From the floor April 6
At the close:
The May corn futures settled 3 3/4 cents lower at $7.63. The May soybean contract ended 3 1/4 cents higher at $13.76 1/2. The May wheat futures settled 4 cents lower at $7.82 1/4. The May soybean meal futures closed $2.00 per short ton higher at $355.60. The July soyoil futures closed $0.07 lower at $58.78.
In the outside markets, the NYMEX crude oil is $0.36 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 35 points.
The May corn futures are 6 1/4 cents lower at $7.60 1/2. The May soybean contract is 13 cents higher at $13.86 1/4. The May wheat futures are 5 1/4 cents lower at $7.81. The May soybean meal futures are $4.80 per short ton higher at $358.40. The July soyoil futures are $0.15 higher at $59.00.
In the outside markets, the NYMEX crude oil is $0.44 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 19 points.
Profit-taking is occuring in the corn market. With Friday's USDA Supply/Demand Report expected to show tight but manageable corn stocks, some see the corn market overbought.
One analyst says, "I think corn is in a liquidation mode, after running to new contract highs. Buyers are trying to wait this rally out a bit and get a cheaper price. Can't blame them. I am not sure why the beans are higher. The news from Brazil should be a downer for prices, as the production is big. But, I think spreads against corn and wheat are getting done. A few forecasts for a shower or two in the southern Plains are hurting wheat. Plus, ideas that USDA will increase ending stocks estimates on Friday. Mostly a consolidation day today."
At the open:
The May corn futures opened 2 1/2 cents lower at $7.64 1/4. The May soybean contract opened 10 3/4 cents higher at $13.83. The May wheat futures opened 1 1/2 cents lower at $7.84. The May soybean meal futures opened $3.70 per short ton higher at $357.30. The July soyoil futures opened $0.41 higher at $59.27.
In the outside markets, the NYMEX crude oil is $0.39 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 39 points.
One corn floor trader says, "Range overnight was 759 to 767; market firmed up just before we went off electronically but no objectives; trade back to near the close of 766 .75. No specific objective, but could see some buying, if back thru there. High was 770.6 yesterday, don't look to buy the first time thru as there is resistance at first at 771-71.4, but would become a buy of dips if thru there. Key resistance as of writing 775.2-776.2. Other areas on update, early potential moving average support in the 762.4-63.4 area."
USDA announced Wednesday that 101,600 metric tons of U.S. corn was sold to an 'unknown' buyer for 2011-12.
Early calls: Corn 1-2 cents lower, soybeans 6-7 cents higher and wheat 1-2 cents higher.
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$0.14 lower.
Wall Street=Seen trading higher, as traders expect higher earnings reports this week and next. Plus, the latest mergers and acquisitions have given the market a warm and fuzzy feeling about the economy.
World Markets=Asia/Pacific is mixed, Europe is higher.
More in a minute,
Re: From the floor April 6
That's why I have you guys around, to keep me straight! Thanks for the correction. You're right, Wow, that is a huge sale. My fault. That should read 101,600 metric tons. Where do you think this market is going, by the way? Thanks for checking in.