cancel
Showing results for 
Search instead for 
Did you mean: 
marketeye
Veteran Advisor

From the floor June 21

At the close:

The Dec corn futures settled 5 3/4 cents lower at $3.74 1/4. The Nov. soybean contract closed 8 1/2 cents higher at $9.39. The Sep. wheat futures closed 1/2 of a cent lower at $4.77 1/4. The July soybean meal futures closed $0.50 lower at $288.90 per short ton. The July soyoil futures ended 13 points higher at $38.05.

 

In the outside markets, the NYMEX crude oil is $0.32 higher per barrel, the dollar is higher, and the Dow Jones Industrials are up 56 points.

 

The dollar strengthened, pushing down commodities.

 

Mike

------------

At mid-session:

At mid-session, the Dec corn futures are 5 3/4 cents lower at $3.73 3/4. The Nov. soybean contract is 9 1/4 cents higher at $9.39. The Sep. wheat futures are 5 cents lower at $4.72 3/4. The July soybean meal futures are $1.80 lower at $287.60 per short ton. The July soyoil futures are 33 points higher at $38.25.

 

In the outside markets, the NYMEX crude oil is $1.18 higher per barrel, the dollar is lower, and the Dow Jones Industrials are up 91 points.

 

It's buy the rumor, sell the fact, one trader says. Traders bought the China currency change news but quickly sold it. The outside markets are still supportive for the grains.

 

Mike

-----------

At the open:

At the open, the Dec corn futures opened 5 cents higher at $3.65 3/4. The Nov. soybean contract opened 13 1/2 cents higher at $9.44. The Sep. wheat futures opened 7 1/4 cents higher at $4.85. July soybean meal futures opened $3.20 higher at $282.80 per short ton. The July soyoil futures opened 38 points higher at $38.49.

 

In the outside markets, the NYMEX crude oil is $1.56 higher per barrel, the dollar is higher, and the Dow Jones Industrials are up 108 points.

 

A trader with pitguru.com says, "Looking at opportunities to take advantage of the Chinese decoupling, look at the upside in the short term with the long term plays less attractive due to Chinese export power dropping over time. I like the possibilities of a problem in corn more than wheat following the weekend hearing that wheat proteins are improving in central KS and OK as compared with last week.

He adds, "Overall the market looks to continue the rally early this week but there is little out there to really scare anyone to get this thing violently higher from here. I like a move against the 100-day MA in corn, a move in wheat between 491-505 and a continued rally in beans heading into the acreage report a week from Wednesday. The week will be led by the Chinese Yuan, crude oil and weather with many in the trade looking cautiously higher."

 

Mike
-----------
At 9:25am:
China buys 120,000 metric tons of U.S. soybeans for 2009-10 delivery, USDA announced Monday.
Mike
------------
At 9:20am:
This morning, one analyst is saying wheat farmers facing a weak basis should consider using futures or hedge to arrive contracts to lock in prices. What is your wheat basis, where you are from? It would be interesting to hear from some wheat growers facing this problem.
Mike
-------------
At 6:35am:
Early calls: Corn up 5-7 cents, soybeans 12-14 cents higher, and wheat up 6-8 cents. China has adjusted its yuan, making it possible for Chinese consumers to buy more for their money. This makes U.S. products cheaper in China. As a result the world markets and commodities are rallying.
Trackers:
Overnight grain=Trading sharply higher.
Crude oil=Trading $1.16 per barrel higher.
U.S. Dollar=Trading lower.
World Markets=Higher.

Wall Street=Seen opening higher on the China yuan news. Now, Chinese officials say their currency will be changed gradually. But, the world is seeing this as a positive thing and the markets are shooting higher.

 

 

More in a minute,

 

Mike

0 Kudos
1 Reply
zman343
Contributor

Re: From the floor June 21

Cue the smoke and steady the mirrors!!!

0 Kudos