Floor Talk January 24
The EIA released its weekly ethanol production report Wednesday.
At the close:
At the close, the March corn futures finished 5 1/4¢ higher at $3.56 1/2. May futures finished 5¢ higher at $3.64 3/4. March soybean futures closed 6¢ higher at $9.92 1/4. May soybean futures finished 6¢ higher at $10.03. March wheat futures closed 11 1/2¢ higher at $4.33. March soy meal futures ended $2.40 per short ton higher at $342.00. January soy oil futures closed 0.16 higher at 32.68¢ per pound. In the outside markets, the NYMEX crude oil market is $1.31 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 51 points higher.
At mid-session, the March corn futures are 4 3/4¢ higher at $3.56. May futures are 4 1/4¢ higher at $3.64. March soybean futures are 6 1/4¢ higher at $9.92. May soybean futures are 6¢ higher at $10.03. March wheat futures are 11¢ higher at $4.32. March soy meal futures are $2.40 per short ton higher at $342.00. January soy oil futures are 0.14 higher at 32.66¢ per pound. In the outside markets, the NYMEX crude oil market is $0.43 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 15 points lower.
If you missed it earlier, the USDA announced fresh soybean sales.
Private exporters reported to the U.S. Department of Agriculture the following activity:
--Export sales of 132,000 metric tons of soybean cake and meal for delivery to the Philippines during the 2017/2018 marketing year; and
--Export sales of 125,000 metric tons of soybeans for delivery to unknown destinations during the 2017/2018 marketing year.
The marketing year for soybeans began Sept. 1, and soybean cake and meal began Oct. 1
In early trading:
At 9:00am, the March corn futures are 3 1/4¢ higher at $3.54. May futures are 3 1/4¢ higher at $3.63. March soybean futures are unchanged at $9.86. May soybean futures are unchanged at $9.97. March wheat futures are 6 3/4¢ higher at $4.28. March soy meal futures are $1.60 per short ton lower at $338.00. January soy oil futures are 0.14 higher at 32.66¢ per pound. In the outside markets, the NYMEX crude oil market is $0.09 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 178 points higher.
Soybeans were lower overnight on improved weather in Brazil, which may be enough to offset losses in Argentina, according to some analysts. Still, if the weather stays dry in the latter, prices should stay underpinned. Beans lost 4 cents while corn and wheat were 1-2 higher. Eleven countries signed a new version of the Trans-Pacific Partnership, which the US Wheat Associates and National Association of Wheat Growers said will likely hurt exports of the grain to Japan because it'll drive the Asian country to purchase from Canada or Australia, both of which are in the group. President Trump has said he wants to pursue bilateral treaties with Japan. In weather news, freezing drizzle is expected in parts of Illinois and Indiana today while extremely low humidity and strong winds boosts the risk of wild fire in southwestern Kansas. Get all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-january-24.
Brent Crude Oil = down 0.1%.
West Texas Intermediate = up 0.4%.
Dollar = down 0.6%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks lower overnight.