At the close:
The December corn futures settled 8 cents higher at $3.40 3/4 per bushel.
November soybean futures finished 1 1/2 cents lower at $9.40 3/4.
December wheat futures ended 14 3/4 cents higher at $5.06 1/4.
For Dec. soybean meal futures, the contract closed $3.70 per short ton higher at $312.60; Dec. soybean oil futures finished $0.35 lower at $33.10.
In the outside markets, the crude oil is $1.20 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 187 points lower.
Mike
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At mid-session:
The December corn futures are trading 7 1/4 cents higher at $3.39 per bushel.
November soybean futures are trading 9 3/4 cents higher at $9.52.
December wheat futures are trading 15 1/4 cents higher at $5.06 3/4.
For Dec. soybean meal futures, the contract is trading $7.40 per short ton higher at $316.30; Dec. soybean oil futures are trading $0.17 lower at $33.28.
In the outside markets, the crude oil is $1.11 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 118 points lower.
Jason Ward, Director of Grains and Energy, Northstar Commodity, says that corn continues to see buyers before the report on Friday, and it is on the heels of the strength in the wheat/soybeans.
“There are some disappointing yields starting to pop up in Iowa (started last week). And, the short covering strength we are seeing in wheat/soybeans is certainly lending support over to the corn market. We see $3.50 as the next resistance and don’t expect prices to run through that level prior to the report,” Ward says.
In soybeans, the markets has traded through last week’s high of $9.30, and the short covering continued this morning, pushing prices up to $9.55, he says.
“Wheat futures closed higher last week, above the previous week’s high. And, that short covering has spurred a further rally this week to test the 2-week high of $5.08,” Ward says.
He adds, “This support has spilled over to corn at a time of year that the producer does not want to see a rally, as his crop insurance price is being set with the daily average through October. The lower the price for this the better. So, a lot of calls today of disgust from producers not wanting to see 20-30 cents up at this time of year. The truth is, the trade doesn’t care about crop insurance, they care about their own profits and they are taking them prior to the report, not giving the USDA and FSA a chance to surprise them.”
There has been good money made on the short side, over the last 6 weeks in the corn/soy/wheat, he says.
“The sound you hear the last two days has been the cash register ringing for the specs,” Ward says.
Mike
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At the open:
The December corn futures opened 1/4 cents lower at $3.32 per bushel.
November soybean futures opened 3 1/4 cents lower at $9.38.
December wheat futures opened 1/2 of a cent lower at $4.91.
For Dec. soybean meal futures, the contract opened $1.10 per short ton lower at $307.80; Dec. soybean oil futures are trading $0.17 lower at $33.28.
In the outside markets, the crude oil is $0.49 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 48 points lower.
Mike
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At 7:20am:
Early calls: Corn is 2-4 cents lower, soybeans 6-8 cents lower, and wheat 1-2 cents lower.
Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.41 per barrel lower.
Dollar = Higher
Wall Street = Seen lower, with eyes on Fed speak and 3rd Quarter earnings.
World Markets = Europe stocks were mixed, Asia/Pacific stocks were lower.
More in a minute,
Mike
