From the floor July 26

[marketeye]

After the close:

USDA says the U.S. soybean crop good/excellent condition is at 67% equal to a week ago. Corn g/ex. remains at 77% vs. a week ago.

Mike

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At the close:

The Dec corn futures settled 6 1/2 cents lower at $3.78. The Nov. soybean contract settled 15 1/2 cents lower at $9.65. The Sep. wheat futures ended 6 3/4 cents lower at $5.89 1/2. Dec. soybean meal futures closed $6.10 lower at $277.20 per short ton. Dec. soyoil futures closed 27 points lower at 39.49.

In the outside markets, the NYMEX crude oil is $0.08 higher per barrel, the dollar is lower, and the Dow Jones Industrials are up 58 points.

Mike

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At 10:50am:

At mid-session: The Dec corn futures are 5 cents lower at $3.79 1/2. The Nov. soybean contract is 12 1/4 cents lower at $9.69 1/4. The Sep. wheat futures are 8 1/4 cents lower at $5.88. Dec. soybean meal futures are $4.40 lower at $278.90 per short ton. Dec. soyoil futures are trading 12 points lower at 36.74.

In the outside markets, the NYMEX crude oil is $0.24 higher per barrel, the dollar is lower, and the Dow Jones Industrials are up 74 points.

The floor is quiet, one trader says. The wet weather has the markets pinned down. One piguru.com trader says, "Overall the week ahead looks about as calm as I have seen in 2 months. There is little fear of weather, demand outside of beans remains quiet and longs are under pressure. This should be a week for bears unless something crazy happens…which it always does when the market least expects it. Look to the downside in all markets this week with bean oil looking to gain against meal, old crop beans lose to new crop, corn gains against wheat and beans continue to regain lost ground against corn."

Mike

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At 10:35am:

One analyst says, "Grain prices opened lower today after weekend rains fell across the Midwest Corn Belt that comprises 85% of our corn and bean production. But the trade is careful to turn too bearish until they get a look at tonight’s 3:00 p.m. central crop condition report. There has been concern that it’s been too wet in the western Corn Belt of Nebraska and Iowa and too little moisture in the ECB of central Illinois, Indiana and Ohio. Last week's weather brought flooding rains to the WCB, little rain totals at best to the ECB and high heat and dry in the southern Delta. The next 10 days keeps eastern belt states with light rain totals and talk of late week rain totals of 6 to 8 inches in Iowa and Nebraska almost identical to last week. If the crop condition reports raise the ratings the trade moves in as sellers this week but lower corn and bean ratings confirms trader thoughts and prices move to new highs."

Mike

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At the open:

At the open: The Dec corn futures are 2 3/4 cents lower at $3.81 3/4. The Nov. soybean contract is 11 1/2 cents lower at $9.70. The Sep. wheat futures are 7 cents lower at $5.89. Dec. soybean meal futures are $4.80 lower at $278.50 per short ton. Dec. soyoil futures are trading 3 points lower at 39.73.

In the outside markets, the NYMEX crude oil is $0.14 higher per barrel, the dollar is lower, and the Dow Jones Industrials are up 36 points.

Mike

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At 9:10am:

USDA announced Monday that 226,000 metric tons of U.S. soybeans were sold to China for delivery during the 2010/2011 marketing year.

The marketing year for soybeans began Sept. 1.

Mike

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At 8:15am:

One trader says he sees the USDA's Crop Report showing unchanged to 1% increase in conditions this afternoon.

Mike

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At 6:35am:

Early calls: Corn down 1-2 cents, soybeans down 1-2 cents, and wheat down 2-4 cents.

Trackers:

Overnight grain=Trading lower.

Crude oil=Trading $0.69 per barrel lower.

Dollar=Trading lower.

Wall Street= Seen opening lower as investors await the release today of the Commerce Dept.'s new home sales data.

World Markets=Mixed with Europe stocks lower and Asia/Pacific higher.

More in a minute,

Mike