At midsession:
At midsession, the July corn futures are 17 1/4¢ higher at $6.85 1/2. New crop September futures are 7¢ higher at $5.99 3/4. December corn futures are 8 1/4¢ higher at $5.82 3/4.
July soybean futures are 9 3/4¢ lower at $14.56 1/2.
August soybean futures are 11 1/4¢ lower at $14.148. New crop November soybean futures are 10 1/2¢ lower at $13.62.
July wheat futures are 8¢ higher at $6.69 1/2.
July soymeal futures are $8.30 per short ton higher at $380.30.
July soy oil futures are $2.72 lower at 62.85¢ per pound.
In the outside markets, the NYMEX crude oil market is +0.80 higher (+1.11%) at $72.92. The U.S. dollar is higher, and the Dow Jones Industrials are 22 points lower (-0.07%) at 34,276 points.
Mike
-------
At 8:45am:
In early trading, the July corn futures are 8 1/4¢ higher at $6.76 1/2. New crop September futures are 5¢ higher at $5.96 3/4. December corn futures are 6¢ higher at $5.79 3/4.
July soybean futures are 5 3/4¢ lower at $14.60 1/2.
August soybean futures are 7 1/4¢ lower at $14.18. New crop November soybean futures are 8 1/2¢ lower at $13.65.
July wheat futures are unchanged at $6.61.
July soymeal futures are $2.40 per short ton higher at $374.80.
July soy oil futures are $1.23 lower at 64.34¢ per pound.
In the outside markets, the NYMEX crude oil market is -0.08 lower (-0.11%) at $72.04. The U.S. dollar is higher, and the Dow Jones Industrials are 28 points lower (-0.08%) at 34,270 points.
On Wednesday, private exporters reported to the USDA export sales of 153,416 metric tons of corn delivery to unknown destinations during the 2021/2022 marketing year.
The marketing year for corn began Sept. 1.
Al Kluis, Kluis Advisors, says that the markets will react day-to-day to Iowa's rain chances.
“The weather models are going to flip. Last week, the models showed hot and dry and tough growing conditions. Now, five days later, the models project 3 to 6 inches of rain with a bull’s eye on Iowa. The reality: somewhere in-between. If Iowa gets 3 to 6 inches, then the problem is probably solved. One to two inches helps, but does not solve the long-term moisture deficit," Kluis stated in a note to customers.
Kluis added, "What will happens in Iowa? When will the rain actually hit? Crop conditions have taken a big hit in Iowa over the last three weeks and are likely to move lower again in the report next Monday. The focus is on Iowa as the number one corn production state and number two in soybeans. However, the dry conditions and lower yield projections also cover almost all of Minnesota."
Mike
