Floor Talk June 16
At the close:
At the close, the July corn futures ended 4 1/2¢ higher at $3.84, while December futures closed 4 1/4¢ higher at $4.02. July soybean futures ended 4 1/4¢ higher at $9.39, November soybean futures closed 6¢ higher at $9.50. July wheat futures closed 11 1/2¢ higher at $4.65 1/4. July soy meal futures finished $0.30 per short ton higher at $300.90. July soy oil futures closed $0.37 higher at 33.11¢ per pound. In the outside markets, the Brent crude oil market is $0.26 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 91 points lower.
One of my Twitter followers, BX, posted this interesting tidbit.
Every billion bushels of unpriced corn equals 200,000 contracts.
At mid-session, the July corn futures are 1 3/4¢ higher at $3.81, while December futures are 1 1/4¢ higher at $3.99. July soybean futures are 1/4¢ lower at $9.34, November soybean futures are 3/4¢ lower at $9.43. July wheat futures are 10 1/4¢ higher at $4.64. July soy meal futures are $0.70 per short ton lower at $299.90. July soy oil futures are $0.20 higher at 32.94¢ per pound. In the outside markets, the Brent crude oil market is $0.21 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 6 points lower.
Deanna Hawthorne-Lahre, StatFutures co-founder and trader, says that wheat remains the story.
“That market has been the story for the past 10 sessions, as the protein picture is unclear due to dry weather in ND and SD,” Hawthorne-Lahre says.
“For the wheat market, the moment of truth is coming, as harvest heads into Kansas. If we can avg 11.5 protein levels out of Kansas, we can take some pressure off the Minneapolis wheat market.’
Soybeans have a bit of export business helping prices. The July/November soybean futures spread is breaking and indicating that no one is reaching for soybeans, even with the odd cargo sold to China,” Hawthorne-Lahre says.
Not very many investors care about corn at the moment, except the fact that the wheat/corn spread price has moved 20 cents the past few sessions.
If you missed it, earlier today, USDA announced fresh corn sales.
Private exporters reported to the U.S. Department of Agriculture export sales of 120,000 metric tons of corn for delivery to Mexico during the 2017/2018 marketing year.
The marketing year for corn began Sept. 1.
In early trading:
At 9am, the July corn futures are 1/4¢ lower at $3.79, while December futures are 1/4¢ lower at $3.97. July soybean futures are 1 1/2¢ lower at $9.33, November soybean futures are 2 1/2¢ lower at $9.41. July wheat futures are 5¢ higher at $4.58 3/4. July soy meal futures are $0.30 per short ton lower at $300.30. July soy oil futures are $0.09 lower at 32.65¢ per pound. In the outside markets, the Brent crude oil market is $0.33 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 35 points lower.
Wheat was higher overnight with soybeans rising a bit in sympathy but corn little changed. The northern Plains likely won't see much in the way of rain for at least the next 30 days, according to long-term forecasts from Commodity Weather Group. That, along with dry weather in Ukraine, is threatening global production of the grain. Futures were up 4-6 cents overnight, soybeans gained about 3 cents and corn was pretty much unchanged. Weekly export sales for corn and soybeans jumped in the seven days through June 8, and in weather news a heat wave is turning the Oklahoma and Texas panhandles and much of eastern Kansas and western Missouri into an oven. See the details in today's 3 Big Things at http://www.agriculture.com/news/crops/3-big-things-today-june-16-0
Here's what happened overnight:
Brent Crude Oil = up 1.4%.
West Texas Intermediate Crude Oil = up 1%.
Dollar = down 0.1%
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher as oil prices jump..