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06-22-2012 06:41 AM - edited 06-22-2012 02:15 PM
At the close:
The July corn futures settled 5 cents higher at $5.91 1/2, while the Dec. contract closed 4 1/2 cents higher at $5.54 1/4. The July soybean contract finished 3 cents higher $14.41 1/2, while the Nov. 2012 contract settled 2 3/4 cents higher at $13.74. The July wheat futures closed 11 1/4 cents higher at $6.73. July soyoil futures settled $0.08 lower at $49.73. The July soymeal futures trade $2.74 lower at $422.00.
In the outside markets, the NYMEX crude oil is $1.86 per barrel higher, the dollar is lower and the Dow Jones Industrials are 64 points higher.
Perhaps this wheat options trader put it best, when looking into next week's market. He says, "There will no doubt be some jockeying for position ahead of the USDA report on June 29th. But, also probably not too many heroic acts of speculation, given the precariousness of the current setup now that we've eliminated the upside as the obvious short side of the field. Weather is as always a big factor and we've got boatloads of it here and abroad to talk about. Traders simply can't assume anything will turn out as it may seem."
One analyst says, "It looks like the weather forecasts must have changed a bit at noon, but I have not heard the details yet. We were up pretty strong very early today and have given a fair chunk of it back. So, should look like the chance for a shower out there in the next week or two. But, beyond that I think a lot of longs are trying to get out before the weekend. We had a good run higher early this week and now the weekend with 2 days to change everything is here. I got orders to sell for liquidation if this puppy can rally back, and I am sure that is what others are doing too. I don’t think it is really anything else. Sunday will depend on the latest forecast. Dry and it is a moon shot but wet and the rally this week is gone."
UPDATE: Some rain is in the new weather forecast for June 29-30. The temps are expected to be cooler. But, 11-15 day outlook remains dry, according to WXRisk.com.
The July corn futures trade 11 1/2 cents higher at $5.98, while the Dec. contract trades 13 1/4 cents higher at $5.63 1/4. The July soybean contract is trading 16 1/4 cents higher $14.54 3/4, while the Nov. 2012 contract trades 9 1/2 cents higher at $13.80 3/4. The July wheat futures are trading 19 1/4 cents higher at $6.81 1/4. July soyoil futures trade $0.12 higher at $49.93. The July soymeal futures trade $1.90 higher at $430.90.
In the outside markets, the NYMEX crude oil is $1.15 per barrel higher, the dollar is lower and the Dow Jones Industrials are 51 points higher.
At the open:
The July corn futures trade 12 cents higher at $5.63, while the Dec. contract trades 15 cents higher at $5.65. The July soybean contract is trading 19 cents higher $14.57, while the Nov. 2012 contract trades 16 cents higher at $13.87 3/4. The July wheat futures are trading 16 1/4 cents higher at $6.77 3/4. July soyoil futures trade $0.36 higher at $50.17. The July soymeal futures opened $4.30 higher at $433.30.
In the outside markets, the NYMEX crude oil is $0.43 per barrel higher, the dollar is lower and the Dow Jones Industrials are 60 points higher.
This morning's weather models have been updated. Hot/dry Midwest weather for this weekend and all of next week has the markets surging higher Friday. Weather premium is quickly being built back into the markets, ahead of the weekend.
Early calls: Corn 7-9 cents higher, soybeans 12-13 cents higher, and wheat 8-10 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.45 per barrel higher.
Wall Street=Seen higher, after steep losses Thursday. Moody downgraded 15 big banks, overnight.
More in a minute,
06-22-2012 07:31 AM - edited 06-22-2012 07:52 AM
Here is this morning's weather picture, according to the Freese-Notis Weather Inc.'s radar. Not much out there and the markets just got nervous, again. Separately, other weather experts don't see any significant rain into July 4th.
Up we go. This leads me to quote the Beatles.
Johnny: Where are we going, fellas?
Fab Four: To the top, Johnny.
Johnny: And where is that?
Fab Four: To the toppermost of the poppermost!
06-22-2012 11:51 AM
The solid fact-----------Rain makes grain------------this is getting to be a repeated story world around for the last 3 years.----Ever since Russia had wheat problems in 2010----------------no home runs hit since.
06-22-2012 04:19 PM - edited 06-22-2012 04:21 PM
On home runs, AU hit a grand slam wheat crop in 011, I believe.
I tend to believe russia will have to once again shut off ( or limit ) their wheat exports this year.
Be bout Aug 1st thru Mid Aug when they'll likely shut exports down. mo