Floor Talk February 13
At the close:
At the close, the March corn futures finished 1/4¢ lower at $3.66. May futures are 1/2¢ lower at $3.74. March soybean futures finished 10¢ higher at $10.11 3/4. May soybean futures closed 9 3/4¢ higher at $10.22. March wheat futures settled 3 1/4¢ lower at $4.60 3/4. March soy meal futures ended $7.40 per short ton higher at $365.20. January soy oil futures closed 0.28 lower at 31.57¢ per pound. In the outside markets, the NYMEX crude oil market is $0.09 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 24 points higher.
At mid-session, the March corn futures are 1/4¢ lower at $3.66. May futures are 3/4¢ lower at $3.74. March soybean futures are 9¢ higher at $10.10. May soybean futures are 8 3/4¢ higher at $10.21. March wheat futures are 2 1/4¢ lower at $4.61. March soy meal futures are $9.70 per short ton higher at $367.50. January soy oil futures are 0.30 lower at 31.55¢ per pound. In the outside markets, the NYMEX crude oil market is $0.10 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 127 points lower.
In early trading:
At 8:50am, the March corn futures are 3/4¢ higher at $3.67. May futures are 1/2¢ higher at $3.75. March soybean futures are 6 3/4¢ higher at $10.08. May soybean futures are 6 1/2¢ higher at $10.19. March wheat futures are 2 3/4¢ lower at $4.61. March soy meal futures are $7.70 per short ton higher at $365.50. January soy oil futures are 0.19 lower at 31.66¢ per pound. In the outside markets, the NYMEX crude oil market is $0.75 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 110 points lower.
Wheat futures gave back a small part of their gains overnight while corn and beans were little changed -- soybeans stayed above the $10 mark overnight, which is a good sign after such a big run up in prices. Wheat lost 2-3 cents, corn and beans both moved less than a penny. Fundamentally it's still extremely dry in the southern Plains, and weather report say there's no relief in sight. For corn and beans, the weather in South America seems to change from day to day so it's a big of an in-flux situation down there. The dollar's big decline overnight also may underpin prices. In other news, President Trump released his long-awaited infrastructure plan and budget proposal on Monday, and it's mixed news for farmers. The infrastructure plan calls for increase rural broadband that will be built using block grants given to states. The bad news is the budget plan calls for a 16% reduction in the Ag Department budget, and a massive haircut to crop insurance subsidies. In weather news, it's still dry in the southern Plains, as if there were expectations for anything else, and cold in the northern Plains. Check out all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-february-13.
Brent Crude Oil = down 0.1%.
West Texas Intermediate = down 0.3%.
Dollar = down 0.6%.
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks mixed overnight.