Floor Talk April 28, 2021

[marketeye]

At the close:

At the close, the May corn futures finished 9 1/4¢ lower at $6.86 1/2, after hitting $7.20 per bushel yesterday.

July corn futures closed 10 1/2¢ lower at $6.44. New crop December corn futures ended 15 3/4¢ lower at $5.46.

May soybean futures closed 8¢ higher at $15.57 1/4. July soybean futures closed 5 1/4¢ lower at $15.13. New crop November soybean futures settled 14 1/2¢ lower at $13.28.

July wheat futures closed 10¢ lower at $7.22 1/4.



July soymeal futures ended $5.00 short ton lower at $421.80.


July soy oil futures closed +0.28 higher at 61.16¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.97 higher (+1.54%) at $63.91. The U.S. dollar is lower, and the Dow Jones Industrials are 115 points lower (-0.34%) at 33,869 points.

Jason Roose, U.S. Commodities, says that large price swings are not out of the question.

“Tight corn and soybeans stocks for the near term have the upfront contracts in high demand with delivery in one day. Who wants to own the grain at these price levels will be the question. Planting progress is improving in the U.S., with potential increased acres if weather cooperates. Large price swings could continue until Brazil's second corn crop is more developed," Roose says.

Mike

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At midsesssion:

At midsession, the May corn futures 25¢ higher at $7.20 1/2, after hitting $7.20 per bushel yesterday.

July corn futures are 13¢ higher at $6.67. New crop December corn futures are 1¢ lower at $5.61 1/4.

May soybean futures are 29 3/4¢ higher at $15.79 1/4. July soybean futures are 15 1/4¢ higher at $15.35. New crop November soybean futures are 2¢ higher at $13.45 1/4.

July wheat futures are 4 1/4¢ higher at $7.37 1/4.



July soymeal futures are $0.20 short ton higher at $427.00.


July soy oil futures are +1.23 higher at 62.11¢ per pound.

In the outside markets, the NYMEX crude oil market is +1.53 higher (+2.43%) at $64.47. The U.S. dollar is lower, and the Dow Jones Industrials are 137 points lower (-0.40%) at 33,847 points.

Mike

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At 9:45am:

Corn, soybean prices strengthen, remain mixed Wednesday.

Mike