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Veteran Contributor

Floor Talk December 4

At the close:

At the close, the March corn futures finished 5 1/4¢ lower at $3.53 1/2. May futures closed 4 1/2¢ lower at $3.62. Jan. soybean futures ended 4 1/4¢ higher at $9.98 1/2.  March soybean futures settled 4 1/4¢ higher at $10.10 1/4. March wheat futures closed 3 1/4¢ lower at $4.35 1/4. January soy meal futures ended $7.30 per short ton higher at $337.50. January soy oil futures settled 0.25 lower at 33.44¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.82 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 133 points higher.

 

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that soybeans are alone at the top.
“Soybeans are strong as the weekend weather proved drier in Argentina than forecast.  It might become a real weather market now,” Scoville says. 
“I think we found some producer and spec selling on the way to the highs, but that would probably shut off below $10.00, basis the January contract.”
Scoville adds, “I am surprised that corn is so weak, the dry weather in the south applies to corn, too.  Really no idea why it is so bad.  Wheat hanging in there and getting support from the crop size cut from Australia and the cold and dry weather in the Plains this week.”

 

Mike

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At mid-session:

At mid-session, the March corn futures are 3 1/2¢ lower at $3.55. May futures are 3¢ lower at $3.63. Jan. soybean futures are 6 3/4¢ higher at $10.01.  March soybean futures are 6 3/4¢ higher at $10.12. March wheat futures are 1/2¢ lower at $4.38. January soy meal futures are $8.20 per short ton higher at $338.40. January soy oil futures are 0.24 lower at 33.45¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.63 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 173 points higher.

 

Mike

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In early trading:

At 9am, the March corn futures are 1 3/4¢ lower at $3.57. May futures are 1 1/4¢ lower at $3.65. Jan. soybean futures are 8 1/4¢ higher at $10.02.  March soybean futures are 8 1/4¢ higher at $10.14. March wheat futures are 1 1/2¢ higher at $4.39. January soy meal futures are $6.00 per short ton higher at $336.20. January soy oil futures are 0.02 lower at 34.67¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.69 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 280 points higher.

 

Mike

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Soybeans were higher this morning on continued concerns about dry weather in southern Brazil and parts of Argentina. Beans were up about 9 cents, corn rose less than a penny and wheat gained 1-2 cents overnight. Money managers last week raised their bullish bets on soybeans and curbed their bearish bets on corn. In weather news, it's going to feel much more wintry in the northern Plains today as a big storm is blowing through parts of the Dakotas and Minnesota. As much as 4 inches of snow is expected along with strong winds that will make for dangerous travel conditions. Get all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-december-4.

 

Brent Crude Oil = down 0.8%

West Texas Intermediate = down 1.1%

Dollar = up 0.4%.

Wall Street = U.S. stock futures stronger in pre-market trading.

World Markets = Global stocks higher overnight.

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