At the close:
The July corn futures settled 9 cents higher at $6.01 1/2, while the Dec. contract ended 6 1/2 cents higher at $5.17. The July soybean contract settled 21 1/4 cents lower $13.87, while the Nov. 2012 contract settled 11 3/4 cents lower at $13.08. The July wheat futures finished 7 cents higher at $6.23. July soyoil futures closed $1.06 lower at $48.04. The July soymeal futures finished $5.50 lower at $416.50.
In the outside markets, the NYMEX crude oil is $0.89 per barrel higher, the dollar is lower and the Dow Jones Industrials are 92 points higher.
Mike
-------
At 1pm:
One analyst says, "The market is drifting lower after opening higher on positive export sales expect for corn. Corn is all about tight cash markets and nothing more. I think a lot of money is coming off the table before the Greek elections, but maybe not much more. Weather is mostly good for now hurtuing new crop in both corn and beans. Kind of a slow trade I think, people do not want much these days. Mostly specs for me, my hedge side is quiet."
Mike
-------
At mid-session:
The July corn futures trade 13 3/4 cents higher at $6.06, while the Dec. contract trades 7 1/4 cents higher at $5.17 1/4. The July soybean contract is trading 6 1/2 cents lower $14.01 3/4, while the Nov. 2012 contract trades 3 1/4 cents lower at $13.16 1/2. The July wheat futures are trading 10 1/4 cents higher at $6.26 1/4. July soyoil futures trade $0.79 lower at $48.31. The July soymeal futures are trading $0.90 higher at $422.90.
In the outside markets, the NYMEX crude oil is $0.74 per barrel higher, the dollar is lower and the Dow Jones Industrials are 104 points higher.
Mike
--------
At the open:
The July corn futures trade 14 3/4 cents higher at $6.06, while the Dec. contract trades 7 cents higher at $5.17 1/4. The July soybean contract is trading 3 1/4 cents higher $14.12, while the Nov. 2012 contract trades 1 1/2 cents higher at $13.21. The July wheat futures are trading 10 cents higher at $6.26. July soyoil futures trade $0.30 lower at $48.80. The July soymeal futures opened $2.20 higher at $424.00.
In the outside markets, the NYMEX crude oil is $0.20 per barrel higher, the dollar is lower and the Dow Jones Industrials are 73 points higher.
Mike
------------
At 8am:
--USDA announces Thursday that China bought 110,000 mt of U.S. SRW wheat for 2012-13 delivery.
Mike
----------
At 7:45am:
Look at that corn export figure below, geemenee! I had to do a double-take on that small number. Corn exports have fallen off of a cliff. Can you believe it?
Mike
-----------
At 7:30am:
USDA Weekly Export Sales Report is bearish for the corn market, friendly for soybeans.
Corn=169,800 mt vs. the trade's expectations of 350,000-750,000 metric tons.
Soybeans=1.05 million metric tons vs. the trade's expectations of 450,000-750,000 mmt.
Wheat=Unknown vs. the trade's expectations of 150,000-350,000 mt.
Soymeal=141,300 mt vs. the trade's expectations of 75,000-175,000 mt.
Soyoil=7,300 mt.
Mike
-----------
At 7:10am:
--A South Korea buyer is purchasing 55,000 mt of optional-origin corn from either South America or the U.S. Thursday.
--Japan, South Korea and Taiwan bought 220,000 mt of U.S. wheat Thursday.
--USDA Weekly Export Sales will be released at 7:30am CT.
---U.S. ethanol production, last week, averaged 920,000 barrels per day (b/d) – or 38.64 million gallons daily. That is up 16,000 b/d from the week before, according to the Energy Information Agency. The 4-week average for ethanol production stood at 911,000 b/d for an annualized rate of 13.97 billion gallons.
Stocks of ethanol, which fell to their lowest point since the week ending May 11, stood at 20.7 million barrels.
Mike
----------
At 6:30am:
Early calls: Corn 7-8 cents higher, soybeans 2-4 cents lower, and wheat 5-7 cents higher.
Trackers:
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$0.15 per barrel higher.
Dollar=Lower.
Wall Street=Seen starting little changed, ahead of U.S. economic data and the Greece weekend vote.
World Markets=Lower.
More in a minute,
Mike
