At 11am:
At mid-session:
The markets are rallying. Soybeans are up double-digits, corn is up 6 cents and wheat is rising, as well.
One analyst sizes up today's trade by saying, "All weather all the time, except for wheat which is all gmo all the time. The rains and prevented planting have created a lot of spec buying due to prevented planting ideas. This will change to rain makes grain once the weather clears, hopefully next week. But not today! Today is all about rain makes for idle farmers! We might peak out today, the thought has occurred to me although I am not really pushing that idea out there," he says.
Meanwhile, the International Grains Council raised its world 2013-14 corn output estimate by 6.0 million tons to 945 million tons.
Mike
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At 7:30am:
USDA Weekly Export Sales Report shows corn and wheat beat expectations:
Corn=875,300 mt vs. the trade's expectations of 500,000-800,000 metric tons.
Soybeans= 648,600 mt vs. the trade's expectations of between 300,000-800,000 mt
Wheat= 764,200 mt vs. the trade's expectations of between 300,000-700,000 mts.
Soybean meal= 190,100 mt vs. the trade's expectations for 100,000-250,000 metric tons.
Mike
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At 6:50am:
--Taiwan buyer cancels July shipments of U.S. corn and soybeans. Prices were too high.
--Japan buys wheat from a grocery list of countries except the U.S.
--Asian buyers look elsewhere for wheat, due to the U.S. gmo wheat case in Oregon.
--USDA's Weekly Export Sales Report to be released today at 7:30am CT.
Mike
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At 6:45am:
Early calls: Corn is seen 5-7 cents higher (old-crop), soybeans 15-17 cents higher (old-crop), and wheat 3-5 cents lower. Meanwhile, new-crop corn 2-4 cents higher and soybeans are seen 9-11 cents higher.
Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.51 per barrel lower.
Dollar=Higher.
Wall Street=Seen higher, ahead of U.S. Personal Income and Consumer Spending Reports.
World=Asia/Pacific stocks were lower and Europe's stocks are lower.
More in a minute,
Mike
