Floor Talk, April 11, 2019
At midsession, the May futures are 1 1/4¢ lower at $3.60 1/2. July futures are 1 1/2¢ lower at $3.69.
May soybean futures are 6 1/2¢ lower at $8.95 1/2. July soybean futures are 6 1/4¢ lower at $9.09.
May wheat futures are 2 1/2¢ higher at $4.60 1/4.
May soymeal futures are $3.10 short ton lower at $307.00. May soy oil futures are 0.09 lower at 28.98¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.05 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 37 points lower.
In early trading, the May futures are unchanged at $3.61. July futures are 1/4¢ lower at $3.70.
May soybean futures are 5¢ lower at $8.97. July soybean futures are 4 1/2¢ lower at $9.10 3/4.
May wheat futures are 3 1/4¢ higher at $4.61 1/4.
May soymeal futures are $1.90 short ton lower at $308.20. May soy oil futures closed 0.12 lower at 28.95¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.47 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 45 points higher.
Al Kluis, Kluis Advisors, says that investors remain unconvinced of a U.S., China trade deal.
“We got some follow-through buying after the negative USDA crop report on Tuesday but we managed to shrug off that negative news. Trade rumors out of China were also supportive to the grains. Talks have suggested that China could be buying some huge amounts of grains from the US. However, we have heard this before. The market is reluctant to build that news up too much. Lastly, wet and cold weather forecast look to hold its grip on much of the US, keeping the grain prices supported,” Kluis told customers in a daily note.
On Thursday, the USDA’s Weekly Export Sales Report weak soybean, corn figures.
Corn= 548,000 metric tons vs. the trade’s expectations of between 700,000-1.200,000 mmt.
Soybeans= 280,400 mt. vs. the trade’s expectations of between 450,000 mt.-1.2 mmt.
Wheat= 474,400 mt. the trade’s expectations of between 400,000-850,000 mt.
Soybean meal= 152,100 mt. the trade’s expectations of between 100,000-200,000 mt.