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Veteran Contributor
Posts: 459
Registered: ‎09-09-2014
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Floor Talk April 5

[ Edited ]

At the close:

At the close, the May corn futures settled 1 3/4¢ higher at $3.64 3/4, while December futures finished 1 1/2¢ higher at $3.72. May soybean futures closed 6 1/2¢ higher at $9.44 1/4. November soybean futures finished 5¢ higher at $9.54. May wheat futures are 2 3/4¢ higher at $4.29 3/4. May soy meal futures closed $1.70 per short ton higher at $309.80. May soy oil futures settled $0.40 higher at 31.83¢ per pound.  In the outside markets, the Brent crude oil market is $0.10 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 104 points higher.

 

Mike

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At mid-session:

At mid-session, the May corn futures are 1/4¢ higher at $3.63, while December futures are 1¢ higher at $3.88. May soybean futures are 7 1/4¢ higher at $9.45. November soybean futures are 5 1/4¢ higher at $9.54. May wheat futures are 1¢ higher at $4.28. May soy meal futures are $2.00 per short ton higher at $310.10. May soy oil futures are $0.36 higher at 31.79¢ per pound.  In the outside markets, the Brent crude oil market is $0.25 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 149 points higher.

 

Pete Meyer, PIRA Energy’s senior grain analyst, says that the soybean market is trying to create a base after last week’s acreage number. 

“The problem, at the moment, is that we’re less than a week away from the April WASDE which should contain higher U.S. inventories given the Quarterly Stocks number.  The other issue is the size of the Brazilian bean crop in this month’s WASDE with most private estimates well above the USDA’s March target. 

Meyer adds, “Excess moisture in Argentina has been supportive of beans this week, but it feels to be mainly short-covering at this point.”

 

Mike

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At 9am:

In early trading, the May corn futures are 1 1/2¢ higher at $3.64, while December futures are 1 1/4¢ higher at $3.89. May soybean futures are 8 3/4¢ higher at $9.46. November soybean futures are 7¢ higher at $9.56. May wheat futures are 1/2¢ higher at $4.27. May soy meal futures are $2.10 per short ton higher at $310.20. May soy oil futures are $0.35 higher at 31.78¢ per pound.  In the outside markets, the Brent crude oil market is $0.71 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 171 points higher.

 

Mike

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Soybeans jumped in overnight trading on forecasts for rain that will delay the harvest in Argentina. Bean futures were up 9 cents, corn was up just over a penny and wheat gained 2 cents. Investors looking for any reason to bump the markets ignored Brazil crop production increases from FCStone and Celeres. In weather news, a big storm is moving through Missouri this morning and is expected to cause major flooding in most northern counties in the state. It's forecast to move southeast and bring thunderstorms, hail and possibly tornadoes to the southeastern US starting today. 

Here's what happened overnight:

 

Brent Crude Oil = 1% higher.  

West Texas Intermediate Crude Oil = 1% higher.

Dollar = down 0.1%.

Wall Street = U.S. stock futures mixed in pre-market trading.

World Markets = Global stocks higher on rising oil prices. 

Advisor
Posts: 688
Registered: ‎10-18-2016
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Re: Floor Talk April 5

Are we going to get a little weather rally in soybeans?  How long will it last and how high will it go?

 

I suppose I'd better get some targets in mind.

Esteemed Advisor
Posts: 2,407
Registered: ‎04-29-2011
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Re: Floor Talk April 5

I don't know about targets............what we need is a little magic.    Smiley Wink

Veteran Contributor
Posts: 459
Registered: ‎09-09-2014
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Re: Floor Talk April 5

Well beans were higher overnight so the rally continues ... though only slightly. We'll see if gains can be sustained today.