At the close:
At the close, the July corn futures finished 5 1/4¢ lower at $3.70, while December futures closed 5 1/4¢ lower at $3.88. July soybean futures finished 10¢ lower at $9.27 3/4, November soybean futures closed 9 3/4¢ lower at $9.38 3/4. July wheat futures ended 5 1/2¢ higher at $4.72 1/2. July soy meal futures closed $0.60 per short ton lower at $300.90. July soy oil futures finished $0.80 lower at 32.02¢ per pound. In the outside markets, the Brent crude oil market is $0.87 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 35 points lower.
Mike
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At mid-session:
At mid-session, the July corn futures are 3 1/2¢ lower at $3.71, while December futures are 3 3/4¢ lower at $3.89. July soybean futures are 7 1/2¢ lower at $9.30, November soybean futures are 7 1/2¢ lower at $9.41. July wheat futures are 4¢ higher at $4.71. July soy meal futures are $0.60 per short ton lower at $300.90. July soy oil futures are $0.56 lower at 32.26¢ per pound. In the outside markets, the Brent crude oil market is $1.15 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 16 points lower.
Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that the corn and soybean markets are being hurt by the current weather which is less hot than before.
“Rains have been mixed, with some areas getting a lot and many areas not getting much at all. But, the weather now is cooler and the crop ratings showed some improvement, although not as much as expected,” Scoville says.
Specs seem to be the best sellers, farmers appear content to hold, but apparently sold a whole lot of old crop corn over the last couple of weeks, he says.
“Wheat prices are not acting all that great, considering the drop in condition ratings for HRS. Maybe the prices are finally high enough in the wheat market, although I somehow doubt it,” Scoville says.
Mike
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In early trading:
At 9:30am, the July corn futures are 5¢ lower at $3.70, while December futures are 5 1/2¢ lower at $3.87. July soybean futures are 9 1/2¢ lower at $9.28, November soybean futures are 10¢ lower at $9.38. July wheat futures are 2¢ lower at $4.65. July soy meal futures are $1.20 per short ton lower at $300.30. July soy oil futures are $0.79 lower at 32.03¢ per pound. In the outside markets, the Brent crude oil market is $1.26 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 21 points lower.
Mike
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Wheat rose a two-year high after the USDA yesterday said spring crop ratings fell 4 percentage points to 41% good or excellent. Last year at this time, 76% had earned top ratings. Chicago wheat was up about 3 cents and KC wheat was up about 2 cents. Corn and beans were little changed, moving less than a penny in either direction. The low spring wheat ratings are becoming a concern, as is global weather. Australia, Ukraine and France are all having issues as well, which could mean higher prices from here on. See all the details in 3 Big Things at http://www.agriculture.com/news/crops/3-big-things-today-june-20-0.
Here's what happened overnight:
Brent Crude Oil = down 1.9%.
West Texas Intermediate Crude Oil = down 2%.
Dollar = up 0.1%
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks higher as Bank of England takes cautious tone.
