From the floor July 20
At the close:
The Dec. corn futures closed 9 1/2 cents lower at $6.77 3/4. The Nov. soybean contract ended 2 cents higher at $13.84. The Sep. wheat futures settled 3 1/2 cents higher at $6.97. The Dec. soybean meal futures contract settled $2.50 per short ton higher at $367.50 and Dec. soyoil futures settled $0.13 higher at $57.70.
In the outside markets, the NYMEX crude oil is $0.69 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 87 points.
At mid-session, the Dec. corn futures are trading 2 1/4 cents lower at $6.85. The Nov. soybean contract is trading 6 cents higher at $13.88. The Sep. wheat futures are trading 7 1/2 cents higher at $7.01. The Dec. soybean meal futures contract is trading $1.50 per short ton higher at $366.50 and Dec. soyoil futures are trading $0.35 higher at $57.92.
In the outside markets, the NYMEX crude oil is $0.78 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 19 points.
One analyst says the lower corn market has the trade baffled. "I expected higher markets with the higher overnight. China buying is supporting the beans today. Not sure what is going on in the wheat, but I guess people want to own it," he says.
People anticipate better weather for corn in the central parts of the Midwest, starting this weekend, he says.
"That could happen, the forecasts are there. People I talk to say the corn looks good around here too, but it is the high night-time lows that are hurting the crops, not the heat or dryness at the moment," he says.
Plus, this more moderate weather is just supposed to be from Chicago to the east and north, he says. "South and west should stay hot, and 80 at night is a real bad thing for corn yields. We saw this is 1995. I kind of think we will see it again."
At the open:
The Dec. corn futures opened 2 1/4 cents higher at $6.89 3/4. The Nov. soybean contract opened 6 1/2 cents higher at $13.88 1/2. The Sep. wheat futures opened 3 1/2 cents higher at $6.97. The Aug. soybean meal futures contract opened $1.00 per short ton higher at $361.10 and Aug. soyoil futures opened $0.40 higher at $57.89.
In the outside markets, the NYMEX crude oil is $0.89 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 4 points.
USDA announces Wednesday that China bought 220,000 metric tons of U.S. soybeans for 2011-12.
Early calls: Corn 3-5 cents higher, soybeans 5-7 cents higher, and wheat 8-10 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$1.37 higher.
Wall Street=Seen trading higher as Apple Inc. beat earnings expectations. Plus, it looks like the government may have a deal on cutting the budget and the debt ceiling wrangle.
BTW: Quite the storm in Chicago, overnight. Now, the city is expecting the worst heat since 1995 when over 700 people died from heat-related conditions.
More in a minute,
O boy.......will they trade....
rain makes grain...........or the heat..............
Re: From the floor July 20
I loaded a grain truck and emptied a bin, getting done about 7AM and with my clothes soaked to the skin all over. This heat is not doing the crop any good. I see where Illinois says that in the last 35 years, the heat years were an average of 11 bushes lower in yield than the total average.
It is hard for me to avoid thinking the bloom is off the rose on corn yield. I'll say again, the corn looks healthy and pretty well pest free around here.
I'm not selling any more 2011 corn until we get some rain. We're not as bad as 30 miles south of here, as we got a couple of 1/2 inchers last week; they didn't get that.
Re: From the floor July 20
You might ask around but I think this trade is all about the dollar. With debt tlaks in DC seeming to work themselves out I think people are expecting a bump in dollar strength. Just my guess though.