Floor Talk, April 16, 2019
At midsession, the May futures are 4 1/2¢ lower at $3.58. July futures are 4 1/2¢ lower at $3.67.
May soybean futures are 11 3/4¢ lower at $8.87. July soybean futures are 11 3/4¢ lower at $9.00 3/4.
July wheat futures are 15¢ lower at $4.48. May soymeal futures are $4.40 short ton lower at $306.60. May soy oil futures are $0.19 cents lower at 28.62¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.30 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 36 points higher.
Al Kluis, Kluis Advisors, says that investors have ignored the winter storm.
“The USDA Crop Progress report will show corn and spring wheat planting falling further behind on next Monday. The report on Monday showed corn planting at 3% that is 2% behind normal. Spring wheat planting was just 2%, vs 13% in the five-year average,” Kluis told customers in a daily note.
Kluis added, “Watch the extended weather forecasts. The forecasts have now turned very wet into early May. If that proves to be right, then new crop corn prices will likely continue higher.”