At the close:
At the close, the March corn futures finished 1 1/4¢ higher at $3.88. May corn futures ended 3/4¢ lower at $3.94.
March soybean futures closed 2 1/2¢ lower at $9.13 1/2. May soybean futures ended 2 1/4¢ lower at $9.27 1/2.
March wheat futures finished 3 3/4¢ lower at $5.77.
March soymeal futures closed $1.20 per short ton lower at $297.90.
March soy oil futures finished $0.24 cents higher at 33.99¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.66 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 46 points higher.
Mike
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At midsession:
At midsession, the March corn futures are 1/4¢ higher at $3.87 3/4. May corn futures are 1/4¢ lower at $3.93 3/4.
March soybean futures are 1/2¢ higher at $9.16 1/2. May soybean futures are 1/4¢ higher at $9.30.
March wheat futures are 4 1/2¢ lower at $5.77.
March soymeal futures are $0.30 per short ton lower at $298.80.
March soy oil futures are $0.36 cents higher at 33.11¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.51 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 27 points higher.
Jack Scoville, PRICE Futures Group, says that this trading session, so far, has been an uneventful day for everything except wheat.
“Wheat prices went up and then found new selling on some profit taking and new selling against the $6.00 per bushel March futures level, only to push lower now. On corn, the question I am hearing from everyone is when is it going above $3.92? The market seems to get close and then dies for whatever reason,” Scoville says.
The soybean market is reacting, in part, to the China news highlighting the flu epidemic over there, he says.
“It’s pretty bad stuff, but why soybeans should care is beyond me. They will not lose too many people out of it and demand is still coming to this market. Plus, U.S. soybean exports are ahead of the scheduled pace until this point, anyway.”
Mike
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At 8:45am:
In early trading, the March corn futures are 2 1/2¢ higher at $3.90. May corn futures are 2 3/4¢ higher at $3.95 3/4.
March soybean futures are 2 1/4¢ higher at $9.18 1/2. May soybean futures are 2 1/2¢ higher at $9.32 3/4.
March wheat futures are 9¢ higher at $5.90 1/2. Chicago wheat’s five-year high is $6.16 3/4.
March soymeal futures are $0.20 per short ton lower at $298.90.
March soy oil futures are $0.44 cents higher at 33.19¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.97 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 94 points higher.
Al Kluis, Kluis Advisors, says that investors want to see sales, as a result of these trade agreement announcements.
“We have seen wheat climb and climb while corn tries to follow. Will we see corn slide further when wheat finally sees a pull-back? A lack of news should give the bears an edge over the short term, ” Kluis stated in a daily note to customers.
Kluis added, “The forecast for dry areas of Brazil and Argentina are slated to get some much-needed moisture. Traders are still expecting to see a large crop from South America once harvest gets underway.”
Mike
