Floor Talk March 1
Crop Insurance Price Levels announced Tuesday:
The USDA Risk Management Agency announced the RP crop insurance price levels on Tuesday. The December 2016 corn average price for the month of February is $3.86, and the average for November 2016 soybeans is $8.85. This is the lowest February average since 2006 for corn and 2007 for soybeans.
How will this impact your decision on buying crop insurance and your overall marketing plan?
After the close:
U.S. soybean processors crushed fewer soybeans in January (4.81 million tons) vs. in December (5.01 million tons), according to National Oilseeds Processors Association monthly report Tuesday.
At the close:
At the close, the May corn futures settled 1 1/4 cents lower at $3.55 3/4. May soybean futures closed 3 cents lower at $8.58. May wheat futures finished 7 1/4 cents lower at $4.46. May soymeal futures closed $1.00 per short ton lower at $261.50. May soyoil futures ended $0.33 lower at $30.54. In the outside markets, the Brent Crude oil market is $0.59 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 313 higher.
At mid-session, the May corn futures are trading 1/4 of a cent lower at $3.56. May soybean futures are 2 1/2 cents lower at $8.58. May wheat futures are trading 6 1/2 cents lower at $4.46. May soymeal futures are $0.40 per short ton lower at $262.10. May soyoil futures are trading $0.45 lower at $30.42. In the outside markets, the Brent Crude oil market is $0.11 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 254 higher.
Jason Roose, U.S. Commodities, grain analyst, says that the trade is reacting to the overall bearish fundamental tone.
“It’s still a supply bear market with no bull news yet. Plus, exports were disappointing and the dollar is stronger affecting exports negatively, Roose says.
He adds, “Wheat is competing with corn for feedusage, and the winter wheat crop js reportedly in better condition than last year so far. All of these bearish fundamentals add to the farmer selling that is picking up,” Roose says.
At the open:
At the open, the May corn futures are trading 1/4 of a cent lower at $3.56. May soybean futures are 2 cents higher at $8.63. May wheat futures are trading 2 3/4 cents lower at $4.50. May soymeal futures are $0.70 per short ton higher at $263.20. May soyoil futures are trading $0.11 higher at $30.98. In the outside markets, the Brent Crude oil market is $0.47 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 65 higher.
Private exporters reported sales of 140,000 metric tons of U.S. soybeans for delivery to unknown destinations during the 2015/2016 marketing year, the U.S. Department of Agriculture said on Tuesday. The marketing year for soybeans began Sept. 1.
Soybeans and corn are higher this morning on Brazil rainfall (seems counterintuitive doesn't it) while wheat was slightly lower in overnight trading.
At 6:15 am:
Brent Crude Oil = 0.9% higher
West Texas Intermediate Crude Oil = 1.5% higher.
Dollar = up 0.1%.
Wall Street = U.S. stocks higher ahead of central bank meetings in several countries.
World Markets = Global stocks higher as banks expected to introduce supportive measures.