At the close, the July corn futures settled 3 1/4 cents lower at $3.63 per bushel. The Dec corn futures finished 3 1/4 cents lower at $3.80 1/4 per bushel.
July soybean futures ended 11 1/4 cents lower at $9.64 3/4. Nov. soybean futures closed 11 1/2 cents lower at $9.40 3/4.
July wheat futures finished unchanged at $4.74.
July soymeal futures closed $4.20 per short ton lower at $311.90. July soyoil futures finished $0.07 lower at $31.58.
In the outside markets, the NYMEX Crude oil market is $0.49 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 168 points higher.
Mike
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At mid-session:
At mid-session, the July corn futures are trading 4 1/2 cents lower at $3.61 per bushel. The Dec corn futures are 5 cents lower at $3.78 per bushel.
July soybean futures are trading 10 cents lower at $9.66. Nov. soybean futures are trading 9 1/2 cents lower at $9.42.
July wheat futures are trading 5 cents lower at $4.69.
July soymeal futures are trading $4.90 per short ton lower at $311.20. July soyoil futures are $0.07 higher at $31.72.
In the outside markets, the NYMEX Crude oil market is $0.86 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 88 points higher.
Jack Scoville, The PRICE Futures Group senior market analyst, says it is a macro day today.
The number of macro factors impacting the markets include a Michigan economic survey, a Fed Reserve governor’s speech, the PMI and ISM among others.
“With these announcements, the dollar rallied and the grains and oilseeds and softs moved lower. Nothing much was going on, until then. One survey noted that inflation could move to 2.8% or something and that might be the trigger for the Fed Reserve to raise interest rates. The markets had not been doing anything, until then, and the reaction was pretty sharp,” Scoville says.
Trends are turning down for the short term, in corn wheat and beans too, he says.
“So, there will be added selling. Farmers out in the fields and going as fast as they can. Planting starting in eastern Canada up near Montreal this morning too. The grain there feeds the dairy in New York and New England as well as local producers,” Scoville says.
Mike
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At the open:
At the opem, the July corn futures are trading 3/4 of a cent lower at $3.65 per bushel. The Dec corn futures are 1 cent lower at $3.82 per bushel.
July soybean futures are trading 5 cents lower at $9.71. Nov. soybean futures are trading 4 1/2 cents lower at $9.48.
July wheat futures are trading 1 cent higher at $4.74.
July soymeal futures are trading $1.20 per short ton lower at $314.90. July soyoil futures are $0.16 lower at $31.49.
In the outside markets, the Brent Crude oil market is $0.64 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 107 points lower.
Mike
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At 7:15am:
Big weekend ahead. Some in the trade see Monday's U.S. Corn planting at 45% complete. What do you think? Is that too aggressive?
Mike
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At 7:00am:
Early calls: Corn 1-2 cents lower, soybeans 1-2 cents higher, and wheat 1-2 cents higher.
Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $0.45 lower.
Dollar =Lower.
Wall Street = Seen higher, with a big data day ahead.
World Markets = Europe stocks were higher, Asia/Pacific stocks were lower.
More in a minute,
Mike
