Floor Talk March 12

[Tony_Dreibus]

At the close:

At the close, the May corn futures finished 1/4¢ higher at $3.90 3/4. July futures finished 1/2¢ higher at $3.98 1/2. May soybean futures ended 1 3/4¢ higher at $10.41.  July soybean futures closed 2 3/4¢ higher at $10.51. May wheat futures finished 1 1/2¢ higher at $4.90 3/4. May soy meal futures closed $3.20 per short ton lower at $370.40. January soy oil futures closed 0.16 higher at 31.75¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.68 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 123 points lower.

Mike

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At mid-day:

At 12-Noon, the May corn futures are 3/4¢ lower at $3.89. July futures are 1/2¢ lower at $3.97. May soybean futures are 1 3/4¢ higher at $10.40.  July soybean futures are 2¢ higher at $10.50. May wheat futures are 4 3/4¢ lower at $4.84. May soy meal futures are $2.00 per short ton lower at $371.60. January soy oil futures are 0.02 higher at 31.61¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.02 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 129 points higher.

Mike

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At 9:10am:

In early trading, the May corn futures are 2¢ lower at $3.88. July futures are 2¢ lower at $3.96. May soybean futures are 1 3/4¢ lower at $10.41.  July soybean futures are 2¢ higher at $10.50. May wheat futures are 4 3/4¢ lower at $4.84. May soy meal futures are $1.70 per short ton lower at $371.90. January soy oil futures are even at 31.59¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.45 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 72 points higher.

Mike

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Wheat futures dropped overnight after the USDA last week projected record global stockpiles by raising production and lowering use. Wheat lost 6-8 cents overnight while corn declined 2 cents and soybeans lost a penny. Not much has changed fundamentally as it's still extremely dry in the southern Plains. In fact, the National Weather Service is advising that the dry weather is making conditions ripe for wildfires in the Oklahoma and Texas panhandles due to low relative humidity and strong winds. In other news, money managers pushed their bullish bets on corn to the highest level in almost two years and soybeans to the highest since January 2017. Check out all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-march-12

Brent Crude Oil = down 0.6%.

West Texas Intermediate = down 0.4%.

Dollar = up 0.1%

Wall Street = U.S. stock futures higher in pre-market trading.

World Markets = Global stocks mixed overnight.