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marketeye
Veteran Advisor

From the floor May 28

At the close:
The July corn futures ended 10 1/4 cents lower at $3.71.  The July soybean futures contract settled 8 1/4 cents lower at $9.43 1/2 per bushel. The July wheat futures closed 5 1/4 cents lower at $4.62. July soybean meal futures settled $0.80 lower at $275.20 per short ton. The July soyoil futures closed 49 points lower at $37.69.

In the outside markets, the NYMEX crude oil is $0.96 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 128 points.

 

 

One trader says Spain's financial status was downgraded today by rating service Fitch. The VIX rallied. It's of the end-of-the-month and traders are evening up positions. The grain markets don't need to be going this low. But, there just are not any buyers stepping in.

 

Mike

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At 9:58am:

One analyst says, "Today's trading will be choppy. Traders are evening up ahead of the holiday season. A lot of book-balancing is occurring. The outside markets are essentially neutral. Index trend-following activity is light. So, we'll see both sides of zero for most markets."

    Looking ahead, the traders could return on Tuesday to find rain has fallen over the weekend and the markets could open lower. "Weather is becoming critical from here forward."

Following rain events, the new 11-15 day forecasts are calling for hot/dry conditions. "So, after a low on Tuesday, we expect the market to trade higher heading into next Friday, as this hot/dry weather kicks in a week from this Sunday.

 

Mike

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At the open:

At the open, the July corn futures opened 2 cents lower at $3.70 1/2. The July soybean futures contract opened 3 3/4 cents lower at $9.48 1/2 per bushel, Nov. down 3 3/4 cents at $9.15. The July wheat futures opened 1 1/4 cents lower at $4.66. July soybean meal futures opened $1.00 lower at $275.00 per short ton. The July soyoil futures opened 11 points lower at $38.07.

 

In the outside markets, the NYMEX crude oil is $0.31 per barrel higher, the dollar is even to higher, and the Dow Jones Industrials are down 30 points.

 

Mike

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At 8:35am:
Taiwan buys 60,000 metric tons of U.S. corn Friday from a private exporter. Separately, early estimates for the Tuesday crop conditions report are coming in.  One trader says corn ratings are seen improving by 2-3% to 73-74% good to excellent, soybeans to be rated at 65-67% good/excellent.
Mike
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At 6:30am:
Early calls: Corn down 1-2 cents, soybeans down 3-5 cents, and wheat up 1-2 cents.
Trackers:
Overnight grain=Trading mostly lower.
Crude oil=Trading $0.64 per barrel higher.
U.S. Dollar=Trading lower.
World Markets=Higher.

Wall Street=Seen opening higher as shares of companies retreat and investors go bargain hunting.

 

Mike

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1 Reply
frankne
Veteran Contributor

Re: From the floor May 28

I like that predicting weather that far out half the time they cant get two days out right.All I know we have had more wind than I can remember getting tired of it.Have a good weekend.

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