At the close:
At the close, the July corn futures finished 2 1/4¢ lower at $3.53 3/4. December futures finished 1 3/4¢ lower at $3.75 1/2. July soybean futures ended 19 1/2¢ lower at $8.89. November soybean futures closed 20 1/2¢ lower at $9.11. July wheat futures finished 12 1/4¢ lower at $4.77 3/4. July soy meal futures settled $1.00 per short ton lower at $334.50. July soy oil futures closed 0.72 lower at 28.85¢ per pound. In the outside markets, the NYMEX crude oil market is $0.77 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 268 points lower.
Al Kluis, Kluis Advisors, says that the markets are not taking the trade tariff talks very well.
“Trade uncertainty with China, and non-threatening weather forecasts continue to put pressure on grain prices,” Kluis stated Tuesday in a note to customers.
He added, “Will the collapse in the global stock and commodity markets force some type of trade negotiations to start again?”
Jason Roose, U.S. Commodities, says that the farm markets have a lot of downward momentum.
“Grains continue to be in a liquidation phase, hitting new contract lows in corn and soybeans. Non-threatening weather and uncertainties with China trade negotiations have been the main fundamental factors that have all grains searching for near term support in a technical oversold market,” Roose says.
Mike
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At mid-session:
At mid-session, the July corn futures are 1 1/4¢ lower at $3.54. December futures 3/4¢ lower at $3.76. July soybean futures are 28¢ lower at $8.80. November soybean futures are 28 1/2¢ lower at $9.03. July wheat futures are 7 3/4¢ lower at $4.82. July soy meal futures are $3.40 per short ton lower at $334.20. July soy oil futures are 0.75 lower at 29.60¢ per pound. In the outside markets, the NYMEX crude oil market is $1.24 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 308 points lower.
Mike
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At 9:18am:
In early trading, the July corn futures are 6 1/4¢ lower at $3.49. December futures 6 1/2¢ lower at $3.70. July soybean futures are 19 1/2¢ lower at $8.89. November soybean futures are 19 1/2¢ lower at $9.12. July wheat futures are 13 1/4¢ lower at $4.76. July soy meal futures are $2.30 per short ton lower at $333.20. July soy oil futures are 0.68 lower at 28.89¢ per pound. In the outside markets, the NYMEX crude oil market is $0.92 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 318 points lower.
Mike
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Soybeans and grains were lower overnight after President Trump asked the US Trade Representative to find another $200 billion worth of Chinese goods on which the US could impose tariffs. That sparked a response from China's Commerce Ministry, which said the US had started a "trade war." Beans were down 24 cents overnight, corn lost 8 cents and wheat was off by 9-10 cents. Export inspections, meanwhile, rose for both corn and beans week-to-week, but were down for wheat. In weather news, strong thunderstorms are forecast for eastern Nebraska and western Iowa, while the heat continues in parts of Missouri and Illinois, according to the National Weather Service. Get all the details in today's 3 Big Things.
West Texas Intermediate = down 1.7%.
Brent Crude = down 0.8%
Dollar = up 0.5%.
Wall Street = U.S. stock lower pre-market.
World Markets = Global stocks lower overnight.
