The Unexpected Drag On Beans
We mentioned that grains and soy bean traders
might be looking
for a pullback that consisted of profit taking. (See yesterday’s Futures
Recap and Futures
Nightly Report.)
At the opening today, soybeans edged higher after the latest
crop condition ratings were worse than expected. With planting completed and
most of the soybean crop having emerged, the US Department of Agriculture said
just 56% of the crop was in good to excellent condition. That’s down from 62% a
week earlier, a bigger drop than investors had
anticipated. Â
However, by the end of trading, profit takers stepped in and
dragged November soybeans
(
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PowerRating) down lower to $5.09 a bushel, a loss of 7 3/4 cents or 1.50%. Wheat for September delivery
(
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2 cents to close at $3.22 1/2 a bushel; December corn
(
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earlier trade, but ended up dropping by 3 1/4 cents or 1.30% to close at $2.46 a
bushel. December soymeal
(
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PowerRating) lost 2.50 or 1.46% to close at
168.59.
August crude oil
(
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drop in price before the big Fourth of July holiday. Also the American Petroleum
Institute report is due out later today. Crude oil dropped .05 to $26.76 a
barrel. August heating oil
(
HOQ2 |
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PowerRating) added .68 of a cent to close at
68.70 a gallon. Unleaded gasoline for August
(
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cent to end at 79.20 a gallon; and August Natural gas
(
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.04 or 1.32% to 3.14 BTUs.
In precious metals, gold had been weakening, but
firmed up today against the falling equity markets. August gold
(
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(
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(
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The September Nasdaq 100
(
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continued lower. The Nasdaq has not seen levels like these since 1997. Today, the futures made
a low at 965 and ended up closing at 967, down 35 or 3.49%.
The September S&P 500
(
SPU2 |
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21.80 or 2.25% to end at 947.79. Strong support is at 900.