From the floor May 17

[marketeye]

At 7:30am:

Early calls: Corn down 1-2 cents, soybeans down 5-7 cents, and wheat up 1-2 cents.  

Trackers:

Overnight grain=Traded lower.

Crude oil=Trading unchanged.

U.S. Dollar=Trading higher.

World Markets=Mixed to mostly lower.

Wall Street=Seen opening higher on merger and acquisition action. Outlooks for companies are weighing on the stocks, though.

More in a minute,

Mike

[marketeye]

At 7:30am:

Early calls: Corn down 1-2 cents, soybeans down 5-7 cents, and wheat up 1-2 cents.  

Trackers:

Overnight grain=Traded lower.

Crude oil=Trading unchanged.

U.S. Dollar=Trading higher.

World Markets=Mixed to mostly lower.

Wall Street=Seen opening higher on merger and acquisition action. Outlooks for companies are weighing on the stocks, though.

More in a minute,

Mike

[marketeye]

At the open:
The July corn futures opened 1 3/4 cents lower at $3.61 1/4.  The Dec corn contract is down 2 1/4 cents. The July soybean futures contract opened 7 cents lower at $9.46 1/2 per bushel. The July wheat futures opened steady at $4.71 1/2. July soybean meal futures opened $0.60 per short ton lower at $276.20 per short ton. The July soyoil futures opened 26 points lower at $37.25.

In the outside markets, the NYMEX crude oil is $0.97 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 17 points.

One analyst says, "Simple day today. Lower crude oil and stock market and a sharply higher dollar has trend following funds and index funds selling off long positions in grains . adding to the pressure is a 6 to 10 day forecast of much warmer and drier  conditions in the midwest to allow planting and emergence to push forward quickly."

Mike

[marketeye]

At mid-session:

The July corn futures are 6 cents lower at $3.57. The July soybean futures contract is 13 1/4 cents lower at $9.40 per bushel. The July wheat futures are 1 1/2 cents lower at $4.70. July soybean meal futures are $0.32 per short ton lower at $273.60 per short ton. The July soyoil futures are trading 41 points lower at $37.10.

In the outside markets, the NYMEX crude oil is $2.17 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 100 points.

The falling euro is causing the dollar to rise. This combination is killing the grain markets. Plus, a drier weather forecast for the Midwest isn't helping prices.What say you?

Mike

[jdmcfarm1]

what do we say?  Went to bed last with lite showers predicted...just dumped 2 1/2 more inches out..this cold cloudy, rainy weather is doing some real damage whether the trade knows ot or not

[marketeye]

At the close:

The July corn futures closed 7 cents lower at $3.56. The July soybean futures contract ended 12 1/2 cents lower at $9.41 per bushel and Dec. 9 3/4 cents lower at $9.16 1/2.. The July wheat futures closed 2 1/2 cents lower at $4.69. July soybean meal futures closed $2.90 per short ton lower at $273.90 per short ton. The July soyoil futures ended 38 points lower at $37.13.

In the outside markets, the NYMEX crude oil is $1.31 per barrel lower, the dollar is slightly lower, and the Dow Jones Industrials are up 5 points.

The higher dollar and drier weather dropped soybeans to a 7-week low. One analyst says the trend-following and index funds were selling, putting pressure on the grains.

Mike