At the close:
The Dec. corn futures contract settled 3/4 of a cent lower at $4.42. The Nov. soybean futures contract settled 9 1/2 cents higher at $12.76. Dec. wheat futures closed 4 cents lower at $6.81 per bushel. The Dec. soymeal futures contract ended $1.40 per short ton higher at $403.80. The Dec. soyoil futures closed $0.71 higher at $41.37.
In the outside markets, the NYMEX crude oil is $0.44 per barrel higher, the dollar is lower and the Dow Jones Industrials are 161 points higher.
One analyst sees the market this way: "Today’s action is much like that of recent days, void of information and forced to trade charts and harvest news. With the recent rain system moving through the Midwest, end-users have raised their bids for corn and soybeans ever so slightly to incentivize producers to put wheels under what has come out of the field. Together with some supportive technical, corn and soybean prices have been able to show some signs of life. These are rallies worth selling though, as future harvest progress will begin to fill up available storage capacity and weaken cash bids."
Yet another analyst sizes up today's market action like this: "Without USDA numbers to guide the market, charts are the rule. Beans saw short covering off the Nov. $12.60 support area. Meanwhile, the $12.79 high held onto the upside for the third consecutive day. Until the USDA gives numbers to trend off of, beans will sell rallies off good harvest yields and buy breaks off rumors of strong demand."
Mike
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At mid-session:
The Dec. corn futures contract is trading 2 1/2 cents lower at $4.41. The Nov. soybean futures contract is trading 3 3/4 cents higher at $12.70. Dec. wheat futures are 6 1/2 cents lower at $6.79 per bushel. The Dec. soymeal futures contract is trading $0.60 per short ton lower at $401.80. The Dec. soyoil futures are trading $0.57 higher at $41.23.
In the outside markets, the NYMEX crude oil is $0.44 per barrel higher, the dollar is higher and the Dow Jones Industrials are 202 points higher.
Mike
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At the open:
The Dec. corn futures contract is trading 3/4 of a cent higher at $4.44. The Nov. soybean futures contract is trading 7 3/4 cents higher at $12.74. Dec. wheat futures are 1 cent higher at $6.86 per bushel. The Dec. soymeal futures contract is trading $1.60 per short ton higher at $404.00. The Dec. soyoil futures are trading $0.46 higher at $41.12.
In the outside markets, the NYMEX crude oil is $0.11 per barrel lower, the dollar is lower and the Dow Jones Industrials are 85 points higher.
Mike
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At 7:50am:
Jeff Coleman, THe Trean Group analyst and CME Group floor trader, sizes up today's farm markets:
"The big three grain markets are all slightly higher this morning as continued cold and wet weather across the Midwest has traders wary of a slowdown of the 2013 crop harvest. Rumors of more buying from China and the unwinding of the wheat/corn spread had corn futures higher yesterday and continues to lend support to the corn markets. November soybean futures are up this morning, as strong export inspections from yesterday and the slowdown in harvest has futures looking at a higher opening today."
Mike
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At 7:35 am:
Early calls: Corn is seen 1-2 cents higher, soybeans 3-5 cents higher, and wheat 1-2 cents higher.
Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.05 per barrel higher.
Dollar=Lower.
Wall Street=Seen trading higher, despite the looming debt ceiling deadline.
World Markets=Asia/Pacific stocks were mostly lower, Europe stocks lower.
More in a minute,
Mike
