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Veteran Advisor

From the floor March 8

At the close:

The May corn futures settled 12 cents lower at $7.05 1/2. The May soybean contract ended 13 cents lower at $13.82.  The May wheat futures closed 21 cents lower at $7.79 3/4. The May soymeal futures settled $3.00 lower per short ton at $360.40. The May soyoil futures settled $0.62 lower at $58.48.

In the outside markets, the NYMEX crude oil is $0.54 per barrel lower, the dollar is higher, and the Dow Jones Industrials are up 139 points.

 

Mike

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At mid-session:

The May corn futures are 14 1/2 cents lower at $7.03 1/2. The May soybean contract is 13 cents lower at $13.82.  The May wheat futures are 8 cents lower at $7.92. The May soymeal futures are $2.40 lower per short ton at $361.00. The May soyoil futures are $0.70 lower at $58.40.

In the outside markets, the NYMEX crude oil is $0.37 per barrel lower, the dollar is higher, and the Dow Jones Industrials are up 115 points.

 

One analyst says, "Fundamentally, wheat sees some moisture with rain in the soft red winter wheat states, in the Midwest and Delta. Plus, snow moisture is showing up in the hard red winter Southwest regions, aiding badly needed moisture levels. Funds took profits on long grains, for the second consecutive day. Funds usually take profits for two days before re-entering long again. Outside markets offer little support, as crude oil is lower, putting pressure on ethanol and corn with a higher dollar index. Today's low should hold as the low prior to the Thursday USDA Crop Report. You can expect short-covering and speculative-buying Wednesday."

 

Mike

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At the open:

The May corn futures opened 6 cents lower at $7.04 1/4. The May soybean contract opened 16 3/4 cents lower at $13.78 1/2.  The May wheat futures opened 8 cents lower at $7.92 3/4. The May soymeal futures opened $2.00 lower per short ton at $361.40. The May soyoil futures opened $0.95 lower at $57.62.


In the outside markets, the NYMEX crude oil is $0.92 per barrel lower, the dollar is higher, and the Dow Jones Industrials are up 72 points.


Mike

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At 9am:

USDA announced Tuesday that Iraq bought 300,000 metric tons of U.S. HRW wheat for 2010-11 delivery.


Mike

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At 7:05am: (woke up late)


Early calls: Corn 4-6 cents lower, soybeans 9-10 cents lower and wheat 5-7 cents lower.


Trackers:

Overnight grain markets=Trading lower.

Crude Oil=$0.86 lower.

Dollar=Higher.

Wall Street=Seen higher as crude oil prices ease on news that OPEC will increase oil output..

World Markets=Asia/Pacific is higher, Europe stocks lower.




More in a minute,


Mike

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