At the close:
The Dec. corn futures settled 10 1/4 cents higher at $6.87 1/4. The Nov. soybean contract closed 4 1/4 cents lower at $13.82. The Sep. wheat futures finished 4 cents lower at $6.93 1/2. The Dec. soybean meal futures contract closed $0.40 per short ton higher at $365.00 and Dec. soyoil futures settled $0.25 lower at $57.57.
In the outside markets, the NYMEX crude oil is $2.07 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 202 points.
One trader was baffled by the September corn contract pulling back so much today. He says normally when the July goes off the board the Sep. contract will stay strong. Meanwhile, with the out-months staying higher, it's almost like the market is telling the farmer to store and not sell. Call me crazy, but at near $7, I'd think you would want to see something, wouldn't you?
By the way: The March, April and May contracts are $3 above a year ago.
Mike
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At mid-session, the Dec. corn futures are trading 18 3/4 cents higher at $6.95 3/4. The Nov. soybean contract is trading 15 1/4 cents higher at $14.01 1/2. The Sep. wheat futures are trading 25 cents higher at $7.14 1/2. The Dec. soybean meal futures contract is trading $4.90 per short ton higher at $369.50 and Dec. soyoil futures are trading $0.53 higher at $58.35.
In the outside markets, the NYMEX crude oil is $1.85 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 100 points.
One analyst says, ""The traders are trading three events. One, crop conditions were lower on grains for Monday's crop progress report. Two,weather remains hot and dry this week and three, outside markets are supportive. Crude oil is up pulling corn-based ethanol along and the dollar is down making grains more affordable to importers. But it's all about the next forecast."
Mike
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At the open:
The Dec. corn futures opened 26 1/2 cents higher at $7.03 3/4. The Nov. soybean contract opened 21 1/2 cents higher at $14.07 1/2. The Sep. wheat futures opened 36 cents higher at $7.26. The Aug. soybean meal futures contract opened $6.60 per short ton higher at $365.90 and Aug. soyoil futures opened $0.90 higher at $57.78.
In the outside markets, the NYMEX crude oil is $2.40 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 131 points.
Mike
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At 7am:
Early calls: Corn 12-14 cents higher, soybeans 8-10 cents higher, and wheat 13-14 cents higher. Crop ratings dropped further than expected last week and this week's conditions are not expected to 'knock it out of the park' either.
Trackers:
Overnight grain, soybean markets=Trading sharply higher.
Crude Oil=$0.93 higher.
Dollar=Lower.
Wall Street=Seen trading higher as investors focus, temporarily, on corporate earnings and not the fledgeling Grrek financial crisis.
World Markets=Asia/Pacific stocks are lower and Europe is higher.
More in a minute,
Mike
