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02-06-2018 06:52 AM - last edited on 02-06-2018 01:48 PM by marketeye
At the close:
At the close, the March corn futures finished 4 3/4¢ higher at $3.63. May futures end 4 3/4¢ higher at $3.71 1/4. March soybean futures end 16 1/2¢ higher at $9.86 1/4. May soybean futures closed 16 1/2¢ higher at $9.97 3/4. March wheat futures settled 6¢ higher at $4.46. March soy meal futures finished $4.70 per short ton higher at $331.70. January soy oil futures closed 0.66 higher at 32.16¢ per pound. In the outside markets, the NYMEX crude oil market is $0.82 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 13 points higher.
A lot of U.S. corn is flying off of the shelves. For two days in a row, the USDA has announced fresh corn sales.
On Tuesday, private exporters reported to the U.S. Department of Agriculture the following activity:
--Export sales of 120,000 metric tons of corn for delivery to Japan during the 2017/2018 marketing year; and
--Export sales of 105,000 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:
At 9:15am, the March corn futures are 3¢ higher at $3.61. May futures are 2 3/4¢ higher at $3.69. March soybean futures are 9 3/4¢ higher at $9.79. May soybean futures are 9 1/2¢ higher at $9.90. March wheat futures are 2 3/4¢ higher at $4.43. March soy meal futures are $4.90 per short ton higher at $331.90. January soy oil futures are 0.11 higher at 32.61¢ per pound. In the outside markets, the NYMEX crude oil market is $0.01 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 18 points lower.
Soybeans were higher overnight while corn and wheat were little changed, partly on increased demand -- the USDA reported some export sales yesterday -- and partly on spec buying, analysts said. The price drop the past few days likely attracted some fund buyers and hedgers and locked down some bins. Beans were up about 3 cents while corn and wheat were both down less than a penny. The big market selloff may not be over as stock futures are pointing down this morning. Export inspections were solid last week with corn and soybeans rising from seven days earlier. Still, year-over-year the totals don't look so hot. In weather news, it's going to be cold and snow in the central and eastern Midwest, which shouldn't come as a shock to anybody considering it's early February. Travel isn't advised, however, as snow and ice are expected to coat the roads, and even having four-wheel drive doesn't help on a sheet of ice. 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-6.
Brent Crude Oil = down 1.1%.
West Texas Intermediate = down 1.2%.
Dollar = up 0.1%.
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks mixed overnight.