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Futures slump continues

Jeff Caldwell 08/05/2011 @ 8:20am Multimedia Editor for Agriculture.com and Successful Farming magazine.

Though federal employment data came in better than most analysts expected, it wasn't enough to give much steam to the grain futures trade overnight, and that momentum carried over into mid-day on Friday

At mid-day, nearby corn is 11 cents lower at $6.82 3/4 per bushel, while nearby soybeans are 16 cents lower at $13.20 1/4, according to Barchart.com. Nearby wheat has sunk 12 1/2 cents to $6.69 1/4 per bushel.

The stock market did respond to the jobs numbers, while the U.S. Dollar index is slightly lower and crude oil continues to dip. But, it may not be enough to bolster the grains through Friday's trade.

"Another plate of cold oatmeal," Shellady says. "The jobs report was not good enough to really help. As I write, stock futures fly to the upside. As far as the grains go, we will start off on the red side of the card."

But, it could be all about positioning ahead of next week's USDA crop reports, Shellady says. "Decent position-squaring in the grains going into next week's USDA numbers," he adds.

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"Turnaround Tuesday" Fades