per bushel.
Aug. soybean futures closed 16 cents lower at $10.22 1/4. Nov. soybean futures finished 15 1/2 cents lower at $10.14 3/4.
Sept. wheat futures ended 5 cents higher at $5.95 1/2.
Aug. soymeal futures closed $3.80 per short ton lower at $346.30. Aug. soyoil futures closed $0.74 lower at $32.74.
In the outside markets, the Brent Crude oil market is $4.79 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 96 points lower.
Mike
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At mid-session:
At mid-session, the Sept. corn futures are trading 4 cents lower at $4.24 per bushel. The Dec corn futures are 4 1/2 cents lower at $4.32 per bushel.
Aug. soybean futures are trading 14 1/4 cents lower at $10.24. Nov. soybean futures are trading 14 cents lower at $10.16.
Sept. wheat futures are 2 cents higher at $5.92.
Aug. soymeal futures are trading $3.00 per short ton lower at $347.10. Aug. soyoil futures are trading $0.54 lower at $32.94.
In the outside markets, the Brent Crude oil market is $3.76 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 38 points lower.
Jack Scoville. the PRICE Futures Group Senior Market Analyst, says that the lower market is a result of forecasts for somewhat better weather.
“Plus, half of the world has been out crop-scouting and seeing what is going on. The crops are out there, although conditions are still kind of rough for them. I think the warmer weather we all think is coming will do a lot for growth,” Scoville says.
Corn is still very short and some is very yellow, Scoville says. Beans are still trying to canopy, in many areas. “But, forecasts for somewhat warmer and drier weather is hurting the up side, plus it is usually hard to rally past July 4th, without some big heat which does not seem to be in the cards.”
Scoville adds, “There is a good chance we made a spike high last week. So now, I think we know the high and the low for at least the next several weeks.”
Mike
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At the open:
At the open, the Sept. corn futures are trading 7 cents lower at $4.20 per bushel. The Dec corn futures are 7 cents lower at $4.29 per bushel.
Aug. soybean futures are trading 18 cents lower at $10.19. Nov. soybean futures are trading 20 cents lower at $10.10.
Sept. wheat futures are 15 cents lower at $5.74.
Aug. soymeal futures are trading $5.30 per short ton lower at $344.80. Aug. soyoil futures are trading $0.66 lower at $32.82.
In the outside markets, the Brent Crude oil market is $2.95 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 81 points lower.
Mike
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At 7:45am:
Early calls: Corn 9-10 cents lower, soybeans 18-20 cents lower, and wheat 10-15 cents lower.
Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $3.10 lower.
Dollar =Lower.
Wall Street = Seen lower, with Greek drama of voters saying no to austerity measures.
World Markets = Europe stocks were lower, Asia/Pacific stocks were lower.
More in a minute,
Mike
