Floor Talk February 24
At the close:
At the close, the May corn futures settled 2 1/4 cents lower at $3.64 1/2. May soybean futures closed 3/4 of a cent lower at $8.72 1/4. May wheat futures finished 4 1/2 cents lower at $4.51 1/4. May soymeal futures closed $0.30 per short ton higher at $264.60. May soyoil futures closed $0.18 higher at $31.19. In the outside markets, the Brent Crude oil market is $0.03 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 25 lower.
At mid-session, the May corn futures are trading 2 1/2 cents lower at $3.64. May soybean futures are 3 1/4 cents lower at $8.69. May wheat futures are trading 8 1/2 cents lower at $4.47. May soymeal futures are $0.30 per short ton higher at $264.60. May soyoil futures are trading $0.15 lower at $30.86. In the outside markets, the Brent Crude oil market is $0.86 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 130 lower.
Jack Scoville, The PRICE Futures Group Senior Market Analyst, says that the markets are having a tough time gaining any positive traction.
“No real selling of crops from Brazil. And, I think that has provided a little support. The ship lineup at Brazil’s ports is supposed to be around 125 ships. So, there are ideas that the U.S. will get a little additional export business, as the backlog works down.”
The corn market is getting some interest on reports that U.S. corn cheaper than Argentina’s corn, for now. Wheat is just a wasteland for the entire world, right now and out futures contract prices are reflecting that. We should see some users of these commodities buying soon. Investors are rolling out of their March futures today.”
At the open:
At the open, the March corn futures are trading 1 1/4 cents lower at $3.65. March soybean futures are 1/2 of a cent higher at $8.73. March wheat futures are trading 1 1/4 cents lower at $4.54. March soymeal futures are $1.90 per short ton higher at $266.20. March soyoil futures are trading $0.17 lower at $30.84. In the outside markets, the Brent Crude oil market is $1.10 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 238 lower.
At 7:15 am:
Wheat 1-2 cents lower, soybeans 1-2 lower and corn 1-2 lower.
Overnight wheat lower, soybeans and corn lower.
Brent Crude Oil = $0.70 lower per barrel.
Dollar = Higher.
Wall Street = Stock futures seen weaker.
World Markets = Global stocks decline.
Re: Floor Talk February 24
The weekly amounts of ethanol production is holding up, despite news of ethanol plants closing for a few days out of the week, due to oversupply.
According to EIA data, ethanol production averaged 994,000 barrels per day (b/d)—or 41.75 million gallons daily. That is up 19,000 b/d from the week before and a six-week high. The four-week average for ethanol production stood at 974,000 b/d for an annualized rate of 14.93 billion gallons.
Stocks of ethanol stood at 23.1 million barrels. That is a 0.5% decrease from last week and the first reduction in four weeks.