At the close:
The Dec. corn futures settled 8 cents lower at $6.77. The Nov. soybean contract closed 3/4 of a cent lower at $13.86 1/4. The Sep. wheat futures closed 5 1/4 cents lower at $6.89 1/2. The Dec. soybean meal futures contract ended $1.30 per short ton lower at $364.60 and Dec. soyoil futures closed $0.44 lower at $57.82.
In the outside markets, the NYMEX crude oil is $1.31 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 95 points.
Mike
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At 12:45pm:
If you've noticed, the farm markets have trimmed deep losses from this morning. Part of this strengthening may have something to do with the new weather forecast. It indicates the eastern Corn Belt will NOT be getting the relief first thought on July 20-21. The cooler weather and rain will stay to the north.
Mike
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At mid-session:
The Dec. corn futures are trading 13 3/4 cents lower at $6.71 1/4. The Nov. soybean contract is 4 1/2 cents lower at $13.82 1/4. The Sep. wheat futures are trading 12 1/4 cents lower at $6.82 1/2. The Dec. soybean meal futures contract is trading $2.10 per short ton lower at $363.80 and Dec. soyoil futures are trading $0.41 lower at $57.85.
In the outside markets, the NYMEX crude oil is $2.19 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 157 points.
The farm markets remain weak. One analyst says, "Part of the reason is the moderating weather outlooks for this coming weekend and next week which are not as hot and dry as they were expected to be on Friday. I know there was no demand news this morning, but I am not sure any was really expected. The other part seems to be the EU issues and our own debt issues. The combination of the 2 has rallied the dollar and hurt commodities in general. Overall, not the most thrilling day here."
Mike
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At the open:
The Dec. corn futures opened 18 cents lower at $6.66 1/2. The Nov. soybean contract opened 11 cents lower at $13.76. The Sep. wheat futures opened 16 cents lower at $6.79 1/4. The Dec. soybean meal futures contract opened $3.30 per short ton lower at $332.60 and Dec. soyoil futures opened $0.58 lower at $57.68.
In the outside markets, the NYMEX crude oil is $1.86 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 136 points.
The higher dollar is pressuring the grains. A favorable weather forecast is bearish for the grain and soybean markets. Meanwhile, world debt issues are pulling down the stock market and pushing the dollar higher. All of these factors are negative for the commodities markets.
Mike
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At 7:20am:
FWIW, the technical corn pit trader is starting off the week with an overly bullish sentiment with a pinch of bearishness.
Tom White, at Future Road.net, recaps last weeka and looks forward to this week's outlook: "After trading lower on Monday and testing a downside pivot (625) area and below, the market rebounded to fill gaps and test mid-lines as outlined in last week’s review. We also broke a daily trend line which generally keeps us bullish for now. There are also positive reversals on the very long-term charts (weekly and monthly) which, unless negated, could keep the market generally bullish. This does not mean, however, that we will not monitor for corrective trade and change in bias. For example, we have a chance to correct back to 664.4 at some point this week. For Monday, we are neutral as we had mixed end of day patterns on Friday."
Mike
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At 7am:
Early calls: Corn 12-14 cents lower, soybeans 8-10 cents lower, and wheat 10-12 cents lower.
Trackers:
Overnight grain, soybean markets=Trading sharply lower.
Crude Oil=$0.57 lower.
Dollar=Higher.
Wall Street=Seen trading lower as the European debt crisis spreads, even after the stress tests on banks. Plus, there is growing concern the U.S. won't get its debt ceiling raised before its credit rating is lowered.
World Markets=Lower.
More in a minute,
Mike
