Floor Talk February 24
At the close:
At the close, the May corn futures settled 1 1/4 cents lower at $3.85 per bushel. The Dec. '15 corn futures contract settled 3/4 of a cent lower at $4.09.
May soybean futures closed 17 1/4 cents higher at $10.18 3/4. The Nov. 15 soybean futures finished 13 cents higher at $9.92 3/4.
May wheat futures closed 1/4 of a cent lower to $5.03.
In the outside markets, the NYMEX crude oil market is $0.01 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 89 points higher.
At mid-session, the May corn futures are trading 4 1/2 cents higher at $3.91 per bushel.
May soybean futures are trading 26 cents higher at $10.27.
May wheat futures are trading 4 1/2 cents higher to $5.08.
In the outside markets, the Brent crude oil market is $0.37 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 66 points higher.
Soybeans are up 24¢. One of my favorite floor trading sources offers up why the soybean market is on a tear higher. I suggested it was about the Brazil truckers strike. He responded:
"Yes, a few inquiries into US for soybean sales. We assume a fair amount of soybean sales on the books are for optional origin. …If Brazil and Argentina perform on time then US cargoes get canceled. If they get bogged down in slow harvest and logistical snarls then sales will tend to ship. It may not mean a tighter US carryout at this point, but justifies the lower carryout that USDA posted last week. …Too many spec shorts trading broad idea on large world soy stocks, so they are getting clobbered. …In general, we are promoting more bean acres here and sending wrong signal as we put out Acreage survey's next week. …It will be an interesting March 31st planting intention report...
Solve strike problem and we most likely devolve into a lower trade ahead of March 31st report for beans... not so much for corn."
At the open:
At the open, the May corn futures are trading 2 1/4 cents higher at $3.89 per bushel.
May soybean futures are trading 11 1/4 cents higher at $10.12 3/4.
May wheat futures are trading 3 1/2 cents higher to $5.07.
In the outside markets, the Brent crude oil market is $1.09 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 23 points higher.
Early calls: Corn 2-4 cents higher, soybeans 9-10 cents higher, and wheat 1-2 cents higher.
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.66 higher.
Wall Street = Seen flat, as investors await Fed Chairman Yellen's speech to Congress about an interest rate rise.
World Markets = Europe stocks were mostly higher, Asia/Pacific stocks were mostly higher.
More in a minute,