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07-07-2017 06:50 AM - last edited on 07-07-2017 02:20 PM by marketeye
At the close:
At the close, the Sept. corn futures finished 2¢ higher at $3.92 1/2, while December futures closed 2¢ higher at $4.04 3/4. Aug. soybean futures finished 15 1/4¢ higher at $10.01, November soybean futures closed 16 1/4¢ higher at $10.15 1/2. September wheat futures ended 4¢ lower at $5.35. August soy meal futures settled $8.70 per short ton higher at $330.70. August soy oil futures finished $0.05 lower at 32.85¢ per pound. In the outside markets, the Brent crude oil market is $1.32 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 91 points higher.
Deanna Hawthorne-Lahre, StatFutures co-founder and trader, says that the soybean action is purely heat driven.
"The birdies are lowering yield numbers, behind the scenes,' Hawthorne-Lahre says. "Also, we've heard chirping that there are 7.0 million acres of soybeans up in ND at risk, along with the wheat crop that makes up the Minneapolis market. So, we have a bit of a fire lit under it this week."
For corn, the market made it through the $4.00 level, she says. "But, I am having a hard time caring about corn at this stage. Wheat and Kansas wheat have balanced, given what happened in the Minneapolis market. As far as I'm concerned, the heat and weather is in this market, and if something doesn't back it up, we'll test the longs again," Hawthorne-Lahre says.
At mid-session, the Sept. corn futures are 6¢ higher at $3.96 1/2, while December futures are 6¢ higher at $4.08. Aug. soybean futures are 16 1/2¢ higher at $10.02, November soybean futures are 17 1/2¢ higher at $10.16. September wheat futures are 5 1/4¢ higher at $5.44. August soy meal futures are $7.70 per short ton higher at $329.70. August soy oil futures are $0.18 higher at 33.08¢ per pound. In the outside markets, the Brent crude oil market is $1.03 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 95 points higher.
The USDA announced its delayed Weekly Export Sales Friday. Wheat and soybean sales beat expectations.
Wheat= 375,300 metric tons vs. the trade’s expectation of between 350,000-550,000 metric tons,
Corn= 214,800 mt. vs. the trade’s expectation of between 350,000-700,000 metric tons,
Soybeans= 438,700 mt. vs. the trade’s expectation of between 250,000-750,000 metric tons and
Soybean meal= 45,100 mt. vs. the trade’s expectation of between 25,000-200,000 metric tons.
Meanwhile, USDA announced a fresh corn sales Friday.
Private exporters reported to the U.S. Department of Agriculture export sales of 143,000 metric tons of corn for delivery to Mexico. Of the total 11,000 metric tons is for delivery during the 2016/2017 marketing year and 132,000 metric tons is for delivery during the 2017/2018 marketing year
The marketing year for corn began Sept. 1.
At the open:
In early trading, the Sept. corn futures are 4 1/2¢ higher at $3.95, while December futures are 4 1/2¢ higher at $4.07. Aug. soybean futures are 10 3/4¢ higher at $9.96, November soybean futures are 11¢ higher at $10.10. September wheat futures are 4 1/2¢ higher at $5.43. August soy meal futures are $4.90 per short ton lower at $326.90. August soy oil futures are $0.07 higher at 32.97¢ per pound. In the outside markets, the Brent crude oil market is $0.98 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 55 points higher.
Wheat fell again overnight, continuing a two-day down streak after rising for six straight sessions. Not much has changed fundamentally in the U.S. but investors seem to be happy with the gains they made so they're now liquidating their long positions. Wheat fell 6-7 cents, corn was down a penny and beans lost 2 cents. Looks like a mostly quiet day weather-wise with a storm brewing in the eastern Midwest. Much of Iowa and Illinois will be hot this weekend with isolated showers expected to pop up. In ethanol news, production was little changed week-over-week but stockpiles fell to the lowest level since January. See all the details in today's 3 Big Things at http://www.agriculture.com/news/crops/3-big-things-today-july-7-0
Here's what happened overnight:
Brent Crude Oil = down 2.6%
West Texas Intermediate = down 2.5%
Dollar = up 0.2%
Wall Street = U.S. stock futures mixed in pre-market trading.
World Markets = Global stocks mixed as oil prices plunge.
07-07-2017 02:13 PM
Where are the complaints about USDA when they underestimate or under forecast export sales? Get a little bump up in price and no brickbats going their way. Get a bump down and they are frauds, scoundrels and worse.
07-07-2017 06:11 PM
Aren't the expectations of sales from the trade....and not USDA? They don't call these numbers projections do they? I have always heard them referred to as expectations. And......aren't the export sales reported the ACTUAL sales which are reported AFTER the actual sales?.........which means they are REAL numbers. But hey, expectations, projections, forecasts, estimates, and predictions are all about the same thing right?