At the close:
The Dec. corn futures settled 11 1/2 cents lower at $6.38 1/2. The Nov. soybean contract closed 25 cents lower at $12.58. The Dec. wheat futures ended 7 cents higher at $6.40 3/4. The Dec. soymeal futures settled $5.00 per short ton lower at $330.10. The Dec. soyoil futures settled $1.30 lower at $52.64.
In the outside markets, the NYMEX crude oil is $0.55 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 37 points.
Mike
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At mid-session:
The Dec. corn futures are trading 1 cent lower at $6.49. The Nov. soybean contract is trading 15 cents lower at $12.68. The Dec. wheat futures are trading 9 1/4 cents higher at $6.43. The Dec. soymeal futures are trading $4.10 per short ton higher at $331.00. The Dec. soyoil futures are trading $0.73 lower at $53.21.
In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 11 points.
Looking ahead, one analyst says, "Next week is the last full week of the month. Funds can still cut exposure but don't expect corn and beans to start really buying into the fear of what the October 12 USDA crop report may say until after Oct. 1. Still, watch out for next Friday's USDA small grains report. The Farm service agency report earlier this month acquired statistics from farmers claims from crop insurance from acres flooded out this spring. The report indicated farmers may have lost 3.5 million acres of spring wheat due to flooding based on their number versus the September USDA report. Common industry thinking is acreage losses were 800 t.a. to 1.6 m.a. Either way, there will be fear of a bullish report on Friday as the report will update all wheat estimates. This should give all grains a higher close on the week."
Mike
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At the open:
The Dec. corn futures opened 2 1/4 cents lower at $6.46. The Nov. soybean contract opened 13 1/2 cents lower at $12.69. The Dec. wheat futures opened 8 1/4 cents higher at $6.42. The Dec. soymeal futures opened $1.00 per short ton lower at $334.00. The Dec. soyoil futures opened $0.79 lower at $53.15.
In the outside markets, the NYMEX crude oil is $0.80 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 94 points.
It's a global rout, as eight Greek banks receive a downgrade from rating officials. Separately, Marketeye is loose along I-80 in Iowa and Illinois. No combines rolling yet. A lot of dew this morning, delaying fieldwork maybe?
Mike
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At 6:35am:
Early calls: Corn is seen 3-5 cents lower, soybeans 10-12 cents lower, and wheat seen 2-4 cents higher.
Trackers:
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$1.52 lower.
Dollar=Higher.
Wall Street=Seen trading flat after yesterday's global asset rout. Commodities appear to be still under pressure Friday. Meanwhile, the investors are eyeing the European financial crisis. The G20 countries made a statement Friday that they will do what's needed to turn Europe's fate around. Farmers are watching what the Fed Reserve is doing with interest rates. Read the farmers' perspective on interest rates.
World Markets=Lower.
More in a minute,
Mike
