At the close:
The July corn futures closed 7 cents higher at $3.69. The July soybean futures contract closed 3 cents lower at $9.41 per bushel. The July wheat futures ended 2 1/4 cents higher at $4.72. July soybean meal futures ended $6.00 per short ton lower at $275.60 per short ton. The July soyoil futures closed 43 points lower at $36.96.
In the outside markets, the NYMEX crude oil is $0.80 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 54 points.
One trader says the stronger outside markets and the dollar weakening helped the grains hold onto its gains. June options contract expired today. As a result, there was some rolling of positions.What say you about this wild week? Let's hear you!
Mike
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At mid-session:
The July corn futures are 7 1/2 cents higher at $3.69 1/2. The July soybean futures contract is trading 6 cents higher at $9.50 per bushel. The July wheat futures are 3 1/4 cents higher at $4.73. July soybean meal futures are $2.40 per short ton higher at $278.60 per short ton. The July soyoil futures are 3 points higher at $37.42.
In the outside markets, the NYMEX crude oil is unchanged per barrel, the dollar is even, and the Dow Jones Industrials are up 115 points.
One analyst says the outside markets are becoming supportive for the grains. Plus, the grain markets have done very well this week. When you consider how collapsing the outside markets have been, corn has the chance to finish higher on the week, beans only down slightly. The reason grains have held is due to bullish underlying fundamentals. There is enormously surging corn demand both domestically and worldwide with Japan and China.
Mike
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At 10am:
Corn is +4, beans +2 1/2, wheat +1 1/4 cents.
One analyst says the traders are short-covering ahead of the weekend. There is light buying, nothing big, because traders don't want to go home for the weekend too heavily long. Demand is pushing up the grain markets, with China's corn and soybean purchases this morning. Demand is strong, as reflected with China buying beans from the U.S. vs. South America. Meanwhile, corn and soybeans touched support levels this week. The charts show that the traders don't want to sell at these points, rather buy. The analyst says don't look for a close of 10-11 cents higher or anything, but the market does have some underpinning support. The dollar is generally mixed this morning, crude, still lower, is gaining strength, and the Dow is a bit higher.
Mike
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At the open:
The July corn futures opened 1/2 of a cent lower at $3.61 1/2, Dec. corn is 1 cent lower at $3.68. The July soybean futures contract opened 1/2 of a cent higher at $9.44 1/2 per bushel, Nov beans are 2 cents lower at $9.06. The July wheat futures opened 1/4 of a cent lower at $4.69 1/2. July soybean meal futures opened $0.20 lower at $276.00 per short ton. The July soyoil futures opened 9 points lower at $37.30.
In the outside markets, the NYMEX crude oil is $0.72 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 16 points.
Mike
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At 8:25am:
Even more demand! On Friday, USDA announces a sale of 118,000 metric tons of U.S. corn to China for 2009-10 delivery! It (demand) just keeps coming..........
Mike
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At 8:15am:
More demand! USDA Friday announces a sale of 120,000 metric tons of U.S. soybeans to China for 2010-11 delivery. This comes on the heels of the report showing China's April soybean imports were up 13% on year.
Mike
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At 6:30am:
Early calls: Corn down 1-2 cents, soybeans up 1-2 cents, and wheat down 1-2 cents.
Trackers:
Overnight grain=Trading mostly lower.
Crude oil=Trading $0.92 per barrel lower. It hit $70 per barrel this morning.
U.S. Dollar=Trading lower.
World Markets=Lower.
Wall Street=Seen opening slightly higher on a pause from yesterday's drastic sell-off. Also today, Germany will approve a $1 trillion bailout for Europe's financial crisis.
More in a minute,
Mike
