Floor Talk April 11
After the close:
On Monday, USDA pegs the U.S. corn plantings ahead of the trade's expectations.
At the close:
At the close, the May corn futures settled 5 1/2 cents lower at $3.56 3/4. May soybean futures finished 11 1/2 cents higher at $9.28 1/4. May wheat futures closed 13 cents lower at $4.47 1/4. May soymeal futures ended $6.40 short ton higher at $280.10. May soyoil futures settled $0.04 lower at $33.90. In the outside markets, the Brent crude oil market is $0.04 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 90 points higher.
At mid-session, the May corn futures are trading 5 cents lower at $3.57. May soybean futures are 11 1/4 cents higher at $9.28. May wheat futures are 12 3/4 cents lower at $4.47. May soymeal futures trade $5.10 short ton higher at $278.80. May soyoil futures are $0.17 higher at $34.11. In the outside markets, the Brent crude oil market is $0.80 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 53 points higher.
Jack Scoville, The PRICE Futures Group, says that the wheat and corn prices are going lower on spec-related selling.
“The selling is tied to the forecasts for some beneficial rains out in the Great Plains, especially later in the week,” Scoville says. “They (wheat farmers) need it and if the forecasts hold they will get it.”
He adds, “Not sure if the beans are real based today, but it is higher and the market is jumpy on the Brazil political news. The impeachment of Dilma will get voted on today. Not hearing much up here in terms of offers, but producers should consider it. No one selling much down in Brazil, neither, although there are some offers,” Scoville says.
At the open:
At the open, the May corn futures are trading 2 3/4 cents lower at $3.59. May soybean futures are 5 cents higher at $9.21. May wheat futures are 6 3/4 cents lower at $4.53 1/2. May soymeal futures trade $3.20 short ton higher at $276.20. May soyoil futures are $0.06 lower at $34.16. In the outside markets, the Brent crude oil market is $0.41 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 103 points higher.
Wheat futures dropped overnight on speculation that rainfall over the weekend and the rest of the week will improve soil moisture in the southern Plains. Only about a half-inch -- and that's being nice -- fell in some parts of the region over the weekend, National Weather Service maps show, but more is expected to fall this week. After not having any rain for the past four months almost, it's going to take more than a half inch in some areas to boost soil moisture, but some rain is better than no rain!
Here's what happened overnight:
Brent Crude Oil = 0.1% lower.
West Texas Intermediate Crude Oil = 0.2% lower.
Dollar = down 0.2%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks increase, led by emerging market optimism.