At the close:
The July futures corn contract settled 11 cents lower at $6.54. New-crop Dec. futures finished 3 cents lower at $5.62. The July soybean futures contract ended 6 cents lower at $14.95, new-crop Nov. soybeans finished 1 cent higher at $12.89. July wheat futures finished 4 cents lower at $6.98 per bushel. The July soymeal futures closed $3.50 per short ton lower at $440.80. The July soyoil futures ended $0.05 lower at $48.58.
In the outside markets, the NYMEX crude oil is $0.21 per barrel higher, the dollar is lower and the Dow Jones Industrials are 88 points higher.
One analyst wraps up today's lower trade like this: "It’s the last two days of the month and funds can pay bonuses on profitable trades if taken before month end. So expect rallies to be sold. Under pinning the breaks is talk of extreme rain in the Midwest grain belt thru Sunday, especially the western belt. This continues to bring on talk of corn acres going to beans as corn preferred planting dates expire."
Mike
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At mid-session:
The July futures corn contract is trading 12 cents lower at $6.52. New-crop Dec. futures are trading 7 cents lower at $5.58. The July soybean futures contract is trading 5 cents lower at $14.96, new-crop Nov. soybeans are trading 3 cents lower at $12.85. July wheat futures are trading 11cents lower at $6.91 per bushel. The July soymeal futures are trading $2.40 per short ton lower at $441.90. The July soyoil futures are trading $0.25 lower at $48.38.
In the outside markets, the NYMEX crude oil is $0.21 per barrel higher, the dollar is lower and the Dow Jones Industrials are 81 points higher.
Mike
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With the exception of soybeans coming off the mark, the farm markets are trading lower by double-digits. Meanwhile, here is the latest from the Renewable Fuels Association. Essentially, in the last week, the U.S. produced less ethanol and even imported some.
According to EIA data, ethanol production averaged 863,000 barrels per day (b/d) — or 36.25 million gallons daily. That is down 12,000 b/d from the week before. The four-week average for ethanol production stood at 860,000 b/d for an annualized rate of 13.18 billion gallons.
Stocks of ethanol stood at 16.0 million barrels. That is a 0.8% decrease from last week and the fifth consecutive weekly decline.
Imports of ethanol were 27,000 b/d, marking the first time in the last five weeks that the United States imported ethanol, according to the RFA press release Thursday.
Mike
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At 9am:
--USDA announces that China bought 120,000 tons of U.S. soybeans Thursday. Didn't they just cancel a shipment yesterday?
Mike
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At the open:
The July futures corn contract opened 1 cent lower at $6.64. New-crop Dec. futures opened 2 cents lower at $5.53. The July soybean futures contract opened 9 cents lower at $14.92, new-crop Nov. soybeans opened 4 cents lower at $12.84. July wheat futures opened 8 cents lower at $6.94 per bushel. The July soymeal futures opened $3.20 per short ton lower at $441.10. The July soyoil futures opened $0.01 lower at $48.63.
In the outside markets, the NYMEX crude oil is $0.61 per barrel lower, the dollar is lower and the Dow Jones Industrials are 20 points lower.
Mike
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Note: Due to the Memorial Day Holiday, the USDA's Weekly Export Sales will not be released until Friday morning.
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At 7am:
--Japan buys 117,035 tons of milling wheat
--Japan suspends imports of U.S. wheat, due to the GMO trait case found on an Oregon farm.
--S. Korea buys 68,000 tons of corn from ADM, according to the Dow Jones Newswire.
Mike
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At 6:45am:
Early calls: Corn is seen 1-2 cents lower (old-crop), soybeans 3-5 cents lower (old-crop), and wheat 5-7 cents lower. Meanwhile, new-crop corn 2-4 cents lower and soybeans are seen 3-5 cents lower.
Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.36 per barrel lower.
Dollar=Lower.
Wall Street=Seen higher, ahead of U.S. Jobless Claims and 1st Quarter Growth Reports.
World=Asia/Pacific stocks were lower and Europe's stocks are higher.
More in a minute,
Mike
