At the close:
At the close, the July corn futures settled 10 cents higher at $3.76 1/2 per bushel. The Dec corn futures closed 11 3/4 cents higher at $3.92 1/4 per bushel.
July soybean futures finished 18 1/2 cents higher at $10.02 1/4. Nov. soybean futures finished 21 3/4 cents higher at $9.77 3/4.
July wheat futures closed 14 cents higher at $5.32.
July soymeal futures closed $8.70 per short ton higher at $336.70. July soyoil futures closed $0.09 higher at $33.36.
In the outside markets, the Brent Crude oil market is $0.34 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 75 points lower.
Alan Brugler, President of Brugler Marketing & Management LLC, says that Beans are rallying because funds were caught short 100,000 contracts, old crop ending stocks will eventually be below 300 million bushels, and new crop production is iffy with 6 million acres still unplanted. "The hidden hand of the market is telling producers to plant those bean acres even if they have to do it late and with less than full crop insurance coverage. Of course if they get a good yield on those beans they will be punished on the price later."
Mike
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At mid-session:
At mid-session, the July corn futures are trading 7 3/4 cents higher at $3.74 per bushel. The Dec corn futures are 9 cents higher at $3.89 per bushel.
July soybean futures are trading 17 3/4 cents higher at $9.99. Nov. soybean futures are trading 19 1/2 cents higher at $9.75.
July wheat futures 8 1/4 cents higher at $5.26.
July soymeal futures are trading $7.90 per short ton higher at $333.90. July soyoil futures are trading $0.03 higher at $33.30.
In the outside markets, the Brent Crude oil market is $0.71 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 19 points higher.
Traders say the rally is based upon the shorts getting out of their positions, pre-USDA Report, while looking at less than ideal weather.
Mike
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At the open:
At the open, the July corn futures are trading 4 3/4 cents higher at $3.71 per bushel. The Dec corn futures are 4 3/4 cents higher at $3.85 per bushel.
July soybean futures are trading 12 cents higher at $9.93. Nov. soybean futures are trading 13 3/4 cents higher at $9.69.
July wheat futures 5 cents higher at $5.23.
July soymeal futures are trading $5.50 per short ton higher at $333.50. July soyoil futures are trading $0.23 higher at $33.50.
In the outside markets, the Brent Crude oil market is $0.07 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 30 points higher.
Mike
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At 7:50am:
USDA Weekly Export Sales Thursday:
Wheat= 435,600 metric tons vs. the trade's expectations of 200,000-400,000 metric tons.
Corn= 794,300 mt vs. the trade's expectations of between 550,000-1,100,000 mt.
Soybeans= 321,300 mt. vs. the trade's expectations of 350,000-800,000 mt.
Soybean meal =316,800 mt vs. the trade's expectations of 75,000-350,000 metric tons.
Mike
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At 6:50am:
Well, it rained all night in most of the state of Iowa. Dry today, but the rains reappear tomorrow. In the last twelve hours, here are some rainfall amounts for spots in central and southern Iowa:
Ames, Iowa= 2.64"
Wayne County, Iowa=4.00"
Adel, Iowa (just west of Des Moines) =7.00"
Guthrie County, Iowa = 6.00"
Some real good ground in some of these areas. Some decent sized hail was reported in that big storm yesterday and last night too. The market won't know of the real damage for awhile. But, my guess is, we will start to build in some weather premium, due to the first half of July expected to be continued wet for the eastern and southern Corn Belt.
What say you?
Mike
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At 6:30am:
Early calls: Corn 2-4 cents lower, soybeans 5-7 cents higher, and wheat 2-4 cents lower.
Trackers:
Overnight grain, soybean markets = Trading mostly lower.
Brent Crude Oil = $0.09 lower.
Dollar =Higher.
Wall Street = Seen higher, investors eye Greece's financial crisis.
World Markets = Europe stocks were mostly higher, Asia/Pacific stocks were lower.
More in a minute,
Mike
