At 1:45pm:
U.S. Senate passes its version of a new 2012 farm bill, cutting $23.0 billion dollars. The House is expected to cut another $10.0 billion, according to a Dow Jones Newswire story.
Mike
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At the close:
The July corn futures settled 23 3/4 cents lower at $5.88, while the Dec. contract closed 15 1/2 cents lower at $5.51. The July soybean contract finished 7 1/2 cents lower $14.39, while the Nov. 2012 contract closed 22 1/2 cents lower at $13.73. The July wheat futures settled 2 cents lower at $6.62. July soyoil futures settled $1.01 lower at $49.80. The July soymeal futures finished $1.90 higher at $429.30.
In the outside markets, the NYMEX crude oil is $2.74 per barrel lower, the dollar is higher and the Dow Jones Industrials are 210 points lower.
Mike
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At mid-session:
The July corn futures trade 14 1/4 cents lower at $5.97 1/2, while the Dec. contract trades 5 3/4 cents lower at $5.60 3/4. The July soybean contract is trading 1 1/2 cents higher $14.48, while the Nov. 2012 contract trades 11 1/4 cents lower at $13.84 1/4. The July wheat futures are trading 4 1/2 cents higher at $6.68 1/2. July soyoil futures trade $0.52 lower at $50.29. The July soymeal futures are trading $1.40 higher at $428.80.
In the outside markets, the NYMEX crude oil is $2.09 per barrel lower, the dollar is higher and the Dow Jones Industrials are 104 points lower.
Mike
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At the open:
The July corn futures trade 1 cent lower at $6.11 1/4, while the Dec. contract trades 6 1/4 cents lower at $5.69 1/2. The July soybean contract is trading 1 cent higher $14.47 1/2, while the Nov. 2012 contract trades 8 1/2 cents lower at $13.84 3/4. The July wheat futures are trading 3 cents higher at $6.67. July soyoil futures trade $0.63 lower at $50.18. The July soymeal futures opened $5.30 higher at $432.70.
In the outside markets, the NYMEX crude oil is $0.87 per barrel lower, the dollar is higher and the Dow Jones Industrials are 27 points lower.
Mike
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At 7:35am:
USDA Weekly Export Sales come in friendly:
Corn=382,000 mt vs. the trade's expectations of between 350,000-750,000 mt.
Soybeans=608,000 compared to the trade's expectations of between 500,000-900,000 mt.
Wheat=842,000 mt vs. the trade's expectations of between 300,000-500,000 mt.
Mike
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At 7am:
USDA releases Weekly Export Sales at 7:30am, this morning.
--Japan buys 108,505 mt of milling wheat Thursday.
--China's May corn imports were estimated at 116,315 mt, vs. 12,000 a year ago.
--China's May soybean imports were estimated at 5.28 mmt, up 16% vs. a year ago.
Mike
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At 6:25am:
Early calls: Corn 5-7 cents lower, soybeans 8-10 cents lower, and wheat 2-4 cents lower.
Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.86 per barrel lower.
Dollar=Higher.
Wall Street=Seen lower as investors are disappointed by the Fed Reserve's action of extending "Operation Twist". Much more stimulus was anticipated.
World Markets=Lower.
More in a minute,
Mike
