Floor Talk February 27
Finally, Iowa Ag Secretary Bill Northey has been approved by the Senate for his new USDA appointment.
Full story: USDA Gets New Undersecretary Bill Northey
At the close:
At the close, the March corn futures finished 2¢ higher at $3.70 1/2. May futures finished 2¢ higher at $3.79 1/4. March soybean futures closed 3 3/4¢ higher at $10.38. May soybean futures ended 3 1/2¢ higher at $10.49 1/2. March wheat futures closed 4 1/4¢ higher at $4.77. May soy meal futures ended $8.90 per short ton higher at $389.20. January soy oil futures closed 0.46 lower at 32.40¢ per pound. In the outside markets, the NYMEX crude oil market is $1.02 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 211 points lower.
Jack Scoville, The PRICE Futures Group's Senior Market Analyst, says that the soybean market going higher is all weather.
"This is still mostly Argentina's drought problems that is offering support for soybeans and corn. Plus, U.S. and the cold weather in Europe and Russia are pushing up the wheat market. Funds are the best buyers. I think corn and wheat still have a chance to run, especially corn where basis is improving and demand is strong. Beans might be near a top for me. I admit to the lost production in SA, but there are still beans. I would be more willing to talk higher prices if the beans export demand was better. So, I am careful with the beans but liking the corn," Scoville says.
At mid-session, the March corn futures are 1 3/4¢ higher at $3.70. May futures are 1 1/2¢ higher at $3.78. March soybean futures are 7¢ higher at $10.41. May soybean futures are 6 1/2¢ higher at $10.52. March wheat futures are 4 3/4¢ higher at $4.77. May soy meal futures are $8.90 per short ton higher at $389.20. January soy oil futures are 0.27 lower at 32.59¢ per pound. In the outside markets, the NYMEX crude oil market is $0.91 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 63 points lower.
If you missed it, the USDA Tuesday announced fresh corn exports.
Private exporters reported to the U.S. Department of Agriculture export sales of 130,000 metric tons of corn for delivery to unknown destinations during the 2017/2018 marketing year.
The marketing year for corn began Sept. 1.
In early trading, the March corn futures are 1¢ higher at $3.69. May futures are 1 1/2¢ higher at $3.78. March soybean futures are 3¢ higher at $10.37. May soybean futures are 3 1/4¢ higher at $10.49. March wheat futures are 6 1/4¢ higher at $4.79. May soy meal futures are $3.70 per short ton higher at $384.00. January soy oil futures are 0.30 lower at 32.56¢ per pound. In the outside markets, the NYMEX crude oil market is $0.05 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 1 points lower.
By now it's starting to sound like a broken record, but grains and beans were all higher overnight amid ongoing worries about the weather in Argentina and the southern Plains. In Argentina, forecasters see little relief in sight. In the southern Plains, it's so dry that parts of the region are now under a red flag warning thanks to strong winds and low relative humidity. Crop losses are mounting, which is bad for producers but good for prices. Export inspections for corn that jumped week-to-week also are underpinning prices. Soybean and wheat inspections, however, declined from the prior seven days. In weather news, excessive rainfall in the eastern Midwest is causing flooding in parts of Illinois, Indiana and Michigan. As much as 5 inches of rain is expected in a line from Arkansas to Kentucky starting today, which also is expected to cause major flooding, according to the National Weather Service. Check out today's 3 Big Things for all the details at https://www.agriculture.com/news/three-big-things/3-big-things-today-february-27.
Brent Crude Oil = down 0.3%.
West Texas Intermediate = down 0.4%.
Dollar = up 0.1%
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks mixed overnight.