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06-13-2017 06:51 AM - last edited on 06-13-2017 02:09 PM by marketeye
At the close:
At the close, the July corn futures settled 3 3/4¢ higher at $3.81, while December futures finished 3 1/2¢ higher at $3.99. July soybean futures closed 1 1/4¢ higher at $9.32, November soybean futures finished 3/4¢ higher at $9.39. July wheat futures settled 11¢ higher at $4.45. July soy meal futures finished $0.30 per short ton lower at $301.50. July soy oil futures ended $0.15 higher at 32.09¢ per pound. In the outside markets, the Brent crude oil market is $0.35 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 82 points higher.
At mid-session, the July corn futures are 5 3/4¢ higher at $3.83, while December futures are 5 1/4¢ higher at $4.00. July soybean futures are 7 1/2¢ higher at $9.38, November soybean futures are 7 1/4¢ higher at $9.45. July wheat futures are 11 1/4¢ higher at $4.45. July soy meal futures are $2.20 per short ton higher at $304.00. July soy oil futures are $0.23 lower at 32.17¢ per pound. In the outside markets, the Brent crude oil market is $0.08 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 82 points higher.
In early trading, the July corn futures are 1 3/4¢ higher at $3.79, while December futures are 1 3/4¢ higher at $3.97. July soybean futures are 3 3/4¢ higher at $9.35, November soybean futures are 3 1/2¢ higher at $9.41. July wheat futures are 3 3/4¢ higher at $4.37. July soy meal futures are $1.50 per short ton higher at $303.30. July soy oil futures are $0.04 lower at 31.90¢ per pound. In the outside markets, the Brent crude oil market is $0.09 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 55 points higher.
Corn was higher overnight after the USDA lowered its good-excellent rating by 1 point week-to-week. The hot weather is becoming a concern as well, and there's only a chance of rainfall tomorrow with temperatures still nearing triple digits. Corn was up 3 cents, beans gained 3 cents and wheat was up 6-7 cents. Soybeans were rated 66% good-excellent in their first rating of the season, and winter wheat harvest is underway with 17% collected as of Sunday. In Texas, 72% is harvested, 52% is collected in Oklahoma and 4% is finished in Kansas. Check out the details in today's 3 Big Things at http://www.agriculture.com/news/crops/3-big-things-today-june-13-0.
Here's what happened overnight:
Brent Crude Oil = down 0.1%.
West Texas Intermediate Crude Oil = down 0.1%.
Dollar = down 0.1%
Wall Street = U.S. stock futures higher in pre-market trading on rebounding tech.
World Markets = Global stocks lower on political uncertainty.
06-13-2017 07:41 AM
So....the market tanked yesterday because there is only a chance of rain tomorrow and it's gonna be hot? alrighty then...........
I think those folks in the marketplace are just trying to scare up some more cheap bushels. It's what they are paid to do.
06-13-2017 08:53 AM
roaring- It has been raining in Minnesota for three days. The southern half of the state received rain sunday, Monday, and likely Tuesday again. South Dakota also received some rain. And currently there is a good shower moving through ND, and NW Minnesota right now which has been dry. To be honest I'm surprised the markets are up at all today.
06-13-2017 08:56 AM
you know tiger1- it's these new genetics, they just pack on more bushels at the sound of a chance of rain in the forecast.
According to certain experts.
17 days without rain and with lots of heat. Crops are holding well.
06-13-2017 09:47 AM
Agree with wind. While this weather is terrible for hay and pastures, we had a dry June last year--recipe for success. Of course it stayed pretty mild and wet the rest of the summer..but that is a given again, right? Crops look very good, handled the heat well so far. But, we have lots of subsoil moisture for now. We did have more rain in June 2016; so we are robbing the bank now. Rain chances this week...50%. Cooler next week. Of course, one can trust the forecast.
It is a whole different ball game than back in the days when you didn't have crop insurance to fall back on. Each day back then was far more stressful. Of course, add in that most of the hot days days had some hours spent walking beans. Life is good, very good.
Now I think, wow a short crop/less work-expense at harvest/more $ per bushel. As long as most cooperate with the lower production plan. Leaning more to the problem of big crop. Horrible $ per bushel. Lots to handle/harvest/store, more expense that doesn't work well on the bottom line.
06-13-2017 10:56 AM
06-13-2017 02:42 PM
Iowastudent, Minnesota got great rains in 2012.... Corn in my area looks good, but when you get into Ohio and Indiana, things get a little rough. I took a 100 mile road trip yesterday through NE Indiana and NW Ohio and seen 3 guys drilling beans and only a handful of what I would call "good" cornfields.
06-13-2017 06:12 PM
There are a lot of traders and end users that are really happy over the perfect rains that are hitting Minnesota and the Dakotas. They may just need all the bushels they can get from those areas.