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Floor Talk April 12

[ Edited ]

At 2:30:

The weekly Energy Information Administration report on weekly ethanol production is out.

 

According to EIA data, ethanol production averaged 986,000 barrels per day (b/d)—or 41.4 million gallons daily. That is down 32,000 b/d and the first time in 24 weeks that production dipped below 1 million b/d. As a result, the four-week average for ethanol production dropped to 1.03 million b/d for an annualized rate of 15.73 billion gallons.

Stocks of ethanol fell to 22.9 million barrels, down 3.4% from last week’s record high.

Imports of ethanol were nonexistent for the 33rd straight week.

 

Mike

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At the close:

At the close, the May corn futures settled 2 1/2¢ higher at $3.69, while December futures closed 2¢ higher at $3.92 1/2. May soybean futures settled 8 1/2¢ higher at $9.47 3/4, November soybean futures ended 7¢ higher at $9.55 1/2. May wheat futures closed unchanged at $4.33 1/4. May soy meal futures settled $3.40 per short ton higher at $312.70. May soy oil futures closed $0.17 higher at 31.24¢ per pound.  In the outside markets, the Brent crude oil market is $0.30 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 37 points lower.

 

Mike

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At mid-session:

At mid-session, the May corn futures are 2 3/4¢ higher at $3.69, while December futures are 2 1/4¢ higher at $3.92. May soybean futures are 9 1/2¢ higher at $9.48, November soybean futures are 7 3/4¢ higher at $9.56. May wheat futures are 1 1/2¢ higher at $4.34. May soy meal futures are $3.50 per short ton higher at $312.80. May soy oil futures are $0.17 higher at 31.24¢ per pound.  In the outside markets, the Brent crude oil market is $0.27 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 68 points lower.

 

Mike

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At 9AM:

In early trading, the May corn futures are 1¢ higher at $3.67, while December futures are 1/2¢ higher at $3.91. May soybean futures are 6 1/4¢ higher at $9.45, November soybean futures are 5 1/4¢ higher at $9.53. May wheat futures are 3/4¢ lower at $4.32. May soy meal futures are $2.80 per short ton higher at $312.10. May soy oil futures are $0.01 lower at 31.06¢ per pound.  In the outside markets, the Brent crude oil market is $0.11 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 23 points lower.

 

Mike

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Soybeans were higher amid bargain hunting after prices yesterday reached the lowest in a year. Beans gained about 6 cents while corn and wheat were both up less than a penny. The WASDE report wasn't all bad as the US stockpiles figures were below expectations. But the Brazil soybean number was a monster -- 111 million metric tons, up from last month's outlook for 108 million and consensus of 110 million. Ouch. That shouldn't have been a big surprise, though, as private forecasters and consultancies in Brazil had pegged the country's crop from 111 million to 113 million tons. The good news is investors are starting to look at planting progress in the US, so hopefully some of the South American noise will fade. 


Here's what happened overnight:

 

Brent Crude Oil = 0.4% higher.  

West Texas Intermediate Crude Oil = 0.5% higher.

Dollar = up 0.1%.

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

World Markets = Global stocks mixed on geopolitical uncertainty.