At the close:
At the close, the Dec. corn futures settled 1 1/4 cents higher at $3.76. Nov. soybean futures finished 7 cents lower at $8.98.
Dec. wheat futures settled 10 1/4 cents lower at $4.92.
Dec. soymeal futures closed $2.00 per short ton lower at $312.00. Dec. soyoil futures ended $0.02 higher at $28.60.
In the outside markets, the Brent Crude oil market is $0.89 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 34 points higher.
Jack Scoville, PRICE Futures Group vice-president, says that the harvest is moving along and it is weighing on the soybean market.
“I also picked up out of the coffee market that someone is calling for normal rains to develop in Brazil in the medium term after the current dry period. Supposedly this would cover the dry northern areas as well,” Scoville says.
That, along with tail end harvest selling that is natural and beans over $9.00, for producers in futures, brought some selling to the market, he says.
He adds, “For corn prices, not real sure, but the price action is not bad after Friday. The harvest is expanding and yields overall seem good enough. Everyone, including me I guess, wants to buy this market cheaper, but I was hoping for a little cheaper than this. it held pretty well.”
Overall, buying should be seen near $3.70 and for today, I guess, we got close enough, Scoville says.
“Wheat has forecasts for some big rains in the Plains, next week. Plus, good rains are forecast for the Black Sea and Russia. The demand was decent, but nothing to get carried away about, and we remain high priced. So, the boys came in and sold the weather and world price,” Scoville says.
Mike
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At mid-session:
At mid-session, the Dec. corn futures are trading 1 1/2 cents lower at $3.74. Nov. soybean futures are trading 4 1/2 cents lower at $9.00.
Dec. wheat futures are trading 12 1/2 cents lower at $4.90.
Dec. soymeal futures are $2.70 per short ton lower at $311.30. Dec. soyoil futures are trading $0.11 higher at $28.69.
In the outside markets, the Brent Crude oil market is $0.32 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 18 points higher.
Mike
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At the open:
At the open, the Dec. corn futures are trading 1/4 of a cent higher at $3.75. Nov. soybean futures are trading 1 cent higher at $9.06.
Dec. wheat futures are trading 1 cent higher at $5.03.
Dec. soymeal futures are $2.00 per short ton lower. Dec. soyoil futures are trading $0.90 higher.
In the outside markets, the Brent Crude oil market is $0.33 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 19 points higher.
Mike
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At 8:30am:
Corn, soybeans and wheat all started the day up a penny. Meanwhile, USDA's delayed Weekly Export Sales Report Friday shows beans beat, corn came within expectations:
Wheat= 460,400 mt vs. the trade's expectations of 250,000-350,000 metric tons.
Corn= 658,400 mt vs. the trade's expectations of 450,000-700,000 metric tons.
Soybeans= 1.47 million metric tons vs. the trade's expectations of 900,000-1,400,000 mt.
Soybean meal= 225,800 mt vs. the trade's expectations of 200,000-250,000 metric tons.
Mike
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At 8:15am:
Early calls: Corn 1-2 cents lower, soybeans 1-3 cents lower and wheat 1-2 cents higher.
Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.12 higher.
Dollar =Higher.
Wall Street = Seen lower, with more big earnings reports coming.
World Markets = Europe stocks were higher, Asia/Pacific stocks were higher.
More in a minute,
Mike
