At the close:
At the close, the July corn futures finished 1/2¢ higher at $3.54 1/4. December futures finished 1/4¢ higher at $3.75 3/4. July soybean futures ended 1/2¢ higher at $8.89 1/2. November soybean futures closed 1/2¢ lower at $9.10 1/2. July wheat futures settled 9 3/4¢ higher at $4.99 1/4. July soy meal futures closed $1.30 per short ton lower at $333.20. July soy oil futures finished 0.52 higher at 29.37¢ per pound. In the outside markets, the NYMEX crude oil market is $1.15 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 3 points lower.
Mike
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At mid-session:
At mid-session, the July corn futures are 5 1/2¢ lower at $3.48. December futures 5 3/4¢ lower at $3.69. July soybean futures are 8 1/2¢ lower at $8.80. November soybean futures are 9 1/4¢ lower at $9.01. July wheat futures are 1 1/2¢ lower at $4.88. July soy meal futures are $5.40 per short ton lower at $329.10. July soy oil futures are 0.39 higher at 29.24¢ per pound. In the outside markets, the NYMEX crude oil market is $1.36 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 10 points lower.
Al Kluis, Kluis Advisors, says that news stories continue to favor the bears.
“If we continue to get bearish news but prices do not head lower, then many traders will view this as the first step of marking a major
low,” Kluis stated in a daily note to customers Wednesday.
Kluis added that the grains have been on a true roller coaster.
“On Tuesday, the July soybean contract had a 64 cent range while corn had a 19 cent range. Soybeans ended the day down 19 while corn was down 2 cents. The wild swing sure feels like the market has reached 'capitulation'. That means we had a big spike in volume while prices traded wildly during the day, but came back to end the day considerably better than the low. The panic selling seen on Tuesday may have been what the market needed to establish a major low.”
On Wednesday, the U.S. weekly ethanol output is on the rise, according to a Renewable Fuels Association press release.
According to EIA data analyzed by the Renewable Fuels Association, ethanol production averaged 1.064 million barrels per day (b/d)—or 44.69 million gallons daily. Output expanded 11,000 b/d from the prior week to yield a 17-week high. The four-week average for ethanol production swelled to the 19-week high of 1.050 million b/d for an annualized rate of 16.10 billion gallons, the release stated.
Stocks of ethanol were 21.6 million barrels. That is a 2.7% decline from last week.
There were zero imports recorded for the 28th week in a row, according to the RFA release.
.
Mike
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At 9:18am:
In early trading, the July corn futures are 1 3/4¢ lower at $3.52. December futures 2¢ lower at $3.73. July soybean futures are 1/4¢ lower at $8.88. November soybean futures are 1 3/4¢ lower at $9.09. July wheat futures are 1/4¢ lower at $4.89. July soy meal futures are $1.10 per short ton lower at $333.40. July soy oil futures are 0.30 higher at 29.15¢ per pound. In the outside markets, the NYMEX crude oil market is $0.87 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 7 points lower.
Mike
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Soybeans and grains rose overnight as bargain hunters snap up supplies. Some end-users see it as a good time to buy while some speculative investors who held short positions bought back and closed their contracts. Beans gained about 2 cents, corn added a penny and wheat was up 5-6 cents overnight. Jeffrey Xu, the managing director of Overseas China Investment, said during a speech at the International Grains Council conference in London today that China can use less soymeal in livestock feed and seek supplies from other countries to offset its lack of purchases from the US as the trade spat between China and the US escalates. In weather news, much of eastern Nebraska, western Iowa and southeastern South Dakota are under flood watches or warnings due to excessive rain in the area. More precipitation is on the way, the National Weather Service said. Get all the details in today's 3 Big Things.
West Texas Intermediate = up 0.2%.
Brent Crude = up 0.2%
Dollar = up 0.1%.
Wall Street = U.S. stock higher pre-market.
World Markets = Global stocks higher overnight.
