At the close:
The December corn futures settled 6 3/4 cents lower at $3.53 per bushel.
November soybean futures finished 15 3/4 cents lower at $9.77.
December wheat futures closed 9 cents lower at $5.17.
For Dec. soybean meal futures, the contract closed $2.20 per short ton lower at $350.20; Dec. soybean oil futures closed $0.28 lower at $32.39.
In the outside markets, the crude oil is $0.67 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 100 points higher.
Mike
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At mid-session:
The December corn futures are trading 3 1/4 cents lower at $3.56 per bushel.
November soybean futures are trading 9 cents lower at $9.84.
December wheat futures are trading 2 1/4 cents higher at $5.29.
For Dec. soybean meal futures, the contract is $3.20 per short ton lower at $349.20; Dec. soybean oil futures are trading $0.29 lower at $32.38.
In the outside markets, the crude oil is $1.38 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 54 points higher.
Dustin Johnson EHedger Inc. analyst says that a couple of things are hitting on the soybeans today. "I think it has a lot to do with November option expiration. We have had a large run up coming into the day. With so many in-the-money puts covering they essentially become the rally. We are going into the weekend and expecting strong harvest pressure after such a nice rally. South American's have been notable hedgers this week as well from what I hear."
Meanwhile, Pete Meyer, PIRA Energy grain director, says the falling market is really all about option expiration in soybeans today. "Fairly large open interest in the $10 and higher Puts. Market’s very nervous with big option positions coming off."
Mike
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At the open:
The December corn futures are trading 3 cents higher at $3.63 per bushel.
November soybean futures are trading 3 cents higher at $9.96.
December wheat futures are trading 9 cents higher at $5.35.
For Dec. soybean meal futures, the contract is $4.30 per short ton higher at $356.70; Dec. soybean oil futures are trading $0.17 lower at $32.50.
In the outside markets, the crude oil is $1.11 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 17 points higher.
Mike
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At 8:25am:
Early calls: Corn is 3-5 cents higher, soybeans 3-5 cents higher, and wheat 7-9 cents higher.
Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $1.11 per barrel lower.
Dollar = Lower
Wall Street = Seen lower.
World Markets = Europe stocks were lower, Asia/Pacific stocks were mixed.
More in a minute,
Mike
