Mississippi farmers fight flooding. See dramatic photos and full story.
Here is the link http://tinyurl.com/6kljznr
Mike
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At the close:
The July corn futures settled 1 1/4 cents higher at $6.82. The July soybean contract closed 13 1/4 cents lower at $13.26 1/2. The July wheat futures ended 7 3/4 cents lower at $7.27 3/4. The July soybean meal futures closed $7.90 per short ton lower at $345.40. The July soyoil futures closed $0.32 lower at $56.14.
In the outside markets, the NYMEX crude oil is $0.42 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 104 points.
Mike
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At mid-session:
The July corn futures are 3 1/2 cents higher at $6.84. The July soybean contract is 10 3/4 cents lower at $13.32. The July wheat futures are 4 1/2 cents higher at $7.40. The July soybean meal futures are $5.30 per short ton lower at $348.00. The July soyoil futures are $0.41 lower at $56.05.
In the outside markets, the NYMEX crude oil is $0.71 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 90 points.
Weather that continues to hampeer corn planting and the U.S. wheat crops has helped hold up corn and wheat today.
One analyst says, "Lots of rain to fall across the upper Plains spring wheat and corn states and eastern Corn Belt of Illinois, Indiana, and Ohio in the next 48 hours. An even wetter system is on-tap for next Thursday.
The market sees this inclement weather keeping planting in the states furthest behind, he says. "This has corn firm with weakness in soybeans on old psychology that the later we plant corn, the less we plant more beans."
Meanwhile, the rain has wheat off slightly as the rain is friendly-to-bullish for spring wheat planting delays. "But, it might be helpful to the dry winter wheat states of Texas, Colorado, Oklahoma and Kansas."
Mike
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At the open:
The July corn futures opened 5 1/2 cents higher at $6.86. The July soybean contract opened 5 1/4 cents higher at $13.48. The July wheat futures opened 7 cents higher at $7.42 1/4. The July soybean meal futures opened $0.10 per short ton higher at $353.40. The July soyoil futures are $0.19 higher at $56.65.
In the outside markets, the NYMEX crude oil is $0.48 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 20 points.
Mike
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At 8:05am:
More demand for corn:
--USDA announces Friday that 271,200 metric tons of U.S. corn was sold to an 'unknown' buyer for 2011-12 delivery.
Separately, a Chinese information center says China's May soybean imports could be 3% above a year ago and 16% higher than April's total, according to a Dow Jones Newswire story Friday. A lot of buying being reported this morning. In fact, this week alone, South Korea has purchased 487,000 metric tons of corn.
Mike
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At 7:45am:
Reported Demand:
--S. Korea buys 55,000 metric tons of corn Friday.
--S. Korea buyer purchases 54,000 mt of U.S. wheat.
--Taiwan buyey purchases 60,000 mt of Brazilian soybeans.
--Japan seeks 117,000 mt of food-wheat.
--More talk that China may be seeking 1.0 mmt of U.S. corn. That is not confirmed.
Mike
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At 7:40am:
Early calls: Corn 4-6 cents higher, soybeans 6-8 cents higher, and wheat 7-8 cents higher.
Trackers:
Overnight grain, soybean markets=Traded higher.
Crude Oil=$0.97 higher.
Dollar=Lower.
Wall Street=Seen trading higher after Europe reported economic growth.
World Markets=Higher.
More in a minute,
Mike
