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01-31-2018 07:06 AM - last edited on 01-31-2018 01:33 PM by marketeye
At the close:
At the close, the March corn futures ended even at $3.61. May futures finished 1/4¢ lower at $3.69 1/2. March soybean futures closed 4 1/2¢ lower at $9.95 3/4. May soybean futures settled 4 1/4¢ lower at $10.07. March wheat futures finished 5 1/2¢ lower at $4.51. March soy meal futures settled $2.80 per short ton lower at $337.70. January soy oil futures finished 0.01 lower at 33.07¢ per pound. In the outside markets, the NYMEX crude oil market is $0.12 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 73 points higher.
At mid-session, the March corn futures are 1/2¢ lower at $3.61. May futures are 3/4¢ lower at $3.69. March soybean futures are 8 1/2¢ lower at $9.91. May soybean futures are 8 1/4¢ lower at $10.03. March wheat futures are 7 3/4¢ lower at $4.49. March soy meal futures are $3.60 per short ton lower at $336.90. January soy oil futures are 0.02 lower at 33.06¢ per pound. In the outside markets, the NYMEX crude oil market is $0.02 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 150 points higher.
If you missed it, U.S. corn is cheap enough that buyers keep coming into the store.
Private exporters reported to the U.S. Department of Agriculture export sales of 145,000 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 9:10am, the March corn futures are 1 1/4¢ lower at $3.60. May futures are 1 1/4¢ lower at $3.68 1/2. March soybean futures are 8 1/2¢ lower at $9.91. May soybean futures are 8 1/4¢ lower at $10.03. March wheat futures are 3 3/4¢ lower at $4.53. March soy meal futures are $3.50 per short ton lower at $350.00. January soy oil futures are 0.10 lower at 32.98¢ per pound. In the outside markets, the NYMEX crude oil market is $0.10 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 193 points higher.
Wheat futures dropped overnight as speculative investors take profits after the recent price runup. Analysts are saying specs are jumping out and closing contracts, at least for now. Wheat futures were down 6-7 cents overnight. Corn was down almost 2 cents and soybeans lost 7 cents. Still, nothing's changed fundamentally -- it's extremely dry in the southern Plains and the dollar is still weak, giving everybody hope that more upside is in the cards. In other news, the sixth round of NAFTA negotiations ended Monday without a resolution, but this time the US Trade Representative was a bit more optimistic than he was at the end of the last round, saying progress was made and that the talks are moving along, albeit slowly. In weather news, yep, it's still dry in the southern Plains, just like it has been for the past several weeks. Conditions took a marked downturn in January, so it's going to be interesting to see if wheat prices can again move higher. 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-31.
Brent Crude Oil = down 0.5%.
West Texas Intermediate = down 0.6%.
Dollar = down 0.3%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks mixed overnight.