From the floor June 14
Biggest surprises in corn ratings are the 5% drop in Ohio and a 4% drop in Nebraska. Surprised to see South Dakota up 4% with Nebraska down 4% since they are so close in proximity.
Overall corn ratings are very highly rated at 76% G/E with MN blowing the doors off at 94% G/E. Wow," he says.
Bean ratings fell 2% to 73% G/E.
Bigggest declines were in NE down 8% and Ohio and Wisconsin both down 4%.
Big rains reported over the weekend and could be harmful to small beans that were planted late, he says.
In the outside markets, NYMEX crude oil is $1.21 per barrel higher, the U.S. Dollar is lower, and the Dow Jones Industrial Index is 42 points higher.
In the outside markets, NYMEX crude oil is $1.75 per barrel higher, the U.S. Dollar is lower, and the Dow Jones Industrial Index is 88 points higher.
One analyst says that corn and beans are finding their strength from two fronts. "One, outside markets are up today with higher crude oil, energies and stocks pulling ethanol and bio-fuels higher and of course corn to ethanol and soyoil and bio-fuels are attached to each other, while a lower dollar encourages a good opportunity for importers to move in and buy grain. Two, though near term weather thru Wednesday looks wet and favorable for good crop emergence, the 6-to-10 day outlook is suggesting that heat dome in the western Plains will move into the Midwest and southern Delta next week with temps from 95 to 100 into southern Il, In, Iowa and Mo. The fear is it might stay awhile. For wheat it's much of the same from the feed grains but export competitor Canada today said their winter wheat crop will fall 18% this year due to unplanted acres and a severe early season crop weather. This had trend following funds who came in short 65 thousand contracts to start buying some back," he says.
Oats have hit a 5-month high, today. Do you believe the old saying that as oats go, so goes corn?
At the open, the July corn futures opened 2 1/2 cents higher at $3.52. The July soybean futures contract opened 5 3/4 cents higher at $9.52 per bushel, Nov. is up 8 1/4 at $9.17 1/2. The July wheat futures opened 6 3/4 cents higher at $4.47 1/2. July soybean meal futures opened $2.30 higher at $292.00 per short ton. The July soyoil futures opened 38 points higher at $37.28.
In the outside markets, the NYMEX crude oil is unchanged per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 79 points.
Private exporters reported to the USDA Monday export sales of 120,000 metric tons of corn for delivery to China during the 2009/2010 marketing year.
The marketing year for corn began Sept. 1.
Wall Street=Seen opening higher after Europe's equity market shoot higher Monday morning. Greece's Prime Minister says he will move his country forward despite the financial crisis.
More in a minute,