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Veteran Contributor

Floor Talk February 26

At the close:

At the close, the March corn futures finished 2 1/4¢ higher at $3.68. May futures finished 2 3/4¢ higher at $3.77 1/4. March soybean futures ended 2¢ lower at $10.34 1/4.  May soybean futures settled 1 1/2¢ lower at $10.46. March wheat futures closed 8 1/2¢ higher at $4.72 3/4. May soy meal futures closed $2.00 per short ton higher at $380.30. January soy oil futures finished 0.30 higher at 32.86¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.31 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 341 points higher.

 

A news report out of Argentina Monday stated that its current drought that is impacting the most productive soybean-growing regions of Santa Fe, the south of Cordoba and the north of Buenos Aires, will drop yield losses by 46%.

 

Mike

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At mid-session:

At mid-session, the March corn futures are 3¢ higher at $3.69. May futures are 3 1/4¢ higher at $3.78. March soybean futures are 6 3/4¢ higher at $10.43.  May soybean futures are 7 1/2¢ higher at $10.55. March wheat futures are 10¢ higher at $4.74. May soy meal futures are $6.10 per short ton higher at $384.40. January soy oil futures are 0.30 higher at 32.86¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.48 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 278 points higher.

 

Mike

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At 9:20am:

In early trading, the March corn futures are 3¢ higher at $3.69. May futures are 3 1/4¢ higher at $3.77. March soybean futures are 9 1/4¢ higher at $10.45.  May soybean futures are 10¢ higher at $10.57. March wheat futures are 10 3/4¢ higher at $4.75. May soy meal futures are $5.40 per short ton higher at $383.70. January soy oil futures are 0.38 higher at 32.94¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.05 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 146 points higher.

 

Mike

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Soybeans and grains were higher overnight on dry weather in Argentina and the US southern Plains. Little relief is seen in the South American country where rainfall is going to be extremely limited, forecasters said. In the southern Plains, it's so dry that red flag warnings have been issued due to strong winds and low relative humidity. Beans rose 7 cents, wheat was up 6-7 cents and corn gained 2 cents overnight. Money managers are finally fully on the bullish bandwagon, turning positive on corn futures for the first time since August. They also extended their bullish bets on soybeans to an 11-month high. Finally, in weather news, some counties in Illinois and Indiana are seeing flooding as last week's odd rain storms and some melting of snow and ice lead to overflowing rivers and streams. 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-26.

 

Brent Crude Oil = down 0.3%.

West Texas Intermediate = down 0.1%.

Dollar = down 0.2%

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

World Markets = Global stocks higher overnight.

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7 Replies
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Contributor

Re: Floor Talk February 26

The weather news in Texas is wetter for the first of this week with the recent rains in parts of the wheat country.  Green up has a new future that was in doubt just a week ago.  A lot of the perspective just depends upon where you live.

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Senior Contributor

Re: Floor Talk February 26

Soybeans ended the day down ??? Wow still crooks surprising.
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Frequent Contributor

Re: Floor Talk February 26

How can a drought 'drop yield losses'? That is a very clumsy wording and I don't understand what they are trying to say. Do they mean yields will drop by 46% or do they mean expected losses will be reduced by 46%??
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Senior Contributor

Re: Floor Talk February 26

Glad I am not the only one wondering about that wording also.

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Veteran Advisor

Re: Floor Talk February 26

Yields are expected to be down by 46%. Worst drought in 73 years.

 

Mike

 

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Honored Advisor

Re: Floor Talk February 26

Rain in Dallas has nothing to do with wheat production....

 

Rain in a line from dallas to kc to chicago and east  is not in wheat country.... Very little fell in wheat production.

 

Had a report yesterday of a drive from Guymon Oklahoma to Stillwater okla.... all wheat country ---no rain and bad wheat.... not just poor.... yet in Tulsa just another 70 miles east was into the rain area.... and the reports are Oklahoma got rain.  

Don't spend too much time on the wording,,,,,, just another weak link in the information chain...

 

 

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Frequent Contributor

Re: Floor Talk February 26

Thanks for the clarification, Marketeye
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