At the close:
The Dec corn futures settled 9 cents lower at $5.12 3/4. The Nov. soybean contract ended 2 1/2 cents higher at $11.28 3/4. The Dec. wheat futures closed 13 1/4 cents lower at $7.06 1/2. The Dec. soyoil futures ended $0.08 points higher at $44.97. The Dec. soymeal futures contract settled $1.30 lower at $315.70 per short ton.
In the outside markets, the NYMEX crude oil is $0.03 per barrel higher, the dollar is higher, and the Dow Jones Industrials closed down 48 points.
At 12-Noon:
PFGBest marketing firm released its wheat crop estimates for this Thursday's report. ALL WHT=2.310…HRW=1.035…SRW=270….SPRING….628….DURUM=109….WHITE=268. For wheat, no quarterly stocks will be released Thursday.
Mike
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At mid-session:
The Dec corn futures are 6 1/4 cents lower at $5.15 1/2. The Nov. soybean contract is 1/2 of a cent higher at $11.26 1/2. The Dec. wheat futures are 13 cents lower at $7.07. The Dec. soyoil futures are 8 points lower at $44.81. The Dec. soymeal futures contract is $1.40 lower at $315.60 per short ton.
In the outside markets, the NYMEX crude oil is $0.59 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 27 points.
Mike
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At 10:30am:
One analyst says because of the ninth consecutive higher close Sunday night that brought some profit taking after the opeing today. "Rememember, we had 20 plus cent gains across the
board Friday, so traders were fat with profits. We're on a schedual to
pull back into mid-week. But, Tuesday could be a buying opportunity on any
dip in prices, as Thursday, ahead of the open, we have the the USDA final
wheat production report. That should be meaningless to the futures but the
quarterly stocks report could be exciting. So, expect buying ahead of it."
Mike
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At the open:
The Dec corn futures are 1 cent lower at $5.20 3/4. The Nov. soybean contract opened 2 cents higher at $11.28. The Dec. wheat futures opened 1 cent higher at $7.21. The Dec. soyoil futures opened 25 points higher at $45.14. The Dec. soymeal futures contract opened $0.20 lower at $316.80 per short ton.
In the outside markets, the NYMEX crude oil is $0.62 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 18 points.
One analyst says there will be a lot of volitility ahead of this week's gov't report and next week's crop report. Nonetheless, there are excellent opportunities for farmers to sell into this harvest rally. I would suggest a cash sale with a call option purchase. You can leave the upside open if you want, but certainly put a floor in place for downside protection.
Mike
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At 7:05am:
Early calls: Corn up 4-6 cents, soybeans up 10-12 cents, and wheat up 8-10 cents.
Trackers:
Overnight grain=Trading higher.
Crude oil=Trading $0.29 per barrel higher.
Dollar=Trading higher.
Wall Street= Seen opening higher off of numerous mergers & aquisitions. This is showing that companies find value in the market.
World Markets=Higher.
More in a minute,
Mike
