At the close:
The Dec. futures corn contract closed 15 cents lower at $7.37. Nov. soybean futures contract finished 30 cents lower at $14.92. Dec. wheat futures settled 8 cents lower at $8.48 1/4 per bushel. The Dec. soyoil futures contract finished $0.66 lower at $50.01. The Dec. soymeal futures contract settled $9.10 per short ton lower at $456.10.
In the outside markets, the NYMEX crude oil is $0.01 per barrel lower, the dollar is lower and the Dow Jones Industrials are 107 points higher.
Mike
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At mid-session:
The Dec. futures corn contract is trading 17 cents lower at $7.35. Nov. soybean futures contract is trading 31 cents lower at $14.91. Dec. wheat futures are trading 12 cents lower at $8.44 per bushel. The Dec. soyoil futures contract is trading $0.92 lower at $49.75. The Dec. soymeal futures contract is trading $9.00 per short ton lower at $456.20.
In the outside markets, the NYMEX crude oil is $0.80 per barrel lower, the dollar is lower and the Dow Jones Industrials are 82 points higher.
One analyst says, "The lower trading is mostly follow through spec-selling and not tied to much more than chart patterns. The Chinese economic data was not so bad over the weekend and there is little on offer in the country now. But, the CFTC weekly reports still show a big spec-long and they are getting pushed out. Overall, the markets are still looking for the harvest low and also looking for demand," he says.
He adds, "There is a lot of talk of great bean yields out there, and the ones I get from my farmers are pretty impressive, much better than the corn.".
Mike
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At the open:
The Dec. futures corn contract is trading 9 cents lower at $7.43. Nov. soybean futures contract is trading 26 1/2 cents lower at $14.96. Dec. wheat futures are trading 6 1/4 cents lower at $8.50 per bushel. The Dec. soyoil futures contract is trading $0.1.02 lower at $49.65. The Dec. soymeal futures contract is trading $8.10 per short ton lower at $457.10.
In the outside markets, the NYMEX crude oil is $1.64 per barrel lower, the dollar is lower and the Dow Jones Industrials are 30 points higher.
Mike
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At 8am:
No fresh export sales reported Monday, as the market eyes demand potential this week.
--There is trade discussion that China bought 3-5 cargoes of U.S. soybeans over the weekend.
--The trade sees this afternoon's Crop Progress Report showing 75%-82% of the corn and soybean crops harvested.
--Rumors of South American corn imported to the U.S. late last week have not been confirmed. But, the market is down, overnight, partially due to the rumor.
--NOPA soybean crush for September announced Monday is 119.732 million bushels, down 5.0 mill. bu. from a month ago.
Mike
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At 7:00am:
Early calls: Corn 13-15 cents lower, soybeans 25-27 cents lower, and wheat 10-11 cents lower.
Trackers:
Overnight grain, soybean markets=Trading sharply lower.
Crude Oil=$0.26 per barrel lower.
Dollar=Lower.
Wall Street=Seen opening higher ahead of retail sales data and Citigroup earnings.
World=Higher.
More in a minute,
Mike
