Floor Talk August 31
At the close:
At the close, the December corn futures finished 8 1/2¢ higher at $3.65. March futures ended 8¢ higher at $3.77 1/4.
Nov soybean futures closed 12¢ higher at $8.43. Jan. soybean futures closed 11 3/4¢ higher at $8.56 3/4.
Dec. wheat futures ended 10 1/2¢ higher at $5.45 1/2.
Dec. soymeal futures closed $3.70 per short ton higher at $307.20. Dec. soy oil futures closed $0.10 higher at 28.77.
In the outside markets, the NYMEX crude oil market is $0.48 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 72 points lower.
At mid-day, the December corn futures are 6 1/2¢ higher at $3.63. March futures are 6¢ higher at $3.75.
Nov soybean futures are 9 1/4¢ higher at $8.40. Jan. soybean futures are 8 3/4¢ higher at $8.53.
Dec. wheat futures are 10 3/4¢ higher at $5.45. Dec. soymeal futures are $3.00 per short ton higher at $306.50. Dec. soy oil futures unchanged at 28.67.
In the outside markets, the NYMEX crude oil market is $0.30 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 85 points lower.
Jack Scoville, The PRICE Futures Group’s senior market analyst, says that higher is the word!
“Going into a holiday weekend with a short market and some sales announcements today, helped demand ideas I guess. Deliveries are out of the way, too, so we got less pressure on the market,” Scoville says.
Scoville adds, “One farmer sent me some pics of a Cargill elevator in Iowa with no one delivering grain, so I am thinking what had to move is probably moved.”
That selling pressure could be enough to let this thing move a bit higher next week, he says.
“Looks like we are getting that started today. The trade will start to talk of a potential early harvest low if this thing develops legs,” Scoville says.
In early trading, the December corn futures are 2¢ higher at $3.58. March futures are 1 3/4¢ higher at $3.71.
Nov soybean futures are 2 1/4¢ higher at $8.33. Jan. soybean futures are 2 1/4¢ higher at $8.47.
Dec. wheat futures are 10 3/4¢ higher at $5.45.
Dec. soymeal futures are $0.40 per short ton higher at $303.90. Dec. soy oil futures 0.03¢ higher at 28.70.
In the outside markets, the NYMEX crude oil market is $0.32 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 1 point lower.
Wheat futures were again higher in the overnight session amid ongoing concerns about Russia. Will the government or won't the government implement export limits? Investors are betting it will, though fundamentally there's plenty to be worried about with weather issues not only in Russia but also Ukraine, the European Union and Australia. Wheat added 8-9 cents overnight, corn was up 2 cents and beans gained 3 cents. Export sales in the week that ended on Aug. 23 for the 2017-2018 marketing year that ends today were up 1% for corn but well lower for soybeans. In weather news, storm systems are likely to move into Iowa, Minnesota and Wisconsin this weekend, bringing more rain that could cause more flooding. Finally, college football is back, which is never a bad thing. Check out today's 3 Big Things for all the details.
West Texas Intermediate = down 0.1%.
Brent Crude = down 0.1%.
Dollar = up 0.1%.
Wall Street = U.S. stock lower pre-market.
World Markets = Global stocks lower overnight.