From the floor June 24
At the close:
The Dec corn futures settled 1 cent lower at $3.64 1/2. The Nov. soybean contract ended 11 1/2 cents lower at $9.12. The Sep. wheat futures closed 1 3/4 cents higher at $4.77 1/2. July soybean meal futures ended $0.80 higher at $290.10 per short ton. The July soyoil futures finished 42 points lower at $37.17.
In the outside markets, the NYMEX crude oil is $0.12 higher per barrel, the dollar is lower, and the Dow Jones Industrials are down 87 points.
One trader says, "The weather looks good. There is a chance for needed rain in the Delta the next several days. the Midwest dries out and extended forecasts looks cooler keeping a benign picture to the crop outlook.
The census crush was out today showing record large oil and meal stocks….but Eastern crushers are still willing to buy old-crop beans at +70+80 over the November…that implies July/Nov beans at 45-50 over. The flat price break makes it harder to source beans so the old crop spreads rallied buy July and sell Nov put more pressure on new crop. Also, Stats Canada was out earlier in the week showing large canola acreage intentions and less barley, unchanged corn. Though a lot of acreage was abandoned it showed where farmers heads were at this spring. You wonder if we will see more beans acres at the end of the month and flat corn."
Wheat Options Talk: One trader says, "The futures spent much of Thursday threatening to make Friday's swan song for the July options a bit more interesting than the obvious outlook that has us being sucked into the black hole at $4.60 at 1:15. We moved out and kissed levels just above the $4.68 mark, but then drifted back to within a couple cents of $4.60 in the closing minutes of what turned out to be a real non-event of a session."
At mid-session, the Dec corn futures are 1/2 of a cent higher at $3.66. The Nov. soybean contract is 1 3/4 cents lower at $9.21 3/4. The Sep. wheat futures are 7 cents higher at $4.82 3/4. July soybean meal futures are $0.34 higher at $292.70 per short ton. The July soyoil futures are 1 point lower at $37.49.
In the outside markets, the NYMEX crude oil is $0.12 higher per barrel, the dollar is lower, and the Dow Jones Industrials are down 75 points.
At the open:
At the open, the Dec corn futures opened 1/2 of a cent higher at $3.66. The Nov. soybean contract opened 2 1/2 cents higher at $9.26. The Sep. wheat futures opened 2 1/4 cents higher at $4.78. July soybean meal futures opened $1.10 higher at $290.40 per short ton. The July soyoil futures opened 12 points higher at $37.71.
In the outside markets, the NYMEX crude oil is $0.23 lower per barrel, the dollar is lower, and the Dow Jones Industrials are down 68 points.
The firm says that soybean acres are expected to decrease by 489,000 acres. "Though our 77.609 million acre estimate is down from last year, it still represents a record."
Wheat acres will increase by 268,000. Though Allendale's 54.095 million acre estimate is an increase, it is still the lowest since 1971.
Wall Street=Seen opening lower after the Fed announced Wednesday it will keep interest rates low and its comments about a gloomier economy. Initial jobless claims will be released today.
More in a minute,
Re: From the floor June 24
Marketey thats what I like when you start bad mouthin this crop the traders will start to notice and then the skies the limit
Now if you could just bad mouth for the livestock guys we'd all be happy. JR