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marketeye
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Floor Talk May 21

[ Edited ]

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At the close:

The July corn futures contract closed 1 cent higher at $4.74. The Dec. corn futures finished 1/4 of a cent lower at $4.71. The July soybean futures contract finished 35 cents higher at $15.05. The Nov. soybean futures closed 21 cents higher at $12.53. July wheat futures finished 6 cents lower at $6.64 per bushel. The July soymeal futures contract closed $11.40 per short ton higher at $498.10. The July soyoil futures closed $0.40 higher at $40.47. 
In the outside markets, the NYMEX Brent crude oil is $1.68 per barrel higher, the dollar is higher and the Dow Jones Industrials are 147 points higher.

"Both old and new crop beans and meal closed at new recent high closes, in response to rumors that early harvest of Brazil’s second crop beans had lower than expected yields.  This year every bushel is important," Helen Pound, Sr. Futures Market Specialist, wrote to customers in a daily wire.

 

Mike

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According to EIA data, ethanol production averaged 925,000 barrels per day (b/d)—or 38.85 million gallons daily. That is up 3,000 b/d from the week before. The four-week average for ethanol production stood at 910,000 b/d for an annualized rate of 13.95 billion gallons, according to the Renewable Fuels Association press release.

Stocks of ethanol stood at 17.0 million barrels. That is a 1.8% decrease from last week.

Imports of ethanol were 11,000 b/d, down from last week.

 

Mike

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At mid-day:

The July corn futures contract is trading 3/4 of a cent higher at $4.74. The Dec. corn futures are trading 1/4 of a cent higher at $4.72. The July soybean futures contract is 22 3/4 cents higher at $14.92. The Nov. soybean futures are trading 11 cents higher at $12.43. July wheat futures are 4 cents lower at $6.66 per bushel. The July soymeal futures contract is trading $8.00 per short ton higher at $494.70. The July soyoil futures are trading $0.36 higher at $40.43. 
In the outside markets, the NYMEX Brent crude oil is $1.81 per barrel higher, the dollar is higher and the Dow Jones Industrials are 135 points higher.

 

Mike

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In early trading:

The July corn futures contract is trading 1 3/4 cents higher at $4.75. The Dec. corn futures are trading 1 1/2 cents higher at $4.73. The July soybean futures contract is 16 1/4 cents higher at $14.86. The Nov. soybean futures are trading 8 1/2 cents higher at $12.40. July wheat futures are 3 1/4 cents higher at $6.73 per bushel. The July soymeal futures contract is trading $7.70 per short ton higher at $494.40. The July soyoil futures are trading $0.06 lower at $40.01. 
In the outside markets, the NYMEX Brent crude oil is $0.26 per barrel higher, the dollar is higher and the Dow Jones Industrials are 124 points higher.

 

Mike

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At 7:45am:

Early calls: Corn is seen 1-2 cents higher, soybeans 7-9 cents higher, and wheat 1-2 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.

Brent Crude Oil=$0.26 per barrel higher.
Dollar= Higher.

Wall Street=Seen lower, with Home Depot missing quarterly earnings expectations.

World Markets=Europe stocks were mixed to mostly lower, Asia/Pacific stocks mixed to mostly lower.

 


More in a minute,

 

Mike