Floor Talk February 22, 2021
At the close:
At the close, the March corn futures finished 8 1/4¢ higher at $5.51. May corn futures finished 8 3/4¢ higher at $5.50 3/4. New crop December corn futures ended 9 3/4¢ higher at $4.69 1/4.
March soybean futures settled 6 1/2¢ higher at $13.83 3/4. May soybean futures ended 7 1/2¢ higher at $13.87 1/2.
New crop November soybean futures closed 15 1/2¢ higher at $12.11 3/4.
May wheat futures settled 14 3/4¢ higher at $6.69 3/4.
May soymeal futures closed $0.70 short term lower at $422.90.
May soy oil futures finished 0.33 higher at 47.22¢ per pound.
In the outside markets, the NYMEX crude oil market is $2.45 per barrel higher (+4.14%) at $61.69. The U.S. dollar is lower, and the Dow Jones Industrials are 140 points higher (+0.45%) at 31,634 points.
At midsession, the March corn futures are 5 1/4¢ higher at $5.48. May corn futures are 5¢ higher at $5.47 3/4.
New crop December corn futures are 7¢ higher at $4.67 1/4.
March soybean futures are 3/4¢ higher at $13.78. May soybean futures are 1¢ higher at $13.81. New crop
November soybean futures are 8¢ higher at $12.04 3/4.
May wheat futures are 10 3/4¢ higher at $6.66 3/4.
May soymeal futures are $1.30 short term lower at $422.30.
May soy oil futures are 0.03 higher at 46.92¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.83 per barrel higher (+3.09%) at $61.07. The U.S. dollar is lower, and the Dow Jones Industrials are 36 points higher (+0.11%) at 31,530 points.
Jack Scoville, PRICE Futures Group, says that outside investors are shifting their weight.
“Brazil farmers are just 15% harvested on soybeans, but I think nearby beans are weaker on the threat of exports ramping up soon. Plus, first notice day for delivery of expiring futures contracts is on Friday, so specs are moving out of the March. Corn spreads are weaker too, but nothing like the beans as there is less of a spec long there. Wheat up on the Great Plains weather again. It's been quiet for me, but not for others judging from the volumes. Maybe a sideways week going into first notice day," Scoville says.
Re: RBOB gasoline is $1.85/gal, ethanol is only $1.69, there's still plenty room for ethanol to go
With RBOB gasoline at $1.85/gal & ethanol only $1.69, there's still plenty of room for ethanol to go up, now that the blenders got no excuse.