- Agriculture.com Community
- Announcements & Forum Help
- Farm Business
- Young & Beginning Farmers
- Cattle Talk
- Crop Talk
- Hog Talk
- Machinery Talk
- Machinery Marketplace
- Shops, buildings and bins
- Ask the SF Engineman!
- Computers & more
- Precision Agriculture
- People & Rural Life
- Ag Forum
- Women In Ag
- Agriculture.com Blogs
- Your Farm in the Future
- Women in Ag: Lisa Foust Prater
- Women in Ag: Brenda Frketich
- Women in Ag: Anne Miller
- Women in Ag: Jennifer Dewey
- Women in Ag: Talkin' Turkey with Lara Durben
- Women in Ag: Heather Lifsey Barnes
2 weeks ago - last edited 2 weeks ago by marketeye
At the close:
At the close, the May corn futures settled unchanged at $3.61 1/4, while December futures finished 1/4¢ higher at $3.86 1/2. May soybean futures finished 4 1/4¢ higher at $9.50 1/4, November soybean futures closed 1 1/2¢ higher at $9.58 1/4. July wheat futures ended 2 1/2¢ lower at $4.34 1/2. July soy meal futures are $1.40 per short ton lower at $315.20. July soy oil futures closed $0.41 higher at 31.70¢ per pound. In the outside markets, the Brent crude oil market is $1.95 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 75 points lower.
Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that it’s been mostly a higher market.
“Beans need some sales and wire reports indicate that Brazil producers are holding after being good sellers earlier. I was getting price fixing before, not much so far this week.”
He adds, “I think corn is getting into a weather market, with increasing talk of the potential for planting delays. We are slow, but planting is going on. So, we will see.”
Minneapolis is the wheat leader, buyers are looking at reduced Canadian area and perhaps some planting delays there too, Scoville says.
“Chicago wheat markets are kind of going along for the ride, but reports of great looking crops keeping Chicago pinned down. My commercial guys and many farmers are quiet, mostly just spec trade today,” Scoville says.
At mid-session, the May corn futures are 1/2¢ lower at $3.61 1/4, while December futures are 1/2¢ lower at $3.85 3/4. May soybean futures are 3 3/4¢ higher at $9.49 3/4, November soybean futures are 2 1/4¢ higher at $9.59. May wheat futures are 3/4¢ lower at $4.21. May soy meal futures are $1.10 per short ton lower at $311.10. July soy oil futures are $0.32 higher at 31.70¢ per pound. In the outside markets, the Brent crude oil market is $0.85 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 61 points lower.
In early trading, the May corn futures are 3 1/2¢ higher at $3.65, while December futures are 3 1/4¢ higher at $3.89 1/2. May soybean futures are 7 1/4¢ higher at $9.53, November soybean futures are 5 1/2¢ higher at $9.62. May wheat futures are 3 1/4¢ higher at $4.40. May soy meal futures are $2.10 per short ton higher at $318.70. May soy oil futures are $0.16 higher at 31.30¢ per pound. In the outside markets, the Brent crude oil market is $0.13 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 9 points higher.
Soybeans rebounded overnight as bargain hunters come calling amid low prices, and on a few delays in planting down south. Beans were up a nickel while corn and wheat were down less than a penny. Prices this low are bound to attract some buyers looking to get into the market on the cheap. The planting delays in corn aren't having much of an effect so far on prices, but that's not too surprising considering we've seen this before, and we've seen overreactions before, and it never ends well. Traders are a bit more cautious about making big moves on planting or harvest delays than they used to be due to farmers' ability to plant or harvest millions of acres in a very short time. In weather news, the National Weather Service today is watching the Iowa River south of Des Moines. If it keeps raining, the river will flood, but if it slows or stops, the river will recede. It's science folks, and you can't argue with science.
Here's what happened overnight:
Brent Crude Oil = up 0.2%.
West Texas Intermediate Crude Oil = up 0.1%.
Dollar = up 0.1%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks mixed amid geopolitical tensions.