At the close:
At the close, the May futures settled 3 1/4¢ lower at $3.72 1/2. July futures finished 3 1/2¢ lower at $3.81.
May soybean futures finished 11 3/4¢ lower at $9.02. July soybean futures closed 12¢ lower at $9.15 3/4.
May wheat futures ended 12 1/4¢ lower at $4.50.
May soymeal futures settled 3.90 per short ton lower at $306.10.
May soy oil futures finished 0.24 lower at 29.78¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.29 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 90 points lower.
Mike
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At midsession:
At midsession, the May futures are 4¢ lower at $3.71. July futures are 4 1/4¢ lower at $3.80.
May soybean futures are 8 1/2¢ lower at $9.05. July soybean futures are 8 3/4¢ lower at $9.19.
May wheat futures are 11 1/4¢ lower at $4.51.
May soymeal futures are 3.50 per short ton lower at $306.50.
May soy oil futures are 0.13 lower at 29.89¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.46 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 113 points lower.
Britt O'Connell, Cash Advisor for Commodity Risk Management Group, says that commodities markets continue to struggle finding positive territory as we move thru the trading day.
“Funds have continued to be sellers of all three commodities carrying an estimated short position of 160,000 contracts on corn, 92,000 contracts on soybeans and 110,000 on wheat,” O’Connell says.
O’Connell adds, “With no news to spur this market higher, the unknown around trade and burdensome supplies continue to provide pressure. While corn in itself has a decent story line in regards to supply and demand, wheat and soybeans are dealing with some of the largest supplies in history, pulling corn down with them.”
Mike
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At 9:25am:
In early trading, the May futures are 1¢ lower at $3.74. July futures are 1 1/4¢ lower at $3.83.
May soybean futures are 4 1/2¢ lower at $9.09. July soybean futures are 4 3/4¢ lower at $9.23.
May wheat futures are 5 3/4¢ lower at $4.57.
May soymeal futures are 1.90 per short ton lower at $308.10.
May soy oil futures are 0.02 lower at 30.00¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.46 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 13 points lower.
Al Kluis, Kluis Advisors, says that investors are selling the wheat market, putting pressure on the grains.
“This Friday, we will receive the regular Commitments of Traders report with the most current information. Will the report show the funds holding very large short positions in all the grains,” Kluis told customers in a daily note.
He added, “Corn prices may retrace the recent selloff with more enthusiasm if wheat continues to post higher highs and higher lows on the daily chart.”
Mike
