After the close:
The USDA announced Wednesday that the release time for all of their major crop reports will change from 7:30am CT to 11am CT. See full USDA announcement here.
Will this change your world much? If so, how?
Mike
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At the close:
The Dec. futures corn contract settled 16 cents higher at $7.56 1/2. Nov. soybean futures contract finished 29 1/2 cents higher at $16.69. Dec. wheat futures finished 18 cents higher at $8.81 1/2 per bushel. The Dec. soyoil futures contract settled $0.92 higher at $56.25. The Dec. soymeal futures contract closed $8.30 per short ton higher at $500.30.
In the outside markets, the NYMEX crude oil is $3.45 per barrel lower, the dollar is lower and the Dow Jones Industrials are 46 points higher.
The corn market is overdone to the downside, one floor trader says. So, a rally occurred on Wednesday rather than Tuesday. Plus, technically, this blows people out of the water. We were looking at 7.41 3/4 as a resistance price and we blew right threw that. So, people are now confused about this market, I'm sure. This tells me that we are in for higher prices. Why? When we take $1 off of the market, a buyer shows up. These breaks should be bought," the floor trader says.
Mike
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At mid-day:
The Dec. futures corn contract is trading 15 cents higher at $7.55. Nov. soybean futures contract is trading 28 cents higher at $16.68. Dec. wheat futures are trading 15 cents higher at $8.79 per bushel. The Dec. soyoil futures contract is trading $0.61 higher at $55.94. The Dec. soymeal futures contract is trading $9.80 per short ton higher at $501.80.
In the outside markets, the NYMEX crude oil is $3.06 per barrel lower, the dollar is lower and the Dow Jones Industrials are 41 points higher.
Mike
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At the open:
The Dec. futures corn contract is trading 5 3/4 cents higher at $7.45. Nov. soybean futures contract is trading 13 cents higher at $16.53. Dec. wheat futures are trading 10 cents higher at $8.74 per bushel. The Dec. soyoil futures contract is trading $0.08 higher at $55.41. The Dec. soymeal futures contract is trading $5.80 per short ton higher at $497.80.
In the outside markets, the NYMEX crude oil is $2.56 per barrel lower, the dollar is lower and the Dow Jones Industrials are 13 points higher.
Mike
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At 6:15am:
--Japan seeks 320,000 tons of feed wheat, barley.
--Taiwan buys 60,000 tons of U.S. soybeans Wednesday.
--South Korea buys 28,700 tons of U.S. wheat.
Mike
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At 6:00am:
Early calls: Corn 9-11 cents higher, soybeans 25-27 cents higher, and wheat 15-17 cents higher.
Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.20 per barrel lower.
Dollar=Higher.
Wall Street=Seen opening higher as Japan's central bank announves easing monitary policy.
World=Asia/Pacific stocks are higher, Europe is mixed.
More in a minute,
Mike
