From the floor June 10

[marketeye]

At the close:

The July corn futures setled 1 1/2 cents higher at $7.87, after setting a new all-time record high of $7.99 3/4. The July soybean contract ended 6 1/2 cents lower at $13.87 1/4. The July wheat futures closed 14 1/4 cents higher at $7.59 1/4. The July soybean meal futures ended $0.40 per short ton higher at $373.30. July soyoil settled $0.55 lower at $56.85.

In the outside markets, the NYMEX crude oil is $2.87 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 181 points.

Mike

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At mid-session:

The July corn futures are 10 1/2 cents higher at $7.96. The July soybean contract is 4 1/4 cents lower at $13.89 1/2. The July wheat futures are 13 1/4 cents higher at $7.58 1/4. The July soybean meal futures are trading $0.80 per short ton higher at $373.70. July soyoil trades $0.42 lower at $56.98.

In the outside markets, the NYMEX crude oil is $2.55 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 128 points.

Mike

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At the open:

The July corn futures opened 7 cents lower at $7.78 3/4, Dec. corn opened 8 cents lower. The July soybean contract opened 13 cents lower at $13.80. The Sep. wheat futures opened 11 cents lower at $7.71. The Aug. soybean meal futures opened $3.10 per short ton lower at $363.50. Aug. soyoil opened $0.52 lower at $57.15.

In the outside markets, the NYMEX crude oil is $2.71 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 123 points.

Profit-taking has hit the Friday grain and soybean trade.

Mike

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At 7:20am:

Corn Preview: "With the large gap opening yesterday, we left a trend line break back at the gap area.  Over the coming days/week, if we are unable to fill the gap, we will minimally trade to 805, 814.  We’ll take a wait and see approach for today," one technically-driven corn trader says.

Mike

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At 7:00am:

Early calls: Corn 3-4 cents lower, soybeans 7-9 cents lower and wheat 4-6 cents lower.

Trackers:

Overnight grain, soybean markets=Trading lower.

Crude Oil=$0.96 lower.

Dollar=Higher.

Wall Street=Seen trading lower ahead of U.S. import and export prices.

World Markets=Mixed. Asia/Pacific stocks are up, Europe lower.

More in a minute,

Mike

[NCcorntrader]

I love these technical traders- the way I read that guys assessment is that if the price doesnt go down it will go up. LOL

[SouthWestOhio]

How many times have these technical traders been able to call this market driven by fundamentals?

[marketeye]

NCcorntrader,

You nailed it. But, of the two opinions, he really believes in one of them. You just have to get used to his language and you'll pick it up. But, good assessment on your part.

Mike

[jec22]

If rain makes grain, IA is going to flood the market with corn.  Pun intended.

Don't know how long this link will work and I think totals are exaggerated, but it is still ugly.

http://radar.weather.gov/ridge/radar.php?rid=dvn&product=NTP&overlay=11101111&loop=no

[SouthWestOhio]

JEC22 I like the way the graphic inserts a couple of areas getting 10" between Joliet and Sterling. Does that mean those acres will make 1,000 bushels an acre?

Thare is a pretty wide area showing 6-8" and were not talking snow. I hope everyone is ok in there.

[Pupdaddy]

...Basis has gotten to .30 over on June delivered corn, .34 over on July delivered corn...and God knows what on August/Sept. corn in Fostoria, OH. Maybe I better go out and blow a little air through that corn..and start warming it up?

[nwobcw]

   Pupdaddy, did you get blasted by rain last night (Friday)?   I got .4" in the morning.  Could use some more.

[Pupdaddy]

..Got rained out of drilling soybeans at 9:30 Fri. morning...really good rain, and then spent the rest of the day cleaning things up. Chemical bottles were scattered all around..and my riverbottoms needed the limbs picked out of them from the flooding. Going to get things wrapped up this week I think....if everything holds together..