At the close:
The May futures corn contract settled 3 cents lower at $7.14. The May soybean futures contract closed 10 cents lower at $14.68. May wheat futures ended 3 cents higher at $7.03 per bushel. The May soyoil futures contract ended $0.46 lower at $49.98. The May soymeal futures finished $1.80 per short ton lower at $436.20.
In the outside markets, the NYMEX crude oil is $0.46 per barrel higher, the dollar is lower and the Dow Jones Industrials are 2 points higher, and yet still finished above a new record.
One analyst says, "Beans tanked on no new demand news from China. I heard that ships for any soybeans are very hard to find right now as they are all sitting outside of the ports in Brazil, but I am not sure about that. March going off the board and acting weak hurt the spreads, and there was some light volume fund selling, too. Corn and Wheat are higher on corn cash market strength. Funds light volume buyers there today, but nothing special today anywhere. Corn does not need exports to stay strong but beans might nd that was the difference in the trade today. Wheat is not going down if corn is going up, the spread is too tight for that right now."
Mike
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At mid-day:
The May futures corn contract is trading 5 cents higher at $7.17. The May soybean futures contract is trading 6 cents lower at $14.73. May wheat futures are trading 4 cents higher at $7.04 per bushel. The May soyoil futures contract is trading $0.41 lower at $50.03. The May soymeal futures are trading $0.50 per short ton lower at $437.50.
In the outside markets, the NYMEX crude oil is $0.88 per barrel higher, the dollar is higher and the Dow Jones Industrials are 10 points lower.
Mike
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At the open:
The May futures corn contract opened 1 cent lower at $7.10. The May soybean futures contract opened 8 cents lower at $14.71. May wheat futures opened 2 cents lower at $6.98 per bushel. The May soyoil futures contract opened $0.12 lower at $50.32. The May soymeal futures opened $2.30 per short ton lower at $435.70.
In the outside markets, the NYMEX crude oil is $1.03 per barrel higher, the dollar is lower and the Dow Jones Industrials are 25 points higher.
Mike
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At 8:50am:
Jeff Coleman, The Trean Group analyst and CME Group pity trader, says it's 'Turnaround Tuesday'. In his own words:
"Well it's 'turnaround Tuesday', especially for the soybean market which in the overnight trading session, pulled back 6.5 cents from a four week high. Beans dragged wheat down with wheat trading 3.5 cents lower to once again be stuck under the $7.00 level. Corn remained unchanged and pretty inactive. News coming out from South America shows that the Brazilian soybean harvest is at 48 percent for this year. Two percent ahead of last year’s pace with yields pointing to a huge harvest. Some analysts are saying that Brazil will overtake the US as the world’s biggest exporter of soybeans. In the equities markets, there is no real economic data coming out today. The stock market looks lower pre opening. Do we finally have a small pull back? The VIX closed yesterday at 11.56 close to the all time low of 9.31 set on December 22, 1993. Since 1990 there are only five days where the VIX has closed below 10 percent. Can you smell the investor apathy? It seems like we have it in all markets," he says.
Mike
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At 7:25am:
Early calls: Corn is seen 1-2 cents lower, soybeans 5-7 cents lower, and wheat 1-2 cents lower.
Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.04 per barrel higher.
Dollar=Lower.
Wall Street=Seen opening lower, though Costco beat the street's expectations this morning, on earnings.
World=Asia/Pacific stocks were lower and Europe's stocks were higher.
More in a minute,
Mike
