From the floor October 4
At the close:
The Dec corn futures settled 5 1/2 cents higher at $4.71 1/2. The Nov. soybean contract closed 4 cents lower at $10.53. The Dec. wheat futures ended 8 1/2 cents lower at $6.46 1/2. The Dec. soyoil futures settled $0.38 lower at $43.45. The Dec. soymeal futures contract closed $2.40 higher at $292.30 per short ton.
In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 78 points.
The Dec corn futures are 4 cents higher at $4.69 1/2. The Nov. soybean contract is 2 3/4 cents higher at $10.59 3/4. The Dec. wheat futures are 3 cents lower at $6.51 3/4. The Dec. soyoil futures are unchanged at $43.03. The Dec. soymeal futures contract is $0.36 higher at $293.50 per short ton.
In the outside markets, the NYMEX crude oil is $0.40 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 64 points.
One analyst says, "The corn market's low was right on the long term trend-line that connects the July and Aug. lows. If it holds today, and we close higher, then today's low
will hold into Friday's report. We're seeing short covering on all the
grains. Those who sold short last week don't want to carry those
positions into Friday's crop report. The report is perceived to be bullish
with lower production on corn and lower ending stocks for beans, off demand."
At the open:
The Dec corn futures are 9 1/2 cents lower at $4.57. The Nov. soybean contract opened 11 1/2 cents lower at $10.45 1/2. The Dec. wheat futures opened 8 cents lower at $6.47. The Dec. soyoil futures opened 25 points lower at $43.58. The Dec. soymeal futures contract opened $1.90 lower at $288.00 per short ton.
In the outside markets, the NYMEX crude oil is $0.23 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 6 points.
CME Group announced Monday that commodities averaged 1.0 million contracts per day in September, up 56 percent from a year ago.
Looking Ahead: An analyst at James Mound Trading says, "A major dollar rally and commodity selloff is anticipated to commence this week, sparked by a strong decline in the S&P500. The grain market confirmed this bearish outlook overnight. But, there is a lot more downside ahead."
He wrote that in his daily marketing note to customers, this morning. What say you? Do you see this sell-off continuing this week?
In the demand world:
South Korea bought 110,000 metric tons and 55,000 metric tons of option-origin corn. Egypt bought 240,000 metric tons of Canadian and French wheat.
In Brazil, the presidential election will go to a run-off. The leading vote-getter, Dilma Rousseff, is not the candidate the Brazilian farmers support. Hopefully, our Brazilian posters can provide more details soon.
Early calls: Corn down 6-7 cents, soybeans , 7-9 cents, and wheat 6-8 cents
Overnight grain=Trading lower.
Crude oil=Trading $0.23 per barrel lower.
Wall Street= Seen opening lower as Europan bank rules will require UBS and Credit Suisse to hold more capital. It's a big week for U.S. economic news; house sales, durable goods, and non-farm payrolls.
More in a minute