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Veteran Contributor

Floor Talk April 11

At the close:

At the close, the May corn futures finished 2 1/4¢ lower at $3.87. July futures finished 2¢ lower at $3.95 3/4. May soybean futures closed 2 1/4¢ lower at $10.47 3/4.  July soybean futures finished 1 1/2¢ lower at $10.58 3/4. May wheat futures ended 4 3/4¢ lower at $4.87 1/4. May soy meal futures finished $3.70 per short ton lower at $380.20. January soy oil futures finished 0.32 lower at 31.53¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.31 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 135 points lower.

 

Mike

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At mid-session:

At mid-session, the May corn futures are 1 1/4¢ lower at $3.88. July futures are 1 1/4¢ lower at $3.96. May soybean futures are 3 3/4¢ higher at $10.53.  July soybean futures are 4¢ higher at $10.64. May wheat futures are 1 1/4¢ lower at $4.90. May soy meal futures are $0.80 per short ton higher at $384.70. January soy oil futures are 0.30 lower at 31.55¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.61 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 81 points lower.

 

Mike

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At 9:35am:

If you missed it, Argentina bought U.S. soybeans again! On Wednesday, private exporters reported to the U.S. Department of Agriculture the following activity:

 

--Export sales of 120,000 metric tons of soybeans for delivery to Argentina during the 2018/2019 marketing year; and
--Export sales of 141,518 metric tons of soybeans for delivery to Mexico during the 2018/2019 marketing year.

 

The marketing year for soybeans began Sept. 1.

 

Don Roose, U.S. Commodities, says Argentina, the largest soy meal exporter in the world, is in need of soybeans to crush, due to its crop suffering from a drought.

"Also, basis levels in Brazil have been very strong on soybeans. So, U.S. soybeans are competitive," Roose says. "Plus, all end-users and resellers are trying to stock or overstock soybeans, believing that China will be a market if trade issues develop with the U.S."

 

Meanwhile, Roose, in China this week, says there is a lot of trade chatter there.

"End-users and crushers are extending their soybean coverage in China, too. The agribusinesses in China believe that their government will help them financially, in any trade dispute with the U.S. Food is way too important," Roose says.

 

 

Mike

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At 9:00am:

In early trading, the May corn futures are 1 3/4¢ lower at $3.87. July futures are 1 3/4¢ lower at $3.96. May soybean futures are 5¢ higher at $10.55.  July soybean futures are 5 1/2¢ higher at $10.65. May wheat futures are 6 3/4¢ lower at $4.85. May soy meal futures are $0.70 per short ton higher at $384.60. January soy oil futures are 0.08 lower at 31.77¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.74 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 115 points lower.

 

Mike

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Soybeans rose again overnight after the USDA in its monthly WASDE report yesterday lowered both domestic and global carryout projections. The US number was especially surprising as inventories were seen at 550 million bushels, down from 555 million a month earlier but drastically missing analyst projections for 574 million bushels. Also on the soybean front, the USDA said yesterday that Argentina bought 120,000 metric tons of soybean from US supplies, and while that's not a huge number, it's the biggest purchase by the South American country from the US since 1997, according to Reuters. Interesting timing. In weather news, it's going to be cold in the Dakotas, Wyoming and extreme northern Nebraska as another winter storm hits. The southwestern US, meanwhile, is mired in extremely dry conditions as a red flag warning stretching from southern Missouri to southern California and from Nebraska to West Texas is in effect. Check out all the details in today's 3 Big Things.

 

Brent Crude Oil = up 1.1%.

West Texas Intermediate = up 1.2%.

Dollar = down 0.1%

Wall Street = U.S. stock markets lower pre-bell.

World Markets = Global stocks lower overnight.

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