At the close:
At the close, the May corn futures finished 5 1/2¢ higher at $3.73 3/4, while December futures ended 5¢ higher at $3.93 3/4.
May soybean futures settled 13 3/4¢ higher at $10.35 3/4, 21¢ off its high. November soybean futures closed 12¢ higher at $10.26, 15¢ off its daily high.
May wheat futures finished 5¢ higher at $4.43 3/4.
May soy meal futures ended $0.80 per short ton higher at $336.40. May soy oil futures closed 1.30¢ higher at 33.93¢ per pound.
In the outside markets, the Brent crude oil market is $0.06¢ per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 30 points lower.
Mike
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At 10:27am:
BIG RALLY. Why? Here's what I have found out, so far.
At 10am, the May corn futures are 10¢ higher at $3.78, while December futures are 9¢ higher at $3.97.
May soybean futures are 25 3/4¢ higher at $10.47. November soybean futures are 20¢ higher at $10.26.
May wheat futures are 7 3/4¢ higher at $4.46.
May soy meal futures are $3.50 per short ton higher at $339.10. May soy oil futures are 1.63¢ higher at 34.26¢ per pound.
In the outside markets, the Brent crude oil market is $0.61¢ per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 3 points higher.
One source choosing anonymity puts the rally this way: "Carl Icahn proposed a plan to the White House to overhaul the RFS by adding more ethanol usage during hotter months. This three-part plan also would aim to slow imports of biodiesel from Argentina by ensuring US producers qualify for a currently-expired tax credit. The tax credit is up for renewal."
Other trade responses to rally:
--DeAnna Hawthorne-Lahre, StatFutures co-founder and trader, says that the funds are in the market.
“The trade rumors are that big fund buying from overseas is happening in the corn market. And, investor managers are getting month-end balance sheets cleaned up,” she says.
--Scott Shellady, TJM Investment vice-president and floor trader, says that the biofuel news is the fuel for the rally.
"Soybean oil really took off, based upon the biofuel issue. Then the soybean market followed. But for sure, anybody that was short anything was looking to cover."
Mike
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At the open:
At the open, the May corn futures are 3¢ higher at $3.71, while December futures are 2 1/4¢ higher at $3.91. May soybean futures are 12¢ higher at $10.34. November soybean futures are 8 3/4¢ higher at $10.15. May wheat futures are 5 3/4¢ higher at $4.44. May soy meal futures are $1.60 per short ton higher at $337.20. May soy oil futures are $0.97 higher at 33.60¢ per pound. In the outside markets, the Brent crude oil market is $0.54 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 21 points lower.
Mike
Beans and grains are a little higher overnight on some signs of demand. Soybean futures added 3 cents while corn and wheat each gained about a penny in overnight trading. It's pretty quiet ahead of the president's speech tonight and New York stock investors are widely hoping he doesn't say anything that would derail the so-called Trump Trade that's helped keep stocks rising. In other news, Dan Hueber of the Hueber Report noted that stocks-to-use is a better measure than inventories as it accouts for consumption (people tend to forget that consumption is also at record highs), while extremely low humidity in the southern Plains along with wind gusts up to 66 miles an hour are making for dangerously dry conditions.
Here's what happened overnight:
Brent Crude Oil = 0.4% lower.
West Texas Intermediate Crude Oil = 0.2% lower.
Dollar = down 0.1%.
Wall Street = U.S. stock futures little changed in pre-market trading.
World Markets = Global stocks mixed as banks rise, industrials fall.
