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Veteran Advisor

From the floor July 14

At the close:

The Dec. corn futures settled 1 1/4 cents lower at $6.78 1/2. The Nov. soybean contract closed 4 1/4 cents higher at $13.84. The Sep. wheat futures settled 7 1/2 cents lower at $7.07. The Dec. soybean meal futures contract closed $2.40 per short ton higher at $362.80 and Dec. soyoil futures settled $0.29 lower at $58.24.

 

In the outside markets, the NYMEX crude oil is $2.29 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 32 points.

 

Mike

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At mid-session:

The Dec. corn futures are trading 12 3/4 cents lower at $6.67. The Nov. soybean contract is trading unchanged at $13.79 3/4. The Sep. wheat futures are trading 21 1/2 cents lower at $6.93. The Dec. soybean meal futures contract is $0.50 per short ton lower at $359.90 and Dec. soyoil futures are trading $0.08 lower at $58.45.

 

In the outside markets, the NYMEX crude oil is $1.99 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 12 points.

 

One analyst says, "They traded the hot dry weather in the forecast Tuesday and Wednesday but today corn is following crude oil as longs in the grains wont add to their position until Friday if the forecast still has the heat dome in for all of next week."

 

Mike

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In early trading:

In early trading, the Dec. corn futures are trading 2 cents lower at $6.77 3/4. The Nov. soybean contract is trading 6 1/4 cents higher at $13.86. The Sep. wheat futures are trading 6 3/4 cents lower at $7.07 3/4. The Dec. soybean meal futures contract is $0.20 per short ton lower at $360.20 and Dec. soyoil futures are trading $0.03 higher at $58.56.

 

In the outside markets, the NYMEX crude oil is $0.05 per barrel higher, the dollar is higher and the Dow Jones Industrials are up  49 points.

 

Mike

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At 7:30am:

USDA releases friendly Weekly Export Sales Thursday.

 

--Corn sales were 1.681 million metric tons vs. the trade estimate of 1.5 mmt-2.0 mmt.

--Soybean sales were 656,200 mt vs. the trade estimate of 450,000-650,000 mt.

--Wheat exports were 519,000 vs. the trade estimates of 350,000-650,000 mt.

 

Mike

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At 6:25am:

 

Early calls: Corn 1-2 cents higher, soybeans 7-9 cents higher, and wheat 4-6 cents lower. July futures go off the board today. Weekly Export Sales Report will be out at 7:30am CT.

 

Trackers:

Overnight grain, soybean markets=Trading mostly higher.

Crude Oil=$0.28 higher.

Dollar=Higher.

Wall Street=Seen trading flat as raters warn the U.S. of a downgrsde of its debt. Also, Italy sees borrowing costs rise. U.S. earnings season continues as JP Morgan is set to report second-quarter earnings.

World Markets=Asia's mixed, but Europe stocks are lower.

 

 

More in a minute,

 

Mike

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Contributor

Re: From the floor July 14

 

Hi Marketeye

France lifted the estimat of the French wheat today!!

Combines are rolling into the north of Paris and there are better yields!!

Very rainy in Germany and Poland...expect delayed harvest.

 

just a comment...........BTW beans seems to the hotter today??

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Veteran Advisor

Re: From the floor July 14

eurofarmer,

 

Thanks for the European update. I notice Russia's Prime Minister says that country's 2011 grain harvest will now be around 90mmt vs. 60.9 a year ago. That should get the market's attention.

 

--Japan bought 139,411 metric tons of food-wheat from U.S., Australia and Canada for September delivery.

 

Doesn't it seem like Japan is buying wheat nearly every day? I know they are retooling from that earthquake. But, man, it seems like they just keep buying large amounts.

 

Mike

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