At the close:
The July corn futures settled 2 cents lower at $5.60 1/2, while the Dec. contract closed 3 1/4 cents higher at $5.20 3/4. The July soybean contract ended 11 1/4 cents lower $13.75, while the Nov. 2012 contract ended 1 1/2 cents higher at $12.95. The July wheat futures closed 2 3/4 cents lower at $6.54. July soyoil futures finished down $0.46 at $49.71. The July soymeal futures closed $2.70 per short ton lower at $409.80.
In the outside markets, the NYMEX crude oil is $2.92 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 141 points.
Mike
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At mid-session:
Corn has turned up by a few pennies, wheat and soybeans continue to fall Wednesday.
The July corn futures trade 1 1/2 cents higher at $5.64, while the Dec. contract trades 2 cents lower at $5.19 1/2. The July soybean contract is trading 14 1/4 cents lower $13.72 1/2, while the Nov. 2012 contract trades 4 cents lower at $12.89 1/2. The July wheat futures are trading 5 1/4 cents lower at $6.51 1/4. July soyoil futures trade down $0.49 at $49.68. The July soymeal futures are trading $5.50 per short ton lower at $407.00.
In the outside markets, the NYMEX crude oil is $3.01 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 156 points.
One analyst says, "Support in corn comes from a sharper drop in the USDA condition report than expected. Monday's report indicated the rating deterioration is led by Illinois and Indiana.
"Most see soybeans' early emergence hurt as well. The rain called for in the next three days is badly needed, but would only gain back 2 to 3% in the good to excellent category for corn versus this week's 5% drop," he says.
Corn,beans and wheat look to find a weeks low by Thursday, he says.
"Then, you can expect higher trade next week on a drier forecast and position-buying late next week. Prior to the June 12 USDA Crop Report, traders again will fear lower ending stocks."
Mike
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At the open:
The July corn futures trade 4 1/4 cents lower at $5.58, while the Dec. contract trades 2 cents lower at $5.15 1/2. The July soybean contract is trading 18 cents lower $13.68 3/4, while the Nov. 2012 contract trades 7 cents lower at $12.86 3/4. The July wheat futures are trading 5 cents lower at $6.51 1/4. July soyoil futures trade down $0.63 at $49.44. The July soymeal futures opened $3.70 per short ton lower at $408.70.
In the outside markets, the NYMEX crude oil is $2.17 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 138 points.
Mike
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At 8:15am:
Another day and no demand showing up. In honor of the old lady that coined the phrase: "Where's the beef?", well "Where's the demand?".
Mike
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At 8am:
--USDA's Weekly Export Sales Report will be delayed until Friday.
--FWIW: Just talked to my aunt that lives in Colorado. Residents there are watering their lawns. She says it's dry there too.
Crop-saving rains could come this weekend and the start of next week. If not, a whole lot of nervousness is going to set in.
Mike
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At 7:11am:
India companies are exporting 100,000 mt of wheat Wednesday.
--S. Korea processor buys 60,000 mt of optional origin corn.
Mike
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At 6:30am:
Early calls: Corn 1-2 cents higher, soybeans 7-8 cents lower, and wheat 8-10 cents lower.
Trackers:
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$1.32 per barrel lower.
Dollar=Higher.
Wall Street=Seen cutting its losses, after the European Commission revaled its economic strategy.
World Markets=Lower.
More in a minute,
Mike
