Floor Talk February 1
At the close:
At the close, the March corn futures settled 1/4¢ higher at $3.61 3/4. May futures finished 1/2¢ higher at $3.70. March soybean futures closed 10 3/4¢ lower at $9.85. May soybean futures finished 10 1/2¢ lower at $9.96 1/2. March wheat futures finished 3/4¢ lower at $4.51. March soy meal futures closed $3.80 per short ton lower at $334.00. January soy oil futures settled 0.17 lower at 32.90¢ per pound. In the outside markets, the NYMEX crude oil market is $1.02 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 27 points higher.
USDA released its Weekly Export Sales Report Thursday. We sold more soybean meal than soybeans! That's the first that I've ever seen that happen.
Corn= 1.88 million metric tons vs. the trade’s expectations of between 850,000-1,200,000 mt.
Soybeans= 409,000 mt. vs. the trade’s expectations of between 775,000-1,300,000 mt.
Wheat= 289,100 mt. vs. the trade’s expectations of between 175,000-400,000 mt.
Soybean meal= 481,900 mt. vs. the trade’s expectations of between 175,000-350,000 mt.
In early trading:
At 9:00am, the March corn futures are 1 3/4¢ lower at $3.59. May futures are 1 1/4¢ lower at $3.68. March soybean futures are 8 1/2¢ lower at $9.87. May soybean futures are 8 1/4¢ lower at $9.98. March wheat futures are 7¢ lower at $4.44. March soy meal futures are $3.80 per short ton lower at $334.00. January soy oil futures are 0.06 lower at 33.01¢ per pound. In the outside markets, the NYMEX crude oil market is $0.69 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 10 points higher.
Wheat and soybeans were again lower overnight despite the fact that there seem to be more bullish fundamentals out there than bearish. Analysts are saying that investors who were long the market, or had bet on higher prices, are continuing to book profits after the recent price hike. Wheat was down 5-6 cents, beans were down a nickel and corn lost a penny overnight. Ethanol production was one of the lowlights as output declined to the lowest in three weeks. Offsetting that news, somewhat, were stockpiles that declined for the first time in a month. In weather news, it's going to be cold, cold and cold this morning in much of the northern US. Wind chills in the northern Plains and northern Midwest are expected to fall as low as minus-40. That'll wake you up in a hurry when you first step outside. See all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-february-1.
Brent Crude Oil = up 0.7%.
West Texas Intermediate = up 0.6%.
Dollar = down 0.1%.
Wall Street = U.S. stock futures mixed in pre-market trading.
World Markets = Global stocks mixed overnight.