And there's more! Well, not to belabor yesterday's point that parts of Ohio's corn is in deep trouble, but I did receive this photo this morning that is pretty dramatic. Take a look:
Photo caption from SW Ohio farmer: "I'm standing on a gravel ridge (about 3 acres). This area has been curled up tight like a pineapple for 18 days. The rest of the field is 8' tall and fully tasseled. This is the first time I have ever had corn just quit on me. Hopefully we can at least save a little on combine costs since there will be nothing here. The rest of the field is also dry and firing almost up to the ear. We need a an inch of rain a week for the next three weeks to get anything out of this."
Note: By the way, if you missed it, here's a full story with agronomists and farmers talking about how important August will be for this year's ear-fill stage for the U.S. corn crop.
Read Will the corn cob gain weight?
Mike
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At the close:
The Dec. corn futures settled 5 1/4 cents lower at $6.86 1/4. The Nov. soybean contract closed 9 cents lower at $13.71 1/2. The Sep. wheat futures contract closed 11 1/2 cents lower at $6.93 1/4. The Dec. soybean meal futures contract settled unchanged at $363.30. The Dec. soyoil futures contract finished $0.76 lower at $56.55.
In the outside markets, the NYMEX crude oil is $0.11 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 22 points.
Mike
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At mid-session:
The Dec. corn futures are trading 4 cents lower at $6.87 1/2. The Nov. soybean contract is trading 5 1/4 cents lower at $13.75 1/4. The Sep. wheat futures contract is trading 1 3/4 cents higher at $7.06 1/2. The Dec. soybean meal futures contract is trading $1.30 higher per short ton at $364.90. The Dec. soyoil futures contract is trading $0.31 lower at $57.00.
In the outside markets, the NYMEX crude oil is $0.18 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 75 points.
Mike
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At the open:
The Dec. corn futures opened 3 cents lower at $6.88 3/4. The Nov. soybean contract opened 4 1/4 cents lower at $13.76 1/4. The Sep. wheat futures opened 6 cents higher at $7.10. The Dec. soybean meal futures contract opened $1.10 higher per short ton at $364.80. The Dec. soyoil futures opened $0.01 lower at $57.31.
In the outside markets, the NYMEX crude oil is $0.45 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 17 points.
Mike
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At 8am:
USDA's Weekly Export Sales Thursday shows weak data.
Corn=484,900 mt vs. the trade expectations of 550 to 950,000 metric tons.
Soybeans=372,700 mt compared to expectations of 550 to 850,000 mt.
Wheat=473,800mt, within the expectations of 300 to 500,000 mt.
Also, USDA corrected an earlier sale from Tuesday. Japan bought 170,000 mt of U.S. corn not 200,000.
Mike
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At 6:35am:
Early calls: Corn 2-4 cents lower, soybeans 1-2 cents higher, and wheat 2-4 cents higher.
Trackers:
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$0.12 lower.
Dollar=Higher.
Wall Street=Seen trading higher off of a bounce from yesterday's steep close. Plus, a lot of companies report earnings today.
World Markets=Lower.
More in a minute,
Mike
