At the close:
The Dec corn futures settled 12 3/4 cents lower at $5.00. The Nov. soybean contract finished 18 1/2 cents lower at $11.10. The Dec. wheat futures closed 21 3/4 cents lower at $6.84 3/4. The Dec. soyoil futures finished 4 points lower at $44.93. The Dec. soymeal futures contract settled $7.20 lower at $308.50 per short ton.
In the outside markets, the NYMEX crude oil is $0.44 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 6 points.
Mike
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At mid-session:
The Dec corn futures are 7 1/2 cents lower at $5.05 1/4. The Nov. soybean contract is 6 1/2 cents lower at $11.22. The Dec. wheat futures are 13 1/2 cents lower at $6.93. The Dec. soyoil futures are 26 points higher at $45.23. The Dec. soymeal futures contract $3.10 lower at $312.70 per short ton.
In the outside markets, the NYMEX crude oil is $0.11 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 17 points.
One analyst says, "Selling is coming despite the slight drop in condition ratings as harvest progress seems to be the key. Weather is good and the harvest should move quickly. I saw some initial cutting of corn and soybeans over the weekend in Wisconsin, and this will spread. No real demand news except for the Egypt biz. Also, starting to rain in Brazil. Not sure why SBO is so strong but world vegoils prices seem strong this morning. Wheat down with weaker world market prices. Overall quiet day for me so far. Dollar has turned lower now which could support things here, but overall it looks like the market wants to work lower today."
Mike
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At 10:40am;
The markets remain lower Tuesday. Personally, I wanted to let you know that a trip to central Illinois yesterday shed more light on the fact that the corn yields are just not out there. Aaron Steffen, Cropsey, Illinois farmer was kind enough to stop and chat with me. He's hoping for a 120 bushel per acre farm average. Marketwise, he still sees prices staying higher, creating one heck of an 'acreage battle' next spring. Here's a photo of us cussing and discussing this year's harvest. It was great to get off the concrete and off the floor. Watch for a slideshow, later today, on other findings from my trip.
Mike
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At the open:
The Dec corn futures are 4 1/4 cents lower at $5.08 1/2. The Nov. soybean contract opened 4 1/2 cents lower at $11.24. The Dec. wheat futures opened 7 1/2 cents lower at $6.99. The Dec. soyoil futures opened 2 points lower at $44.95. The Dec. soymeal futures contract opened $2.20 lower at $313.50 per short ton.
In the outside markets, the NYMEX crude oil is $0.34 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 13 points.
Mike
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At 9:25am:
Ukraine grain export restrictions are possible, news items say. Japan bought 450,000 metric tons of wheat in November.
Mike
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At 7:05am:
Early calls: Corn down 2-4 cents, soybeans down 3-5 cents, and wheat down 4-6 cents.
Trackers:
Overnight grain=Trading lower.
Crude oil=Trading $0.57 per barrel lower.
Dollar=Trading lower.
Wall Street= Seen opening higher off of optimism that a consumer confidence report, out today, will be market-friendly.
More in a minute
Mike,
