At the close:
At the close, the July corn futures finished 1/2¢ higher at $3.21 1/2. Dec. corn futures ended 1 1/2¢ higher at $3.34 1/2.
July soybean futures settled 2 1/2¢ lower at $8.42 1/2. November soybean futures closed 2 1/2¢ lower at $8.50 3/4.
July wheat futures ended 1 1/2¢ higher at $4.98.
July soymeal futures are $0.50 per short ton lower at $284.60.
July soy oil futures are 0.23 cent lower at 27.09¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.71 per barrel higher at $32.53 per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 39 points lower.
Jack Scoville, PRICE Futures Group, says that the corn market is trying to build bullishness.
“A slower day with corn fading from strong resistance at the $3.25, basis July, area. Kind of too bad we don't have more interest to push this thing through, but the charts are constructive and I think we eventually will take it out and go higher," Scoville says.
Wheat is fading a bit in Turnaround Tuesday trading, as are the beans, Scoville says. "There is really not too much to talk about in either market today, with no Chinese demand in the beans so far this week and uneven conditions continuing in the EU and on into Russia. So we are bumping along today,” Scoville says.
Mike
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At midsession:
At midsession, the July corn futures are 3 1/2¢ higher at $3.24 1/2. Dec. corn futures are 32 3/4¢ higher at $3.35 1/2.
July soybean futures are 4 1/2¢ lower at $8.40 1/2. November soybean futures are 3 3/4¢ lower at $8.49 3/4.
July wheat futures are 1 1/2¢ higher at $4.98.
July soymeal futures are $0.10 per short ton higher at $285.20.
July soy oil futures are 0.30 cent lower at 27.02¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.33 per barrel higher at $32.15 per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 5 points lower.
Al Kluis, Kluis Advisors, says that the markets are being influenced by the growing weather and the crude oil market's direction.
"On Monday, the large rally in the U.S. stock and energy markets helped rally the corn and soybean markets, while wheat closed mixed," Kluis told customers in a daily note. What will happen in the crude oil market this week?
The USDA Crop Progress report on Monday showed corn planting at 80% complete vs. 67% last week and just 44% last year. Soybean planting is 53% complete compared to 38% last week. Spring wheat planting is reported at 60%, a full 20 percentage points behind the five-year average.
Kluis added, "U.S. corn and soybean crops are off to a great start, after going in very early and now getting timely rains in late May. At this time, both corn and soybean have trendline or better yield potential."
"I am watching the trade in June Crude oil very closely today. This is the last day of trading for June WTI Crude Oil futures. Last month on the last day of trade for the May WTI Crude oil, futures price plunged to -$38 per barrel in a chaotic day of trade. I do not expect that in the June contract today. However, to be honest, I never thought crude oil would go to a negative number until it did," Kluis stated.
Mike
