At the close:
At the close, the March corn futures settled 6¢ lower at $3.64. May corn futures ended 6 1/4¢ lower at $3.68 1/4.
March soybean futures closed 5 1/4¢ higher at $8.86 1/2. May soybean futures finished 3¢ higher at $8.95.
May wheat futures closed 7 1/4¢ lower at $5.28.
May soymeal futures finished $5.30 per short ton higher at $303.60.
May soy oil futures ended $0.26 cents lower at 29.19¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.87 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 656 points lower.
Britt O'Connell, Cash Advisor for Commodity Risk Management Group, says that the markets are being controlled by fear, panic and pandemonium.
“With the stock market experiencing the worst trading week since 2008, nearly all markets regardless of class are following suit. Fears of the economic impact that the Coronavirus will have on the global economy control headlines. When cooler heads prevail, I believe we will see better pricing opportunities," O'Connell says.
Mike
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At midsession:
At midsession, the March corn futures are 6 3/4¢ lower at $3.63. May corn futures are 6 1/4¢ lower at $3.63 1/4.
March soybean futures are 2¢ higher at $8.83 1/2. May soybean futures are 3/4¢ higher at $8.92.
May wheat futures are 7 1/4¢ lower at $5.28.
May soymeal futures are $3.30 per short ton higher at $301.60.
May soy oil futures are $0.21 cents lower at 29.24¢ per pound.
In the outside markets, the NYMEX crude oil market is $2.06 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 462 points lower.
Mike
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At 8:49am:
In early trading, the March corn futures are 5 1/2¢ lower at $3.65. May corn futures are 5 1/4¢ lower at $3.69 1/4.
March soybean futures are 12¢ lower at $8.69. May soybean futures are 12¢ lower at $8.80.
May wheat futures are 5 1/4¢ lower at $5.30.
May soymeal futures are $3.40 per short ton lower at $294.90.
May soy oil futures are $0.22 cents lower at 29.23¢ per pound.
In the outside markets, the NYMEX crude oil market is $2.42 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 448 points lower.
Separately, the USDA’s Weekly Export Sales Report Thursday shows weak corn , soybean and wheat demand figures.
Corn= 865,800 metric tons vs. the trade’s expectations of between 800,000-1.3 mmt.
Soybeans= 339,000 metric tons vs. trade’s expectations of 600,000-900,000 mmt.
Wheat= 382,000 mt. the trade’s expectations of between 400,000-600,000 mt.
Soybean meal= 158,000 mt. the trade’s expectations of 150,000-350,000mt.
Al Kluis, Kluis Advisors, says that the markets are still being impacted by the coronavirus news.
“U.S. grain prices continue to trade in very low volume and small trading ranges. The coronavirus still has the markets on edge. Until we get a solution (or the spreading tapers off) commodity and stock prices will be tough to rally," Kluis stated in a daily note to customers.
Kluis added, "US commodity prices have held up rather well, considering the sell-off in the stock market and the uncertainty of coronavirus."
