Floor Talk December 6
At the close:
At the close, the March corn futures finished 1¢ lower at $3.52. May futures settled 1 1/4¢ lower at $3.61. Jan. soybean futures finished 5 3/4¢ lower at $10.02 3/4. March soybean futures are 5 3/4¢ lower at $10.14 3/4. March wheat futures ended 7 1/2¢ lower at $4.25 1/4. January soy meal futures closed $1.00 per short ton lower at $342.30. January soy oil futures closed 0.33 lower at 33.17¢ per pound. In the outside markets, the NYMEX crude oil market is $2.17 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 11 points lower.
At mid-session, the March corn futures are 1 1/2¢ lower at $3.52. May futures are 1 3/4¢ lower at $3.60. Jan. soybean futures are 13¢ lower at $9.95. March soybean futures are 13¢ lower at $10.07. March wheat futures are 6¢ lower at $4.26. January soy meal futures are $6.00 per short ton lower at $337.30. January soy oil futures are 0.27 lower at 33.23¢ per pound. In the outside markets, the NYMEX crude oil market is $2.16 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 4 points lower.
On Wednesday, the USDA corrected a previous export sale announcement, regarding soybeans sold to China.
FAS Program Announcement FAS-ESR-097-17, issued at 9:00 a.m. on November 30, which announced export sales of 525,000 metric tons of soybeans for delivery to China in the 2017/2018 marketing year was issued in error. The correct announcement is as follows:
--Export sales of 393,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year.
The marketing year for soybeans began Sept. 1.
Jason Ward, Northstar Commodity Investment Company's grain analyst, says that profit-taking is pressuring the market too.
"The market didn't like the export sale correction. Plus, the soybean market has rallied 32-cents/bu from last week’s lows. So, to take a dime out of it very quickly is just how it goes," Ward says.
In early trading:
At 9am, the March corn futures are unchanged at $3.53. May futures are unchanged at $3.62. Jan. soybean futures are 3/4¢ higher at $10.09. March soybean futures are 1¢ higher at $10.21. March wheat futures are 3 3/4¢ lower at $4.29. January soy meal futures are $1.20 per short ton higher at $344.50. January soy oil futures are 0.22 lower at 33.28¢ per pound. In the outside markets, the NYMEX crude oil market is $1.75 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 16 points higher.
Soybeans and corn continued to move higher overnight amid ongoing concerns about the dry weather in Argentina. Beans were up about 3 cents and corn gained 2 cents. Wheat was little changed, moving less than a penny. Australian weather officials joined their U.S. counterparts in officially stating that a La Nina weather pattern is in effect in the tropical Pacific, which is giving prices a much-needed boost. A La Nina tends to cause droughts in South America and overly wet weather in Australia. In U.S. weather news, it's going to be cold and wintry in parts of the northern Plains and eastern Midwest but dry and windy in the southern Plains today. Check out all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-december-6.
Brent Crude Oil = down 1%
West Texas Intermediate = down 1.3%
Dollar = up 0.1%.
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks mixed overnight.