Floor Talk April 18
At the close:
At the close, the July corn futures finished 2 1/2¢ higher at $3.91 3/4. Dec. futures finished 2 1/2¢ higher at $4.08 1/4. July soybean futures closed 4¢ lower at $10.53 1/4. November soybean futures ended 1/2¢ higher at $10.45 3/4. July wheat futures closed 7 3/4¢ higher at $4.89 1/4. July soy meal futures settled $4.20 per short ton lower at $381.20. July soy oil futures closed 0.24 higher at 31.69¢ per pound. In the outside markets, the NYMEX crude oil market is $2.09 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 9 points lower.
At mid-session, the July corn futures are 3/4¢ higher at $3.90. Dec. futures are 3/4¢ higher at $4.06. July soybean futures are 5 1/2¢ lower at $10.51. November soybean futures are 1 3/4¢ lower at $10.43. July wheat futures are 3 3/4¢ higher at $4.85. July soy meal futures are $4.20 per short ton lower at $381.20. July soy oil futures are 0.13 higher at 31.58¢ per pound. In the outside markets, the NYMEX crude oil market is $1.19 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 35 points lower.
In early trading, the May corn futures are 3 1/4¢ higher at $3.83. July futures are 2 3/4¢ higher at $3.92. May soybean futures are 6¢ higher at $10.52. July soybean futures are 5 3/4¢ higher at $10.63. July wheat futures are 6 1/2¢ higher at $4.88. July soy meal futures are $0.40 per short ton higher at $385.80. July soy oil futures are 0.09 higher at 31.54¢ per pound. In the outside markets, the NYMEX crude oil market is $1.30 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 4 points higher.
Wheat futures were higher for a second day as the amount of rain likely to fall in the southern Plains is diminishing. Parts of Texas and southern Oklahoma likely will get some rain this weekend but some areas in the southern Plains will get less rain than originally expected, according to Commodity Weather Group. Wheat was up 3-5 cents while corn and beans moved less than a penny overnight. In other news, economists at the University of Illinois released a report, posing a scenario in which China imposed its proposed 25% tariff on soybeans. Prices would fall dramatically, as would farm income, the report said. China yesterday said it would impose an almost 180% anti-dumping duty on US sorghum, ramping up rhetoric between the Asian country and the US. Still, most people believe the bluster between the countries is nothing more than just trade posturing. Finally, in weather news, another winter storm is expected to dump up to 7 inches of snow in Iowa and Minnesota today. Check out the details in today's 3 Big Things.
Brent Crude Oil = up 1.5%.
West Texas Intermediate = up 1.7%.
Dollar = down 0.1
Wall Street = U.S. stock markets higher pre-market.
World Markets = Global stocks mixed overnight.
Re: Floor Talk April 18
My screen says corn up two+ , beans up 6¢
I believe the Illinois brain trust have this one backwards.
Did they account for Argentina having a shortfall almost equivalent to our massive oversupply?
Did they account for Argentina already buying 4 boat loads of beans?
Did they account for the fact China has been taking +70% of Brazil's beans and now wants all of them?
Did they account for the fact China pays their farmers $13 + to raise beans?
Going to take another year and a half for the rest of the world to ramp up production.
Meanwhile here in fringe country we are in a large area in an extreme drought ourselves.
Other northern fringe areas are just a might cold and still frozen solid.
Re: Floor Talk April 18
We are 40¢ a bushel UNDER PRICED from Brazilian port prices now. So far all China has done is raised the price of beans .tariffs usually work against those that levy them. (Raise the price at home)
The long term effect will be more beans grown in more places around the world. Not a good thing for producers.