Floor Talk June 1
At mid-session, the July corn futures are 2 1/2¢ lower at $3.91. December futures 2¢ lower at $4.11. July soybean futures are 1 1/2¢ lower at $10.17. November soybean futures are 3/4¢ lower at $10.33. July wheat futures are 7 1/4¢ lower at $5.19. July soy meal futures are $2.20 per short ton lower at $373.10. July soy oil futures are 0.15 higher at 31.27¢ per pound. In the outside markets, the NYMEX crude oil market is $0.37 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 217 points higher.
A tweet on ag Twitter made a good point Friday, regarding strong corn exports.
--"39 mil old crop corn export sales this week. 2 more weeks of this and commitments will be at WASDE est for the year...with 12 more weeks to go. Shipments still rockin at 67 mil bu...14 mil ahead of necessary pace."
In early trading, the July corn futures are 1 1/2¢ higher at $3.95. December futures 1 1/2¢ higher at $4.15. July soybean futures are 3/4¢ higher at $10.19. November soybean futures are 1/2¢ higher at $10.34. July wheat futures are 6 1/2¢ lower at $5.19. July soy meal futures are $0.60 per short ton lower at $374.70. July soy oil futures are 0.18 higher at 31.30¢ per pound. In the outside markets, the NYMEX crude oil market is $0.83 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 226 points lower.
Soybeans were higher overnight on a Reuters report saying China's state buying agency purchased cargoes from the US, though the number and size weren't announced. Beans gained about 4 cents, corn was up a penny, but wheat dropped 4-6 cents. Ethanol production jumped week-to-week while inventories declined to the lowest level in seven months. In weather news, it's going to be hot and dry in the southern Plains today as heat advisories and red flag warnings prevail in Texas, Oklahoma and southern Kansas, according to the National Weather Service. Check out all the details in today's 3 Big Things.
West Texas Intermediate = down 0.8%.
Brent Crude = down 0.1%
Dollar = up 0.2%.
Wall Street = U.S. stock lower pre-market.
World Markets = Global stocks higher overnight.
Re: Floor Talk June 1
7.9 million metric tons.
That's the amount of beans in China, a four year high and they are still scheduling deliveries. (Buying beans)
Brazil production somewhere around 117 mmt
USA " " " 100mmt
Argentina " severe drought 36mmt