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04-13-2017 06:41 AM - last edited on 04-13-2017 01:44 PM by marketeye
At the close:
At the close, the May corn futures settled 2¢ higher at $3.71, while December futures finished 2¢ higher at $3.94 1/2. May soybean futures closed 7 3/4¢ higher at $9.55 1/2, November soybean futures ended 6 1/4¢ higher at $9.61 3/4. May wheat futures closed 3 1/2¢ lower at $4.29 3/4. May soy meal futures finished $4.80 per short ton higher at $317.50. May soy oil futures closed $0.05 lower at 31.19¢ per pound. In the outside markets, the Brent crude oil market is $0.06 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 72 points lower.
At mid-session, the May corn futures are 3¢ higher at $3.72, while December futures are 2 1/2¢ higher at $3.95. May soybean futures are 10 1/4¢ higher at $9.58, November soybean futures are 8 3/4¢ higher at $9.64. May wheat futures are 1/2¢ lower at $4.32. May soy meal futures are $5.40 per short ton higher at $318.10. May soy oil futures are $0.04 higher at 31.28¢ per pound. In the outside markets, the Brent crude oil market is $0.04 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 12 points higher.
Cory Bratland, Kluis Commodities chief grain strategist, says that the market rally is spurred by Fund buying as the negative crop report Tuesday just did not have the follow through most had hoped.
“Continued strong demand, as we had yet another solid week of weekly export sales, is also adding some support. Regarding the soybean market, the key price reversal we got this week, in which we made a new low and then closed not only higher but will likely close above last week’s high, is very positive for the charts,” Bratland says.
Bratland adds, “Sometimes we need a negative report to put in a low and for the near term that seems to be true. So, overall, some oversold conditions, key reversal higher along with continued strong demand for US soybeans, at a time when our exports are supposed to be slowing down, has the bears a bit nervous down here for the near term. Rallies will be limited though, as we still have abundant stocks in US and world.”
Corn rally has to do a bit with oversold conditions, along with some weather talk, he says.
“It’s plenty early in the planting season, but if the wet weather persists corn needs to price in some more risk premium. It still feels corn is range bound and we are at the upper end of range. But, if the weather continues to stay wet and planters get off to a slow start, we could see corn breakout to the upside,” Bratland says.
If you missed the USDA Weekly Export Sales Thursday, here they are. Corn, soybean sales come in at the low end of expectations.
Wheat= 546,000 metric tons vs. the trade’s expectations of between 350,000-750,000 metric tons.
Corn= 788,000 mt vs. the trade’s expectations of between 850,000-1,250,000 metric tons.
Soybeans= 527,000 mt. vs. the trade’s expectations of between 450,000-900,000 metric tons.
Soybean meal= 238,200 mt. vs. the trade’s expectations of between 150,000-450,000 metric tons.
In early trading, the May corn futures are 2 1/2¢ higher at $3.71 1/2, while December futures are 2¢ higher at $3.94 1/2. May soybean futures are 8 1/4¢ higher at $9.56, November soybean futures are 7¢ higher at $9.62. May wheat futures are 1 1/2¢ higher at $4.34. May soy meal futures are $4.30 per short ton higher at $317.00. May soy oil futures are $0.05 higher at 31.29¢ per pound. In the outside markets, the Brent crude oil market is $0.16 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 36 points lower.
Soybeans surged overnight and corn and wheat were higher amid the dollar's decline. Beans gained 10 cents while corn and wheat both added about 2 cents after the greenback slumped on comments by the president saying its value was too strong. The president also said China is not a currency manipulator. Speaking of China, DDG exports to the Asian country have dropped almost 70% year-over-year in the past six months, according to data from Bloomberg. Ethanol production, meanwhile, dropped to a six-month low even as inventories declined. In weather news, it's raining across the Heartland with more storms forecast in Nebraska, Illinois, Indiana and Michigan this weekend.
Well, I hope you all have a Happy Easter weekend and get to spend some time eating oddly colored boiled eggs and Peeps and ham and potatoes! I'll be down here moving so feel free to stop in and carry a box or two!
Here's what happened overnight:
Brent Crude Oil = 0.2% higher.
West Texas Intermediate Crude Oil = 0.1% higher.
Dollar = down 0.4%.
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks lower on economic concerns.
04-13-2017 02:35 PM
My May beans are back in the black but I don't have a real strong feel for what they will do so I put a stop under them at a price this is break-even after paying the broker. If I'm stopped out I guess I'll just sit and think about it. If the price runs up I'll move the stop. Who knows?
$9.85 May would probably get a sell order from me.