Floor Talk, April 4, 2019
At the close:
At the close, the May futures finished 2 1/2¢ higher at $3.65 1/4. July futures ended 2 1/4¢ higher at $3.74 1/4.
May soybean futures settled 7 3/4¢ higher at $9.06 1/4. July soybean futures closed 7 1/4¢ higher at $9.19 1/2.
May wheat futures finished 1/4¢ lower at $4.70.
May soymeal futures closed $0.90 short ton higher at $311.90. May soy oil futures ended 0.40 higher at 29.20¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.07 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 134 points higher.
Jason Roose, U.S. Commodities, says that the market is pushing higher, with the spring planting season arriving.
“Yes, grains are trying to build some kind of premium with spring fast approaching, solid exports and a positive demand outlook, with the funds short and a weather forecast not conducive for early planting we are seeing strong base forming in all the grains,” Roose says.
In early trading, the May futures are 2 3/4¢ higher at $3.65 1/2. July futures are 2 1/2¢ higher at $3.74.
May soybean futures are 5¢ higher at $9.03 3/4. July soybean futures are 5¢ higher at $9.17 1/4.
May wheat futures are 5 1/4¢ higher at $4.76 1/4.
May soymeal futures are $0.70 short ton higher at $311.70. May soy oil futures are 0.28 higher at 29.08¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.01 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 141 points higher.
On Thursday, the USDA’s Weekly Export Sales Report strong soybean, wheat figures.
Corn= 7630,300 metric tons vs. the trade’s expectations of between 700,000-1.200,000 mmt.
Soybeans= 1.99 mmt. vs. the trade’s expectations of between 500,000 mt.-2.0 mmt.
Wheat= 1.017 mmt. the trade’s expectations of between 300,000-900,000 mt.
Soybean meal= 190,300 mt. the trade’s expectations of between 75,000-350,000 mt.
Al Kluis, Kluis Advisors, says that investors would like to see the results of a trade deal between the U.S. and China.
“We still have negative stocks of all three grains sitting in the US and around the world. In addition, there are rumors China and the US are getting very close to a trade deal. However, the market is a bit reluctant to jump on the positive news of a potential China trade deal, because we have been down this road before,” Kluis told customers in a daily note.