At the close:
At the close, the July corn futures settled 8 1/4 cents lower at $3.35 3/4, Dec. futures finished 9 3/4¢ lower at $3.48 1/4 per bushel. August soybean futures closed 8 1/2¢ lower at $11.01, while Nov. soybean futures finished 4¢ lower at $10.73 1/4. Sept. wheat futures closed 5¢ lower at $4.28. August soymeal futures finished $0.80 short ton lower at $383.40. July soyoil futures finished $0.59 lower at $30.36. 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 70 points higher.
Mike
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At mid-session:
At mid-session, the July corn futures are 9 1/4 cents lower at $3.34, Dec. futures are 10 3/4¢ lower at $3.47 per bushel. August soybean futures are 34¢ lower at $10.76, while Nov. soybean futures are 29¢ lower at $10.48. Sept. wheat futures are 10 3/4¢ lower at $4.22. August soymeal futures are $13.50 short ton lower at $370.70. July soyoil futures are $0.56 lower at $30.39. In the outside markets, the Brent crude oil market is $0.13 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 25 points higher.
Mike North, President Commodity Risk Management Group, says that funds and weather are market drivers, right now.
“Funds continue to liquidate their position in the bean market, now that support has been violated. Rains in recent days have built a larger crop in the mind of the trade. Coupled with greater acreage, balance sheets are growing along with the confidence of the bears. Near term support in corn is still 15 cents lower,” North says.
Mike
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At the open:
At the open, the July corn futures are 6 cents lower at $3.38, Dec. futures are 6¢ lower at $3.51 per bushel. August soybean futures are 21¢ lower at $10.88, while Nov. soybean futures are 25¢ lower at $10.52. Sept. wheat futures are 7¢ lower at $4.26. August soymeal futures are $10.50 short ton lower at $373.50. July soyoil futures are $0.47 lower at $30.48. In the outside markets, the Brent crude oil market is $0.17 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 53 points lower.
Mike
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The rain keeps falling in much of the Corn Belt, though there are still dry areas in northern states including the Dakotas. In some areas it sounds like there's just too much rain coming down. Bean conditions declined week-over-week while corn remained unchanged. More rain is expected in parts of Iowa and Illinois the next two days, according to the National Weather Service. It's expected to be extremely hot in some areas of the southern Plains.
Here's what happened overnight:
Brent Crude Oil = 1.4% lower.
West Texas Intermediate Crude Oil = 1.5% lower.
Dollar = up 0.1%.
Wall Street = U.S. stock futures lower in overnight trading
World Markets = Global stocks lower as Brexit stressors make a comeback.
