VIDEO: USDA Stocks/Seeds Reports Preview with Marketeye and David Hightower, The Hightower Report. Grab a cup of coffee and get a hint of what the trade thinks USDA will do with tomorrow's data.
Mike
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At the close:
The July corn futures settled 2 1/2 cents higher at $6.52, while the Dec. contract finished 3/4 of a cent lower at $6.32 1/2. The July soybean contract finished 5 cents lower $14.66, while the Nov. 2012 contract finished 8 1/2 cents lower at $14.03 1/2. The July wheat futures finished 6 cents lower at $7.26. July soyoil futures finished $0.44 lower at $50.92. The July soymeal futures finished $1.40 lower at $426.60.
In the outside markets, the NYMEX crude oil is $1.74 per barrel lower, the dollar is higher and the Dow Jones Industrials are 24 points lower.
Mike
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At mid-session:
The July corn futures are trading 7 cents higher at $6.56 1/2, while the Dec. contract trades 9 1/2 cents higher at $6.42 1/2. The July soybean contract is trading 2 1/2 cents lower $14.68 1/2, while the Nov. 2012 contract trades 2 1/2 cents lower at $14.09 1/2. The July wheat futures trade 1 cent lower at $7.31. July soyoil futures trade $0.40 lower at $50.96. The July soymeal futures trade $1.30 higher at $429.30.
In the outside markets, the NYMEX crude oil is $1.67 per barrel lower, the dollar is higher and the Dow Jones Industrials are 132 points lower.
Mike
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At 10:30am:
Forecasts are turning wetter for the next 5 days. Meanwhile, the markets are pulling back, at this hour.
Mike
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At the open:
The July corn futures opened 5 cents higher at $6.55, while the Dec. contract trades 6 cents higher at $6.39. The July soybean contract is trading 3 cents lower $14.67 1/2, while the Nov. 2012 contract trades 4 cents lower at $14.08. The July wheat futures opened 1 cent lower at $7.31. Aug. soyoil futures trade $0.19 higher at $51.35. The Aug. soymeal futures opened $1.60 higher at $425.30.
In the outside markets, the NYMEX crude oil is $0.50 per barrel lower, the dollar is higher and the Dow Jones Industrials are 109 points lower.
Mike
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At 8am:
USDA announces Thursday that an 'unknown' buyer purchased 110,000 mt of U.S. soybeans for 2012-13.
Mike
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At 7:30am:
USDA releases friendly soybean Weekly Export Sales figures:
Corn=292,800 mt vs. the trade's expectations of 150,000-500,000 mt.
Soybeans=793,100 mt vs. the trade's expectations of 525,000-925,000 mt.
Wheat=324,500 mt vs. the trade's expectations of 600,000-800,000 mt.
Soybean Meal=261,200 mt vs. the trade's expectations of 125,000-225,000 mt.
Mike
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At 6:25am:
Early calls: Corn 8-10 cents higher, soybeans 2-4 cents higher, and wheat 1-2 cents lower.
Trackers:
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$0.20 per barrel lower.
Dollar=Higher.
Wall Street=Seen opening lower on concerns of the EU Summit and concerns of JP Morgan's shares falling due to losses from its botched trade reaching $9.0 billion, four times as high as the original estimate, according to the NY Times Thursday.
World Markets=Mostly lower.
More in a minute,
Mike
