Floor Talk January 29

[Tony_Dreibus]

At the close:

At the close, the March corn futures finished 2 1/4¢ higher at $3.58 3/4. May futures closed 2¢ higher at $3.67. March soybean futures ended 6¢ higher at $9.91 1/2.  May soybean futures settled 5 3/4¢ higher at $10.02 3/4. March wheat futures closed 8 1/4¢ higher at $4.49 1/4. March soy meal futures finished $1.70 per short ton higher at $337.40. January soy oil futures finished  0.08 higher at 32.87¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.61 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 117 points lower.

Mike

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At mid-session:

At mid-session, the March corn futures are 1¢ higher at $3.57. May futures are 1¢ higher at $3.66. March soybean futures are 5¢ higher at $9.90.  May soybean futures are 4 1/2¢ higher at $10.01. March wheat futures are 5¢ higher at $4.46. March soy meal futures are $2.30 per short ton higher at $338.00. January soy oil futures are 0.02 higher at 32.81¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.91 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 116 points lower.

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that we are in weather markets in all of these. 
“Soybeans are reacting to outlooks for a dry February in Argentina and some excessive rains in parts of Brazil,” Scoville says. 
Funds and big specs are mostly buying, some producer and spec selling around, he says. 
“Corn should be reacting more to the Arg weather but is not due to big supplies here.  Wheat is all about the US Dollar and the dry weather in the Great Plains,” Scoville says.
He adds, “How much farm selling on the rally is hard to decide.  I think some moving up here, but not seeing any selling interest from Central America.”

Mike

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In early trading:

At 8:45am, the March corn futures are 1¢ higher at $3.57. May futures are 3/4¢ higher at $3.65. March soybean futures are 11¢ higher at $9.96.  May soybean futures are 10 3/4¢ higher at $10.07. March wheat futures are 7 1/2¢ higher at $4.48. March soy meal futures are $3.10 per short ton higher at $338.80. January soy oil futures are 0.03 higher at 32.82¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.61 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 55 points lower.

Mike

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Soybeans and grains were higher overnight on adverse weather in South America. Excessive rainfall is expected in much of Brazil, which may delay the soybean harvest and safrinha corn planting, according to CWG. In Argentina, too little rainfall continues to threaten crops in parts of the country. Beans added 8 cents, corn was up 3 cents and wheat gained 4-5 cents in overnight trading. Money managers lowered their bearish bets in corn and beans last week as the adverse weather in South American and the weakened dollar, which fell to the lowest value in more than three years recently, underpin prices. In weather news, a red flag warning is in effect for much of Oklahoma and the Texas panhandle today and tomorrow as relative humidity is forecast as low as 10% and winds will gust up to 40 miles an hour. Check out all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-january-29.

Brent Crude Oil = down 1%.

West Texas Intermediate = down 0.6%.

Dollar = up 0.3%.

Wall Street = U.S. stock futures lower in pre-market trading.

World Markets = Global stocks mixed overnight.