At 11am:
The Dec. corn futures contract is trading 3 cents higher at $4.46. The Nov. soybean futures contract is trading 3 cents lower at $12.92. Dec. wheat futures are 8cents higher at $6.94 per bushel. The Dec. soymeal futures is trading $0.40 per short ton higher at $418.80. The Dec. soyoil futures are trading $0.32 lower at $39.92.
In the outside markets, the NYMEX crude oil is $0.66 per barrel lower, the dollar is higher and the Dow Jones Industrials are 78 points lower.
One analyst says, "With the lack of USDA guidance we are trading the ongoing yield reports and outside markets. Yield reports continue to be favorable for corn and decent for soybeans. Wheat seems to be supporting the corn market on more export rumors. Also, i'm sure you saw but SovEcon is estimating lower Russian planted hectares which is also helping wheat/corn prices. We still think corn is overvalued at current levels due to the large carryout expected in the US."
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Mike
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At 9:50am:
Wheat is being supported by demand from Brazil. Corn is supported by harvest delay, due to rain in the Midwest. plus, it is following wheat higher.
Meanwhile, there will be no USDA Crop Progress Report today, due to the government shutdown. Also, it's questionable the Friday October Crop Production Report will be released. So, no indication of demand. It looks like the world buyers can be active and not have anyone know about it.
You wonder just how this market will get along, with no news to trade?
Mike
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In early trading:
At 9:30am:
The Dec. corn futures contract is trading 2 cents higher at $4.44. The Nov. soybean futures contract is trading 3 cents lower at $12.91. Dec. wheat futures are 5cents higher at $6.92 per bushel. The Dec. soymeal futures is trading $0.80 per short ton lower at $417.60. The Dec. soyoil futures are trading $0.16 lower at $40.08.
In the outside markets, the NYMEX crude oil is $1.66 per barrel lower, the dollar is higher and the Dow Jones Industrials are 79 points lower.
Mike
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At 6:55 am:
Early calls: Corn is seen 1-2 cents lower, soybeans 2-4 cents lower, and wheat 2-4cents higher.
Trackers:
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$1.05 per barrel lower.
Dollar=Lower.
Wall Street=Seen trading lower, as the U.S. government shutdown hits day seven. Congress failed to meet a budget agreement deadline.
World Markets=Asia/Pacific stocks were lower, Europe stocks lower.
More in a minute,
Mike