At the close:
At the close, the Sept. corn futures settled 1 1/4 cents higher at $4.24 1/2 per bushel, Dec corn futures finished 1 1/4 cents higher at $4.34 1/4.
Aug. soybean futures finished 4 3/4 cents higher at $9.96. Nov. soybean futures finished 2 1/2 cents higher at $9.88 1/4.
Sept. wheat futures finished 7 3/4 cents lower at $5.77 1/2.
Aug. soymeal futures closed $1.30 per short ton higher at $343.80. Aug. soyoil futures ended $0.17 higher at $31.69.
In the outside markets, the Brent Crude oil market is $0.54 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 275 points lower.
Mike
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At mid-session:
At mid-session, the Sept. corn futures are trading 1 cent higher at $4.24 per bushel, Dec corn futures are 3/4 of a cent higher at $4.33.
Aug. soybean futures are trading 9 1/4 cents higher at $10.01 1/4. Nov. soybean futures are trading 7 cents higher at $9.92.
Sept. wheat futures are 6 1/4 cents lower at $5.79.
Aug. soymeal futures are trading $2.50 per short ton higher at $345.00. Aug. soyoil futures are trading $0.33 higher at $31.85.
In the outside markets, the Brent Crude oil market is $0.16 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 203 points lower.
Jack Scoville, The PRICE Futures Group vice-president, says that the market is reacting to bullish fundamental news.
“Informa, the private analyst firm, is talking less soybean area in Missouri. Export sales of 240,000 new crop soybeans to unknown, and just ideas of slow development and more risk for crops has created buying,” Scoville says.
Scoville adds, “It’s kind of an unsubstantiated rally to me. But, there are more rains in the forecast and the forecast seems to be getting wetter for the next week or so. All of that might be enough reason to go higher.”
Shorts not really covering, if they have been placed this week, he says.
“So, I am not sure how far this can go, my idea is that we made a high last week, maybe a seasonal high, but not looking super cool right now.”
Mike
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At the open:
At the open, the Sept. corn futures, Dec corn futures are 1-2 cents higher.
Aug. soybean futures are trading 3 cents higher at $9.95. Nov. soybean futures are trading 3 cents higher at $9.95.
Sept. wheat futures are 6 cents lower at $5.79.
Aug. soymeal futures are trading $1.10 per short ton higher at $343.40. Aug. soyoil futures are trading $0.05 higher at $31.57.
In the outside markets, the Brent Crude oil market is $0.37 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 149 points lower.
Mike
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At 8:15am:
USDA announces big soybean sale Wednesday.
Private exporters reported to the U.S. Department of Agriculture export sales of 240,000 metric tons of soybeans for delivery to unknown destinations during the 2015/2016 marketing year.
The marketing year for soybeans began Sept. 1.
Mike
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At 7:15am:
Early calls: Corn 1-2 cents lower, soybeans 4-5 cents higher, and wheat 8-9 cents lower.
Trackers:
Overnight grain, soybean markets = Trading mostly lower.
Brent Crude Oil = $0.40 higher.
Dollar =Lower.
Wall Street = Seen lower, as investors fear China's weakening economy and the Fed's June meeting minutes await.
World Markets = Europe stocks were higher, Asia/Pacific stocks were lower.
More in a minute,
Mike
