At the close:
At the close, the March corn futures finished 1 3/4¢ lower at $3.81 1/4. May corn futures finished 2¢ lower at $3.86 1/4.
March soybean futures settled 2 1/4¢ higher at $8.84 1/2. May soybean futures closed 2 1/4¢ higher at $8.97 1/4.
March wheat futures closed 6 3/4¢ lower at $5.52.
March soymeal futures settled $2.10 per short ton higher at $291.40.
March soy oil futures closed $0.35 cents lower at 30.62¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.71 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 68 points higher.
Mike
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At midsession:
At midsession, the March corn futures are 3 3/4¢ lower at $3.79 1/4. May corn futures are 4¢ lower at $3.84 1/4.
March soybean futures are 4 1/2¢ higher at $8.86 1/2. May soybean futures are 4¢ higher at $8.99.
March wheat futures are 7¢ lower at $5.51 1/4.
March soymeal futures are $4.20 per short ton higher at $293.50.
March soy oil futures are $0.37 cents lower at 30.60¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.48 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 80 points higher.
Britt O'Connell, Cash Advisor for Commodity Risk Management Group, says that investors are mainly just pre-report positioning.
“Soybeans have impressively been able to find positive territory to start the week. The move up is surprising, given that the Brazilian real has reached all time lows, a massive - if not record crop expected to be coming forward, and a strong U.S. dollar. It's likely that we're seeing a little bit of a positive reaction to China starting to move back towards more 'normal' day to day operations. It seems maybe it has contained the coronavirus.
O'Connell added, "Corn is treading water at the bottom end of the range. With not much to talk about regarding corn, it is hard to find positive traction. Funds continue to be sellers of corn and soybeans, while showing continued love towards Chi wheat."
Mike
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At 8:45am:
In early trading, the March corn futures are 4¢ lower at $3.79 1/4. May corn futures are 4¢ lower at $3.84 1/4.
March soybean futures are 1¢ lower at $8.81. May soybean futures are 1 1/4¢ lower at $8.93 3/4.
March wheat futures are 1 1/4¢ lower at $5.57 1/4.
March soymeal futures are $0.60 per short ton lower at $289.90.
March soy oil futures are $0.30 cents lower at 30.67¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.43 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 89 points lower.
Al Kluis, Kluis Advisors, says that investors will take today to prepare positions ahead of tomorrow's USDA February Supply/Demand Report.
“Will the bull spreads continue to work in both corn and soybeans? This--plus firming basis--is a positive signal for prices, ” Kluis stated in a daily note to customers.
Mike
