Floor Talk, March 11, 2019
At the close, the May futures finished 2 1/4¢ lower at $3.62. July futures finished 2¢ lower at $3.71 1/2.
May soybean futures settled 5 3/4¢ lower at $8.90. July soybean futures ended 5 3/4¢ lower at $9.04.
May wheat futures closed 11¢ lower at $4.28 1/2. May soymeal futures finished 2.40 per short ton lower at $301.30. May soy oil futures closed 0.01 lower at 29.64¢ per pound. In the outside markets, the NYMEX crude oil market is $0.66 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 173 points higher.
At midsession, the May futures are 1/2¢ lower at $3.63. July futures are 1/4¢ lower at $3.73.
May soybean futures are 3 3/4¢ lower at $8.92. July soybean futures are 3 3/4¢ lower at $9.06.
May wheat futures are 4 1/2¢ lower at $4.35. May soymeal futures are 1.80 per short ton lower at $301.90. May soy oil futures are 0.08 higher at 29.73¢ per pound. In the outside markets, the NYMEX crude oil market is $0.81 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 104 points higher.
Matt Pierce, Futures International LLC director of commodity consulting, says the market is still feeling pressure from the increased USDA ending stocks and a lack of fresh catalysts concerning trade war.
“Wheat is lower in sympathy of MATIF searching for reason to move higher.
Chatter concerning growing short positions in wheat, corn and beans heading into emergence and planting.
Pierce adds, “The planting weather concerns build in the Delta, after more rains over weekend. Cool temps dominate for next two weeks.”
In early trading, the May futures are 1/2¢ lower at $3.63. July futures are 1/4¢ lower at $3.73.
May soybean futures are 4 1/4¢ lower at $8.91 1/2. July soybean futures are 4 1/2¢ lower at $9.05 1/4.
May wheat futures are 5¢ lower at $4.34.
May soymeal futures are 2.10 per short ton lower at $301.60. May soy oil futures are 0.06 lower at 29.59¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.89 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 9 points lower.
Private exporters reported to the U.S. Department of Agriculture export sales of 926,000 metric tons of soybeans for delivery to China during the 2018/2019 marketing year.
The marketing year for soybeans began Sept. 1.
Al Kluis, Kluis Advisors, says that investors will be watching today’s CFTC Report for market direction, going forward.
“The markets held at key support levels on Friday after the release of the negative USDA reports. The huge fund short is becoming a supportive factor for the grain markets,” Kluis told customers in a daily note.
He added, “Watch to see if these key levels of support can hold. That is $3.62 for May corn, May soybeans at $8.92 and May CBOT wheat at $4.34. Also watch to see if the low for the week comes in by noon on Monday and the highs are made late in the week. This would signal a change to the bearish pattern we have been in since January.”
Marketeye says, "I find it hard to believe that all of this purchase from China has already been built in! Also, I saw at least ten semi tractor trailers hauling crops to town, today. What's up? Filling contracts?"
What say you?