Floor Talk April 21 - VIDEO
At the close:
At the close, the May corn futures settled 5 cents lower at $3.73 per bushel. The Dec corn futures finished 3 3/4 cents lower at $3.97 per bushel.
May soybean futures settled 2 1/4 cents lower at $9.75. Nov. soybean futures finished 1 1/2 cents lower at $9.56.
May wheat futures closed 2 cents higher at $5.00 3/4.
May soymeal futures closed $2.70 per short ton lower at $315.80. The May soyoil futures finished $0.23 higher at $31.82.
In the outside markets, the Brent Crude oil market is $1.55 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 68 points lower.
At mid-session, the May corn futures are trading 5 3/4 cents lower at $3.72 per bushel. The Dec corn futures are 4 cents lower at $3.96 per bushel.
May soybean futures are trading 3 1/2 cents lower at $9.74. Nov. soybean futures are trading 2 cents lower at $9.56.
May wheat futures are trading 5 3/4 cents higher at $5.04.
May soymeal futures are trading $2.90 per short ton lower at $315.60. The May soyoil futures are trading $0.21 higher at $31.80.
In the outside markets, the Brent Crude oil market is $0.49 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 68 points lower.
Jack Scoville, PRICE Futures Group senior grain analyst, says that soybean meal and corn are lower primarily on the bird flu outbreak in Iowa, Minn, and Wisconsin. “It has spread rapidly and threatens to hurt feed demand. Already, the largest outbreak ever in the US and expected to expand, so a big deal.”
Wheat is higher on the lack of improvement in the condition ratings, despite the recent rains, he says.
“I think conditions are getting better due to the rains, but they came late week or weekend and probably did not get fully reflected in the reports yesterday. The ratings should be better next week. Plus, getting colder and there is the risk of some freeze damage perhaps, enough of a risk to create a little buying interest anyway.”
Brazil is rather quiet today in the beans, but it is a holiday there, he says.
Thanks to Jordan for filling in yesterday. Brazil is on Holiday today. So, not much news coming out of there, regarding the trucker's strike resuming. Enjoy the warm, sunny planting weather. The bulls have some work to do, it looks like.
At the open:
At the open, the May corn futures are trading 4 3/4 cents lower at $3.73 per bushel. The Dec corn futures are 4 cents lower at $3.97 per bushel.
May soybean futures are trading 5 1/2 cents lower at $9.72. Nov. soybean futures are trading 4 1/4 cents lower at $9.54.
May wheat futures are trading 3 cents lower at $4.95 3/4.
May soymeal futures are trading $3.30 per short ton lower at $315.20. The May soyoil futures are trading $0.16 higher at $31.75.
In the outside markets, the Brent Crude oil market is $0.20 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 69 points higher.
Early calls: Corn 2-4 cents lower, soybeans 2-4 cents lower, and wheat 3-5 cents lower.
Overnight grain, soybean markets = Trading lower.
NYMEX Crude Oil = $0.52 lower.
Wall Street = Seen higher, with a lot of earnings reports this week.
World Markets = Europe stocks were higher, Asia/Pacific stocks were higher.
More in a minute,
Re: Floor Talk April 21
Journalists, especially freelancers, don't really have a holiday. Regarding the truckers strike, the government responded with a law published last Friday. The law exempts suspended axle trucks of paying tolls in federal highways. On state and municipal highways, the federal government cannot legislate on it. The measure taken by Brazil's Union, however, is not considered enough by some farmers. Truckers consider that the law which establishes a maximum of 12 hours of driving is unrealistic because there is not adequate infrastructure. They want rest areas similar to those seen in the United States highways. Less payments because of less hours worked combined with higher gas prices are an issue of concern too. Therefore, some truckers are calling for more strikes tomorrow. Hard to know how big the accession to the strike will be. No roads are blocked as of now.