Old crops end higher
DES MOINES, Iowa (Agriculture.com)--As they traded most of the day, old-crop contracts closed higher Thursday. The trade is now poised for Friday's USDA Acreage and Stocks Reports.
The July futures corn contract settled 3 cents higher at $6.67. New-crop Dec. corn futures finished 5 cents lower at $5.38. The July soybean futures contract closed 14 cents higher at $15.48., new-crop Nov. soybeans settled 1 cent lower at $12.75. July wheat futures closed 4 cents lower at $6.63 per bushel. The July soymeal futures ended $16.30 short ton higher at $479.60. The July soyoil futures ended $0.23 lower at $46.40.
In the outside markets, the NYMEX crude oil is $1.55 per barrel higher, the dollar is lower and the Dow Jones Industrials are 115 points higher.
On Friday, the USDA will release its June Acreage and Quarterly Grain Stocks Reports at 11:00am CT. All of this week's trading has featured pre-report positioning.
Tomorrow's data is considered to be potentially market-moving, according to Tim Hannagan, Walsh Trading grain analyst.
"The first reaction is a sharp move by those who bet wrong that are getting out of market, Hannagan says. That is followed by profit-taking by those who bet right. Lastly, the close represents the report facts and near term trend. Because the report comes out during trading hours with electronic and pit trading open, there is an initial knee jerk effect within seconds and over reaction. There is no time for analyst to breakdown these lengthy and complex reports to get a measured trading plan in place," he says.