Wheat Options Talk:
One trader says, "The buying presence that has surfaced over the last three sessions in the corn and the wheat is likely going to be reappearing in the near term, with most peoples' take being more rather than less still to come. But on this day, and following the sort of movement we've experienced since the Dec. options expired a little over a week and a half ago, there seems to be a break in the action. The USDA will provide some fresh incentives on Friday, and with all this excitement already out in the open, we could get a couple days of inside trade here on Wed. and Thurs."
Mike
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At the close;
The March corn futures settled 6 1/4 cents lower at $5.61 3/4. The Jan. soybean contract closed 3 cents lower at $12.85 1/4. The March wheat futures closed 8 1/4 cents lower at $7.84 3/4. The Jan. soyoil futures contract ended $0.23 higher at $53.77. The Jan soymeal futures settled $2.40 per short ton lower at $344.10.
In the outside markets, the NYMEX crude oil is $0.58 per barrel lower, the dollar is higher, and the Dow Jones Industrials are up 71 points.
Mike
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At mid-session:
The March corn futures are 8 1/2 cents lower at $5.59 1/2. The Jan. soybean contract is 2 1/2 cents lower at $12.86. The March wheat futures are 10 3/4 cents lower at $7.82 3/4. The Jan. soyoil futures contract is $0.26 lower at $53.80. The Jan soymeal futures $2.30 per short ton lower at $344.20.
In the outside markets, the NYMEX crude oil is $0.93 per barrel lower, the dollar is higher, and the Dow Jones Industrials are dup 42 points.
One trader says it's simply quiet on the floor right now.
Yet another trader says, "There is rain predicted for Argentina and rumor Chinese may raise interest rates over the weekend... so we start higher and are now -8 cents lower in corn and beans down -3 to -4."
Mike
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At the open:
The March corn futures opened 6 cents higher at $5.74. The Jan. soybean contract opened 11 cents higher at $12.99. The March wheat futures opened 12 cents higher at $8.05. The Jan soymeal futures opened $2.50 per short ton higher at $349.00.
In the outside markets, the NYMEX crude oil is $0.11 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 57 points.
The higher overnights, the weaker Dollar, and higher momentum for the stock market are pushing up grain prices on a 'Turnaround Tuesday'.
Mike
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At 7:15am:
Russia may have to extend its ban on grain exports, past June of 2011, a Russian trade rep says. The country may have to import up to 3.0 million metric tons of feed grains, the Dow Jones Newswire indicates Tuesday.
Mike
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At 7am:
Early calls: Corn up 5-7 cents, soybeans 10-12 higher and wheat up 8-10 cents.
Trackers:
Overnight grain markets=Trading higher.
Crude Oil=$0.90 higher.
Dollar=Lower.
Wall Street=Seen trading higher, along with higher commodities as the government comes to agreement on the tax cut extension.
World Markets=Higher.
It looks like all the stars are aligned for a higher trading day. Gold hit a record-high yesterday, silver marked a 30-year high. Wheat prices are reaching longtime highs in many countries around the world.
More in a minute,
Mike
