Floor Talk April 6
At the close:
At the close, the May corn futures settled 4¢ lower at $3.60 3/4, while December futures finished 3 1/4¢ lower at $3.86. May soybean futures closed 2 3/4¢ lower at $9.41 1/2. November soybean futures closed 3 1/4¢ lower at $9.50 3/4. May wheat futures finished 6 1/2¢ lower at $4.23 1/4. May soy meal futures ended $1.10 per short ton lower at $308.70. May soy oil futures settled $0.46 lower at 31.37¢ per pound. In the outside markets, the Brent crude oil market is $0.57 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 14 points higher.
If you missed the USDA Weekly Export Sales Report Thursday, here it is:
Wheat= 655,400 metric tons vs. the trade’s expectations between 300,000-700,000 metric tons,
Corn= 1.16 mmt. vs. the trade’s expectations between 800,000-1,250,000 metric tons.
Soybeans= 877,000 vs. the trade’s expectations between 400,000-1,000,000 metric tons.
Soybean meal= 231,000 mt. vs the trade’s expectations between 100,000-300,000 metric tons.
In early trading, the May corn futures are 1 3/4¢ higher at $3.63, while December futures are 1 3/4¢ lower at $3.87. May soybean futures are 1/4¢ lower at $9.44. November soybean futures are 1/4¢ lower at $9.53. May wheat futures are 1 1/2¢ lower at $4.28. May soy meal futures are $0.40 per short ton higher at $310.20. May soy oil futures are $0.12 lower at 31.71¢ per pound. In the outside markets, the Brent crude oil market is $0.43 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 3 points lower.
Soybeans and grains were little change overnight as investors can't decide whether to believe the forecasts for wet weather in Argentina or the continually rising production forecasts for Brazil. Beans gained 1 cent overnight while corn and wheat moved less than a penny. Ethanol producers curbed production to the lowest level in four months last week as inventories jumped to a record. The good news is ethanol exports surged in February, indicating strong demand. In weather news, a frost advisory is going to be in effect for much of eastern Kansas and western Missouri tonight, while snow continues to move through the upper Midwest. Meanwhile in Texas, it's nice and cool this morning -- I should really learn to enjoy the cool weather because it's going to be in the 90s and 100s every day for months in the very near future. Have a good Thursday y'all!
Here's what happened overnight:
Brent Crude Oil = 0.6% higher.
West Texas Intermediate Crude Oil = 0.5% higher.
Dollar = up 0.1%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher as crude futures gain.
Re: Floor Talk April 6
Re: Floor Talk April 6
1.7 inches of rain yesterday on top of near constant rainy, overcast days over the past couple weeks will make for some slower than normal planting "here". I don't see any early corn coming out of the eastern corn belt this year.