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Veteran Contributor
Posts: 446
Registered: ‎09-09-2014
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Floor Talk February 24

[ Edited ]

At the close:

At the close, the May corn futures settled 1 3/4¢ lower at $3.70 3/4, while December futures ended 3/4¢ lower at $3.91. May soybean futures settled 1 3/4¢ higher at $10.24 1/4. November soybean futures ended 2 1/2¢ higher at $10.07. May wheat futures closed 5 1/2¢ lower at $4.48. May soy meal futures closed $0.50 per short ton higher at $335.70. May soy oil futures closed $0.08 higher at 32.67¢ per pound.  In the outside markets, the Brent crude oil market is $0.43 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 52 points lower.

 

Deanna Hawthorne-Lahre, StatFutures co-owner and trader, says that global crop estimates are moving markets.
“In wheat, Argentina upped its 2017 crop estimate to 18.5 million metric tons from 15 mmt. That really caught the pit traders with their pants down,” Hawthorne-Lahre says. Soybean traders are smelling something about Brazil, or more U.S. acreage, or both. The traders do not like the makeup of the bean longs very much, either.”
The corn market remains bouyant, in spite of all the whining about Mexico getting corn from SA.
“Personally, I feel Mexico has played their best card already, and that isn't much. But, we will see if they are better at game theory than I am. We will see option expiration fireworks, if beans start sniffing the $10.00 level , but that doesn't look so probable,” she says.

 

Mike

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At mid-session:

At mid-session, the May corn futures are 2¢ lower at $3.70, while December futures are 1 1/2¢ lower at $3.90. May soybean futures are 1/2¢ higher at $10.23. November soybean futures are 1/4¢ lower at $10.04. May wheat futures are 6 1/2¢ lower at $4.47. May soy meal futures are $1.90 per short ton lower at $333.30. May soy oil futures are $0.21 higher at 32.80¢ per pound.  In the outside markets, the Brent crude oil market is $0.40 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 43 points lower.

 

Mike

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At 9am:

In early trading, the May corn futures are 1¢ lower at $3.71, while December futures are 1¢ lower at $3.90. May soybean futures are 1¢ lower at $10.21. November soybean futures are 2 1/4¢ lower at $10.02. May wheat futures are 5 3/4¢ lower at $4.47. May soy meal futures are $2.00 per short ton lower at $333.20. May soy oil futures are $0.23 higher at 32.82¢ per pound.  In the outside markets, the Brent crude oil market is $0.39 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 41 points lower.

 

Mike

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Wheat futures were lower after the International Grains Council raised its global production outlook by a million metric tons - not much but in a scenario in which traders are super sensitive to the amount of wheat floating around in the world, it's enough to push down prices a little bit. Wheat was down 2 to 3 cents overnight. Corn and beans, however, were up slightly after the USDA forecast US growers would increase soybean acres to a record while planting less corn and wheat. Soybean area was pegged at a record 88 million acres -- that's a lot of beans -- while corn and wheat area each dropped by 4 million acres.  Weather-wise, that giant storm that stretches from western Wyoming to the UP of Michigan is slamming parts of the Midwest. As much as 9 inches has fallen in some counties in Iowa, closing schools and roads for the day. 


Here's what happened overnight:

 

Brent Crude Oil = 0.9% lower. 

West Texas Intermediate Crude Oil = 0.8% lower.

Dollar = down 0.3%.

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

World Markets = Global stocks lower ahead of Trump speech.

Advisor
Posts: 647
Registered: ‎10-18-2016
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Re: Floor Talk February 24

The stock market is getting nervous and commodities (talking the broad range, oil, copper, etc) are weakening.  Will grains be next?

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Esteemed Advisor
Posts: 2,374
Registered: ‎04-29-2011
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Re: Floor Talk February 24

Farmers are patiently waiting for President Trump to make the trade deals with Mexico and China that will actually increase our grain exports to those countries that will help to offset the trade imbalances.   Don't worry however, most guys won't be holding their breath waiting for this to happen.   But...........it could actually happen. Smiley Wink

 

Tony or Mike,  How about investigating a story along these lines?  You might have to search a while to find anyone who will admit that this could happen.  Smiley Mad