Floor Talk February 13

[Tony_Dreibus]

At the close:

At the close, the March corn futures settled 1¢ higher at $3.75 1/2, and new crop December 2017 futures finished 1/4¢ higher at $3.99 1/2 per bushel. March soybean futures settled 4 3/4¢ lower at $10.54 1/4, while November 2017 soybean futures closed 2 3/4¢ lower at $10.27 1/4. March wheat futures finished 3 1/4¢ higher at $4.52 1/4. March soy meal futures closed $1.10 short ton higher at $343.20. March soy oil futures ended $0.44 lower at 34.17¢ per pound.  In the outside markets, the Brent crude oil market is $0.93 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 152 points higher.

Mike

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At mid-session:

At mid-session, the March corn futures are 1/4¢ higher at $3.74, and new crop December 2017 futures are unchanged at $3.99 per bushel. March soybean futures are unchanged at $10.59, while November 2017 soybean futures are 1/4¢ lower at $10.29. March wheat futures are 1 1/4¢ higher at $4.50. March soy meal futures are $2.80 short ton higher at $344.90. March soy oil futures are $0.41 lower at 34.20¢ per pound.  In the outside markets, the Brent crude oil market is $0.93 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 101 points higher.

Mike

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At 10:42am;

USDA's Weekly Export Inspection Report is delayed, Monday. It will be released later today. Meanwhile, here is the 8am export announcement, if you missed it.

Private exporters reported to the U.S. Department of Agriculture export sales of 101,600 metric tons of corn for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for corn began Sept. 1.

Mike

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At 9am:

In early trading, the March corn futures are 3/4¢ lower at $3.73, and new crop December 2017 futures are 1/4¢ lower at $3.99 per bushel. March soybean futures are 3 1/4¢ lower at $10.55, while November 2017 soybean futures are 2¢ lower at $10.28. March wheat futures are 2 3/4¢ lower at $4.46. March soy meal futures are $0.60 short ton higher at $342.70. March soy oil futures are $0.17 lower at 34.44¢ per pound.  In the outside markets, the Brent crude oil market is $0.70 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 98 points higher.

Mike

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Soybeans were lower in overnight trading on forecasts for favorable growing weather in Argentina. Beans were down about a nickel while corn was little changed. Wheat futures fell about 2 cents. Money managers pushed their bets on higher corn prices to levels not seen since July, according to the Commodity Futures Trading Commission. Ethanol production is near all-time highs, so it makes sense that they're buying on domestic demand. Overseas demand has been pretty decent as of late as well. In weather news, a winter storm warning is in effect for parts of the southern Plains today and tomorrow. 

Here's what happened overnight:

Brent Crude Oil = 0.4% lower.

West Texas Intermediate Crude Oil = 0.3% lower.

Dollar = down 0.1%.

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

World Markets = Global stocks rise as treasuries decline.