Floor Talk February 22

[Tony_Dreibus]

At the close:

At the close, the March corn futures ended 1 3/4¢ higher at $3.78 1/4, while December futures finished 1 1/2¢ higher at $3.97. May soybean futures settled 3 3/4¢ lower at $10.33 1/2. November soybean futures ended 3 3/4¢ lower at $10.13 1/2. May wheat futures closed 6 1/4¢ higher at $4.56. May soy meal futures closed $2.40 per short ton lower at $339.50. May soy oil futures closed $0.05 higher at 33.00¢ per pound.  In the outside markets, the Brent crude oil market is $0.72 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 12 points higher.

Mike

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At mid-session:

At mid-session, the March corn futures are 2 1/2¢ higher at $3.71, while December futures are 1 3/4¢ higher at $3.97. May soybean futures are 1 1/2¢ lower at $10.35. November soybean futures are unchanged at $10.14. May wheat futures are 4¢ higher at $4.53. May soy meal futures are $1.40 per short ton lower at $340.50. May soy oil futures are $0.11 higher at 33.06¢ per pound.  In the outside markets, the Brent crude oil market is $0.82 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 8 points higher.

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that the market has turned a little lower, due to little news.
“My farm-customers are generally out digging in the dirt, if they are south of I-80, maybe not so much north, but still out and about and getting things moving,” Scoville says.  This is late February and there is preliminary fieldwork getting done in a lot of places.”
Scoville adds, “Most attention is on the USDA Ag Outlook conference and what they will show for planting and stuff like that, over the next couple of days.  Most investors do not seem too eager to do much before the USDA’s supply/demand tables come out, although that is a mystery to me since they are just model-based numbers.”

Mike

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At 9am:

In early trading, the March corn futures are 1¢ higher at $3.70 1/4, while December futures are 1¢ higher at $3.96 3/4. March soybean futures are 1 1/2¢ higher at $10.27. November soybean futures are 3/4¢ higher at $10.15. May wheat futures are 1 1/2¢ higher at $4.37. May soy meal futures are $1.40 per short ton lower at $340.50. May soy oil futures are $0.32 higher at 32.27¢ per pound.  In the outside markets, the Brent crude oil market is $0.77 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 17 points lower.

Mike

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At 8:50am:

The USDA released an 8am export sale Wednesday.

Private exporters reported to the U.S. Department of Agriculture cancellations of optional origin sales of 136,000 metric tons of corn for delivery to South Korea during the 2016/2017 marketing year.

The marketing year for corn began Sept. 1.

Mike

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Beans and grains rose slightly in overnight trading on further concerns about rain in Argentina. This was a problem early in the season, but then wasn't a problem, and now analysts are saying the rainfall may delay the start of the harvest. Whether it actually does remains to be seen. Soybeans were up about 2 cents while corn gained just over a penny. Wheat added 2 cents. RFA CEO Bob Dinneen said in a speech yesterday that he's confidence President Trump will remember his campaign promises to farmers and support ethanol, and that his tough trade talk is a negotiating tactic and the US position as a global exporter will not be harmed. In weather news, a large storm is moving east from the Rockies, which means central Nebraska may get as much as 15 inches of snow. 

Here's what happened overnight:

Brent Crude Oil = 0.7% lower.

West Texas Intermediate Crude Oil = 1.2% higher.

Dollar = up 0.2%.

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

World Markets = Global stocks mixed as oil prices fluctuate.