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Veteran Advisor

Floor Talk April 17

At the close:

At the close, the May corn futures settled 3 1/2 cents higher at $3.79 per bushel. The Dec corn futures finished 3 cents higher at $4.03 per bushel.
May soybean futures ended 2 3/4 cents higher at $9.68. Nov. soybean futures finished unchanged at $9.52.

May wheat futures closed unchanged at $4.94.

May soymeal futures closed $2.60 per short ton higher at $315.00. The May soyoil futures settled $0.24 lower at $31.52.

In the outside markets, the Brent crude oil market is $0.52 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 297 points lower.

Mike North, President Commodity Risk Management Group, says that the markets offer little by way of fundamental discussion points.
"Field work has farmers out of their semi's and into their tractors, as the planting season gets underway. Plus, the improving basis levels witnessed throughout the country has tugged on flat price, as little grain is moving into buyers hands," North says. 
Additionally, oversold conditions created in the recent price break have caused a small technical correction in the row crops, he says. 
"Wheat still weighs on the market, as more rain is expected to fall in the dry southern Plains over the weekend.  We wait for Monday to see what type of impact recent rains have had on wheat crop conditions and what type of pace is witnessed in corn planting."

Mike

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At mid-session:

At mid-session, the May corn futures are trading 3 cents higher at $3.79 per bushel. The Dec corn futures are 2 1/2 cents higher at $4.02 per bushel.
May soybean futures are trading 4 cents higher at $9.70. Nov. soybean futures are trading 3 cents higher at $9.55.

May wheat futures are trading 3 1/4 cents higher at $4.97 3/4.

May soymeal futures are trading $2.60 per short ton higher at $315.00. The May soyoil futures are trading $0.09 lower at $31.67.

In the outside markets, the Brent crude oil market is $0.59 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 247 points lower.

 

Scott Shellady, CME Group floor trader, says the market is experiencing a slow volume day. "Slow volume days tend to levitate higher as sellers don't come out to play...no real fundamental news," Shellady says.

 

Mike

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At 10:30am:

Corn is up a few cents, soybeans are up 5 cents and wheat up 2 cents.

 

 

Mike

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At the open:

At the open, the May corn futures are trading 1/2 of a cent lower at $3.75 per bushel. The Dec corn futures are 1 cent lower at $3.99 per bushel.
May soybean futures are trading 1 1/2 cents lower at $9.65. Nov. soybean futures are trading 1/4 of a cent higher at $9.53.

May wheat futures are trading 1 cent higher at $4.95.

May soymeal futures are trading $1.11 per short ton higher at $313.50. The May soyoil futures are trading $0.09 lower at $31.67.

In the outside markets, the NYMEX crude oil market is $0.11 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 249 points lower.

 

Mike

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At 7:00am:

 

Early calls: Corn 1-2 cents lower, soybeans 2-4 cents higher, and wheat 1-2 cents higher.

 

Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $0.43 lower.
Dollar =Lower. 
Wall Street = Seen lower, with the investors eyeing inflation.

World Markets = Europe stocks were lower, Asia/Pacific stocks were mostly lower.

 

 

 

More in a minute,

 

Mike

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