At the close:
At the close, the July corn futures finished 2 1/2¢ higher at $4.03 1/4. December futures finished 3¢ higher at $4.19 1/2. July soybean futures closed 8 3/4¢ higher at $10.20 1/4. November soybean futures finished 7 1/4¢ higher at $10.25. July wheat futures ended 3¢ higher at $5.14 1/2. July soy meal futures closed $3.40 per short ton higher at $385.90. July soy oil futures closed 0.18 lower at 30.69¢ per pound. In the outside markets, the NYMEX crude oil market is $0.94 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 17 points lower.
Mike North, President Commodity Risk Management Group, says investors are positioning themselves ahead of this week’s USDA Reports.
“The higher trade was strictly a response to yesterday's sell off in advance of Thursday's WASDE. The selling of Monday moved the needle too far ahead of the coming S&D numbers, so Tuesday worked to balance that,” North says.
Mike
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At mid-session:
At mid-session, the July corn futures are 2¢ higher at $4.02. December futures 2 1/4¢ higher at $4.18. July soybean futures are 10 1/4¢ higher at $10.21. November soybean futures are 7¢ higher at $10.25. July wheat futures are 6 1/2¢ higher at $5.18. July soy meal futures are $4.40 per short ton higher at $386.90. July soy oil futures are 0.04 higher at 30.91¢ per pound. In the outside markets, the NYMEX crude oil market is $1.71 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 65 points lower.
Mike
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At 9:40am:
In early trading, the July corn futures are 1/2¢ higher at $4.02. December futures 1¢ higher at $4.17. July soybean futures are 3¢ higher at $10.14. November soybean futures are 2 3/4¢ higher at $10.20. July wheat futures are 2 3/4¢ higher at $5.14. July soy meal futures are $0.90 per short ton lower at $381.60. July soy oil futures are 0.04 higher at 30.91¢ per pound. In the outside markets, the NYMEX crude oil market is $1.03 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 4 points lower.
Mike
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Soybeans regained some of their Monday losses in overnight trading after China said it would send a top economic adviser to Washington next week to continue trade talks. Beans gained a nickel while corn and wheat moved less than a penny. Corn planting was 39% finished as of Sunday as farmers were busy last week, planting more than a fifth of the entire US crop in just seven days. Seeding is now just behind the five-year average of 44% for this time of year. Export inspections, meanwhile, were up week-to-week for corn but lower for soybeans, In weather news, it's going to rain in parts of Iowa, Minnesota and Wisconsin, where flooding is already occurring, but it's going to be hot and dry in the southern Plains. Check out the details in today's 3 Big Things.
West Texas Intermediate = down 0.9%.
Brent Crude = down 1%
Dollar = up 0.4%.
Wall Street = U.S. stock higher pre-market.
World Markets = Global stocks mixed overnight.
