At 1:35pm:
The Fed Reserve cut the benchmark interest rate by 25 basis points.
Mike
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At the close:
At the close, the Dec. corn futures finished 3 1/4¢ higher at $3.71 3/4. March corn futures closed 2 1/2¢ higher at $3.82 1/2.
Nov. soybean futures finished 5¢ lower at $8.88 1/4. Jan. soybean futures settled 5¢ lower at $9.02 1/4.
Dec. wheat futures ended 5 1/2¢ higher at $4.89 1/2.
December soymeal futures closed $2.40 per short ton lower at $295.40.
December soy oil futures finished $0.01 higher at 30.00¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.36 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 171 points lower.
Mike
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At midsession:
At midsession, the Dec. corn futures are 1 1/4¢ higher at $3.69 3/4. March corn futures are 1 1/4¢ higher at $3.81.
Nov. soybean futures are 4 1/2¢ lower at $8.89 1/4. Jan. soybean futures are 4 1/4¢ lower at $9.03.
Dec. wheat futures are 4 1/2¢ higher at $4.88.
December soymeal futures are $2.00 per short ton lower at $295.80.
December soy oil futures are $0.07 higher at 30.06¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.17 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 66 points lower.
Mike
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At 9am:
In early trading, the Dec. corn futures are 1 1/4¢ lower at $3.66 3/4. March corn futures are 1 1/4¢ lower at $3.78.
Nov. soybean futures are 3 3/4¢ lower at $8.90. Jan. soybean futures are 3 3/4¢ lower at $9.03.
Dec. wheat futures are 1/2¢ lower at $4.83 3/4.
December soymeal futures are $1.40 per short ton lower at $296.40.
December soy oil futures are $0.03 lower at 29.96¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.00 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 22 points lower.
Al Kluis, Kluis Advisors, says that despite the latest Chinese purchases of U.S. soybeans, the market needs fresh bullish news each day.
“Soybean traders got another announcement of an export sale to China on Tuesday morning, which puts the total since last Friday at 720,000 metric tons. Why did soybeans slip with the bullish news? Recall that prices rallied nicely on the prospects China was buying U.S. soybeans. This is a great example of “buy the rumor, sell the fact”. The bulls need some fresh news before they will be willing to mount another push higher,” Kluis told customers in a daily note.
Kluis added, “The Federal Reserve Board will release its decision on short-term interest rates this afternoon. Many analysts expect to see at least one more rate cut this year. Will it be today? Whatever the Fed commentary reveals about future monetary policy decisions will likely have a big impact on the stock market and the U.S. dollar.”
