At the close:
The July corn futures settled 29 1/4 cents higher at $7.49 3/4. The July soybean contract settled 38 1/2 cents higher at $13.79 1/2. The July wheat futures closed 53 cents higher at $8.17. The July soybean meal futures closed $10.60 per short ton higher at $361.00. July soyoil settled $1.26 higher at $57.30.
In the outside markets, the NYMEX crude oil is $2.84 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 80 points.
Mike
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At 12:20pm:
Corn hits limit-up!
Mike
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At 12-Noon:
The July corn futures are 27 cents higher at $7.48. The July soybean contract is 34 cents higher at $13.75. The July wheat futures are 45 3/4 cents higher at $8.09 3/4. The July soybean meal futures are $9.00 per short ton higher at $359.40. July soyoil is trading $1.42 higher at $57.46.
In the outside markets, the NYMEX crude oil is $3.47 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 34 points.
One corn trader says, "A firm cash market and planting delays are helping the corn market rally.
"With a cash market that is firm it's telling the market that end-users are having a hard time finding an offer. If you have corn you are golden," he says. That scenario is keeping the July futures contract strong."
With nearly no planting progress in Ohio and little in Indiana and North Dakota, the market is feeding off of that slower pace, he says. "If it stays wet, next week, that pushes those farmers up against their insurance dates."
Longterm, the market is eyeing how much corn Iowa and Illinois plant, he says. "Because, if Iowa goes above its expected acres and gets a bumper yield, maybe the losses in Ohio and Indiana won't matter."
Mike
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At the open:
The July corn futures opened 19 cents higher at $7.38 3/4. The July soybean contract opened 15 cents higher at $13.55. The July wheat futures opened 22 cents higher at $7.87. The July soybean meal futures opened $4.40 per short ton higher at $354.90. July soyoil is trading $0.93 higher at $56.95.
In the outside markets, the NYMEX crude oil is $1.76 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 5 points.
Mike
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At 6:10am:
Early calls: Corn 6-8 cents higher, soybeans 2-4 cents higher, and wheat 7-9 cents higher.
Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$1.25 higher.
Dollar=Lower.
Wall Street=Seen trading higher after some bargain hunting set in yesterday.
World Markets=Higher.
News nuggets:
--Deere reported Wednesday record second-quarter net earnings. The record was helped set by higher farm equipment sales in the U.S., Canada and Brazil.
--Japan seeks 250,000 metric tons of feed grain for a May tender.
--Word is that China's farmers are low on corn and China sees a soyoil glut with Argentina imports, according to the Dow Jones Newswire.
--It's raining in Chicago and looks like it could be in Indiana. The markets are expected to continue to trade rainy weather for corn and dry for wheat.
More in a minute,
Mike
