At the close:
At the close, the March corn futures finished 4 3/4¢ higher at $3.68 1/2, and new crop December 2017 futures finished 4 1/4¢ higher at $3.96 1/4 per bushel. March soybean futures finished 6 3/4¢ higher at $10.42 3/4, while November 2017 soybean futures closed 2 1/2¢ higher at $10.19 1/2. March wheat futures closed 8 1/4¢ higher at $4.30 3/4. March soy meal futures closed $3.10 short ton higher at $335.90. March soy oil futures closed $0.14 lower at 34.30¢ per pound. In the outside markets, the Brent crude oil market is $0.86 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 37 points higher, reaching a new record-high, along with the NASDAQ.
Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that it has been mostly a slow day without much news.
“Most are bearish the soybeans with the Brazil crop coming on, but not hearing much about corn or wheat,” Scoville says.
The Japan sale is noted in corn, nothing going on for wheat.
“I think there is some Trump nerves, in the market, to account for some of the lack of volume. People are also waiting for the WASDE and the way the market acts we should get increased export demand in all of the markets and increased ethanol demand in corn,” Scoville says.
Scoville adds, “Usually this is a nothing report, so those changes would be noteworthy. USDA can kick the export demand down the road a month or two, but the buying has been there and the grain is getting shipped. So, changes will be coming if not this month then soon.”
Mike
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At mid-session:
At mid-session, the March corn futures are 1¢ higher at $3.64, and new crop December 2017 futures are 1¢ higher at $3.93 per bushel. March soybean futures are 2 1/4¢ higher at $10.38, while November 2017 soybean futures are 3/4¢ higher at $10.17. March wheat futures are 2 1/2¢ higher at $4.25. March soy meal futures are $2.30 short ton higher at $335.10. March soy oil futures are $0.32 lower at 34.12¢ per pound. In the outside markets, the Brent crude oil market is $0.99 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 56 points higher.
Mike
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In early trading:
At 9am, the March corn futures are 3/4¢ higher at $3.64 1/2, and new crop December 2017 futures are 1/2¢ higher at $3.92 per bushel. March soybean futures are 2 1/4¢ higher at $10.38, while November 2017 soybean futures are 1/4¢ higher at $10.17. March wheat futures are 1 1/4¢ higher at $4.31. March soy meal futures are $3.20 short ton higher at $334.80. March soy oil futures are $0.28 higher at 34.14¢ per pound. In the outside markets, the Brent crude oil market is $0.78 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 80 points higher.
Mike
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Wheat futures were modestly lower in overnight trading as weather forecasters showed that extremely cold weather missed the majority of the southern Plains, reducing concerns about winterkill. Wheat was down from 1 to 2 cents, corn was off by a tick and beans were a penny lower overnight. Export inspections of corn, soybeans and wheat were strong last week, following up on the strong sales we saw earlier this year.
Here's what happened overnight:
Brent Crude Oil = 0.4% lower.
West Texas Intermediate Crude Oil = 0.4% lower.
Dollar = up 0.6%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher as some geopolitical risks quiet.
