At mid-session, the July corn futures are 2¢ lower at $3.65, while December futures are 1 3/4¢ lower at $3.83.
July soybean futures are 2 3/4¢ higher at $9.68, November soybean futures are 1/4¢ lower at $9.60.
July wheat futures are 3¢ lower at $4.20.
July soy meal futures are $0.50 per short ton higher at $313.00. July soy oil futures are $0.04 higher at 33.06¢ per pound.
In the outside markets, the Brent crude oil market is $0.01 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 15 points higher.
Deanna Hawthorne-Lahre, StatFutures co-founder and trader, says this market is just so flatline.
“The damage done in the hard red winter wheat areas was marginal, and the wheat market is eroding as we head into harvest,” Hawthorne-Lahre says. “Investors are looking for areas to take a shot from the long side, but volality indicates there is no hurry, as do the spreads.”
She adds, “The corn market should be checked for a pulse. Haven't seen a market this dead since 2002 or 1985. And soybeans got a freckle of life with some business, Tuesday from China. But, it feels iffy to me at the moment.”
The July/November soybean futures spread will be an indicator if this market comes alive again, she says.
“With plantings moving along, in spite of some weather issues, and of course very little drought around, this could be a long year in a trading range,” Hawthorne-Lahre says.
Monday’s Grain Market Review
On Monday, the CME Group’s farm markets sold off strength in soybeans, while corn remained in negative territory.At the close, the July corn futures settled 3½¢ lower at $3.67½, and December futures closed 3¾¢ lower at $3.85.
July soybean futures finished 2¾¢ higher at $9.65¾; November soybean futures finished 1¼¢ higher at $9.61.
July wheat futures finished 9¾¢ lower at $4.23.
July soy meal futures closed 90¢ per short ton lower at $312.40. July soy oil futures settled 0.25¢ higher at 33.09¢ per pound.
In the outside markets, the Brent crude oil market is 99¢ per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 93 points higher.
Dustin Johnson, EHedger LLC grain analyst, says weather and rumors about China are moving the market.
“All we have heard is that China was rumored to be buying U.S. beans. No confirmations on the Chinese buying and very little weather to support the market one way or another are the factors that the investors are using to place bets,” Johnson says.
“There is still high conviction that soybeans are overpriced to corn and the market may be working some of those position holders out,” he adds. BY MIKE MCGINNIS.
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