The Dec corn futures closed 11 cents higher at $4.15. The Nov. soybean contract ended 6 1/4 cents higher at $10.24 1/2. The Sep. wheat futures closed 45 3/4 cents higher at $7.25. Dec. soymeal is $2.40 per short ton higher at $292.40, and Dec. soyoil is 42 points higher at $42.10.
In the outside markets, the NYMEX crude oil is $0.24 per barrel lower, the dollar is higher, and the Dow Jones Industrials are up 41 points.
Mike
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At mid-session, the Dec corn futures are 6 1/ cents higher at $4.10. The Nov. soybean contract is 6 1/4 cents higher at $10.24 1/2. The Sep. wheat futures are 31 1/4 cents higher at $7.11. Dec. soymeal is $2.80 per short ton higher at $292.80, and Dec. soyoil is 24 points higher at $41.92.
In the outside markets, the NYMEX crude oil is $0.19 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 35 points.
Mike
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At the open:
At the open, the Dec corn futures are 5 cents higher at $4.09 1/2. The Nov. soybean contract is 2 1/2 cents higher at $10.20 1/2. The Sep. wheat futures are 26 cents higher at $7.06. Dec. soymeal is $2.20 per short ton higher at $292.20, and Dec. soyoil is 13 points higher at $41.81.
In the outside markets, the NYMEX crude oil is $0.37 per barrel lower, the dollar is higher, and the Dow Jones Industrials are up 16 points.
One analyst says, "The market jumped sharply higher in the first 30-seconds. Then profit-taking kicked in and corn and soybeans backed off. Still, the market is supported by the usual Russian-drought talk, but also big demand. Everyday this week, China has been 'in' for corn and/or soybeans. This morning, China bought 121,000 metric tons of U.S. soybeans."
The analyst adds, "Keep in mind, on this Russian deal, that people over the weeks have been saying this is the worst drought in 20, 50, 130 years. No, this is the worst drought ever, for Russia. Ok, so what does that mean for this market? Well, last year, Russia was taken wheat business away from the U.S. right and left. Now, Egypt and other countries will be buying from the U.S. Why? Because it's not just Russia with crop-weather problems. Northeast Australia's wheat-producing area is hurting, the FSU countries are reporting crop-losses. All of these factors make, what was a bearish looking U.S. wheat ending stock supply, very bullish."
At 6:45am:
Early calls: Corn up 2-4 cents, soybeans up 5-7 cents, and wheat up 18-20 cents.
Trackers:
Overnight grain=Trading sharply higher.
Crude oil=Trading $0.27 per barrel lower.
Dollar=Trading higher.
Wall Street= Seen opening lower with global economic worries. Plus, concern is building that the Treasury's purchases to pump money into the economy are signs that the economy is struggling to recover.
World Markets=Mostly lower.
More in a minute,
Mike
