At the close:
The July corn futures settled 11 1/4 cents lower at $6.19 1/2. The July soybean contract closed 3 3/4 cents lower at $13.73. The July wheat futures ends 9 1/4 cents lower at $6.43 1/2.
In the outside markets, the NYMEX crude oil is $2.10 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 115 points.
Mike
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At mid-session:
The July corn futures trade 7 1/4 cents lower at $6.23 1/2. The July soybean contract is trading 1 3/4 cents higher at $13.78. The July wheat futures are trading 6 1/2 cents lower at $6.46 1/4. The July soymeal futures are trading $0.70 per short ton higher at $377.50. The July soyoil futures are trading $0.24 lower at $55.28.
In the outside markets, the NYMEX crude oil is $2.57 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 84 points.
One analyst says, "Today has reflected trade ideas about the Friday reports as much as anything. Corn and wheat prices are down on expected negative reports, beans higher on expected positive reports. Been kind of quiet so far, mostly a spec trade. Interesting that China buying 6 cargoes of US corn produced so little positive price reaction. It just shows you the importance of the Friday reports in everyone's minds around here. It does not seem to be a particularly big volume day, so far today. Overall, the tone seems to be to get position sizes reduced or get out and today seems to be a day to do it."
Mike
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In early trading:
Corn and wheat sell-off while soybeans remain slightly higher.
Mike
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At the open:
The July corn futures trade 2 1/4 cents higher at $6.33. The July soybean contract is trading 5 1/2 cents higher at $13.81 3/4. The July wheat futures are trading 4 cents higher at $6.56 3/4. The July soymeal futures are trading $1.10 per short ton higher at $377.90. The July soyoil futures are trading $0.01 lower at $55.51.
In the outside markets, the NYMEX crude oil is $2.21 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 5 points.
Mike
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At 9:18am:
It looks like next week's frost chances for the Midwest have faded, according to the latest weather outlook from the Dow Jones Newswire.
Mike
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At 8:45am:
--Egypt buys 120,000 mt of U.S. and Argentina wheat.
Mike
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At 7:15am:
--The funds sold 10,000 corn contracts yesterday.
--Japan seeks 320,000 mt of feed barley, wheat for April. Some of that will be of U.S. origin.
--I've seen a grain analyst make note of a possible Midwest freeze next week. Also, the long range forecast is calling for a Midwest frost April 11-13.
Mike
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At 6:55am:
Early calls: Corn 1-2 cents higher, soybeans 6-8 cents higher, and wheat 2-4 cents higher.
Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.84 per barrel lower.
Dollar=Lower.
Wall Street=Seen trading higher ahead of a report that is expected to show a rise in U.S. domestic durable goods.
World Markets=Asia/Pacific stocks are lower, while Europe stocks are mixed-to-higher.
More in a minute,
Mike
