From the floor June 8
At the close:
The July corn futures closed 1 1/2 cents higher at $3.37 1/4. The July soybean futures contract settled 4 cents lower at $9.31 per bushel. The July wheat futures ended steady at $4.32 1/4. July soybean meal futures settled $1.90 lower at $276.80 per short ton. The July soyoil futures closed 20 points higher at $36.67.
In the outside markets, the NYMEX crude oil is $0.38 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 45 points.
One analyst says the big surprise for Tuesday's trade was that soybeans sold-off at the end of the session. Corn and wheat traded the way they were expected. The better weather scenario has been priced in for nearly 1 1/2 weeks now since we hit that corn high two Friday's ago. Since then, the market has digested two excellent crop condition reports. Add to that perfect weather with timely rains and some sunny weather. Today, the markets visited the downside early and then some short-covering showed up. Why? Traders that are short the market are saying ok, we have traded this bearish weather, what's next? Well, you have a USDA Supply/Demand report Thursday that many believe will reduce the ending stocks and seem friendly to the market. In fact, the average pre-report esimates show lower ending stocks for corn, soybeans, for the 2009-10 growing year and the 2010-11 growing year. The lowering expectations are not large but friendly. The shorts have the risk and they are covering in the event there is a correction in the market come Thursday.
The July corn futures are 2 1/2 cents higher at $3.38 1/4. The July soybean futures contract is 1/4 of a cent higher at $9.35 1/4 per bushel. The July wheat futures are 4 1/4 cents higher at $4.36 1/2. July soybean meal futures are $0.20 higher at $278.90 per short ton. The July soyoil futures are 35 points higher at $36.82.
In the outside markets, the NYMEX crude oil is $0.45 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 40 points.
At the open, the July corn futures opened 1/2 of a cent higher at $3.36 1/4, Dec. up 1/4 of a cent at $3.55 1/4. The July soybean futures contract opened steady at $9.35 per bushel, Nov. down 1 cent at $8.99. The July wheat futures opened 3/4 of a cent higher at $4.33. July soybean meal futures opened $0.10 higher at $278.80 per short ton. The July soyoil futures opened 17 points higher at $36.64.
In the outside markets, the NYMEX crude oil is $0.06 per barrel higher, the dollar is lower, and the Dow Jones Industrials are down 3 points.
Wall Street=Seen opening mixed after severe losses yesterday. Still, the market likes that Fed Chairman Ben Bernanke said yesterday that he doesn't see a 'double-dip' for America's economy. He says this economy is going to continue to improve but it won't feel like an exceptional recovery.
More in a minute,
Re: From the floor June 8
Mike, please tell my why in the heck the last trade price and settlement prices are SO MUCH DIFFERENT?? Example today last trade in SX was 888.25 and the settlement was 894.25!!! Ask the traders what the hell is going on....my bet is the hedge funds push for a higher settlement to have less margins on there oh so profitable index positons. Just Another example of why people don't trust the markets anymore.