Floor Talk March 16

[marketeye]

At the close:

At the close, the May corn futures finished 4¢ lower at $3.82 3/4. July futures settled 3 1/2¢ lower at $3.91. May soybean futures ended 8 3/4¢ higher at $10.49 1/2.  July soybean futures closed 9¢ higher at $10.60 1/4. May wheat futures closed 11¢ lower at $4.85. May soy meal futures finished $1.90 per short ton higher at $372.90. January soy oil futures ended 0.08 lower at 31.98¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.09 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 102 points higher.

Mike North, President Commodity Risk Management Group, says that global crop weather is supporting the bean market.
“Forecast rain for Argentina is now in question and thus rebuilding some weather premium into the soybean market.  Meanwhile rainfall across Europe, the Black Sea region, and Russia are building prospects for much larger wheat crops and other cereal grains.  Additionally, Friday trade continues to welcome sellers into the corn and wheat markets ahead of the weekend,” North says. 

Mike

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At mid-session:

At mid-session, the May corn futures are 2 3/4¢ lower at $3.84. July futures are 2 1/2¢ lower at $3.92. May soybean futures are 71¢ higher at $10.47.  July soybean futures are 7¢ higher at $10.58. May wheat futures are 8¢ lower at $4.70. May soy meal futures are $1.50 per short ton higher at $372.50. January soy oil futures are 0.17 higher at 32.23¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.00 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 83 points higher.

Mike

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At 11am:

If you missed it earlier, the USDA announced fresh exports today.

Private exporters reported to the U.S. Department of Agriculture export sales of 20,000 metric tons of soybean oil for delivery to unknown destinations during the 2017/2018 marketing year.
The marketing year for soybean oil began Oct.1.

Mike

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At 9:00am:

In early trading, the May corn futures are 2 3/4¢ lower at $3.84. July futures are 2 1/2¢ lower at $3.92. May soybean futures are 1¢ higher at $10.41.  July soybean futures are 1 1/4¢ higher at $10.52. May wheat futures are 6 1/2¢ lower at $4.72. May soy meal futures are $1.30 per short ton higher at $372.30. January soy oil futures are 0.06 lower at 32.00¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.08 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 50 points higher.

Mike

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Early calls:

Corn= 1-2 lower

Soybeans= 5-7 higher

Wheat= 1-2 lower

In overnight trading, the May corn futures are 1/4¢ lower at $3.86. July futures are 1/4¢ lower at $3.94. May soybean futures are 5 3/4¢ higher at $10.46.  July soybean futures are 5 3/4¢ higher at $10.57. May wheat futures are 1 1/4¢ lower at $4.77.  In the outside markets, the NYMEX crude oil market is $0.20 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 77 points higher.


On Friday, the macro-economic factors include a report on U.S. consumers with the University of Michigan’s outlook on consumer sentiment for March. Wednesday’s retail sales report indicated that February’s sales declined for a third-straight month, but consumer confidence remains high.

Also, February data on housing starts, building permits, industrial production, and capacity utilization. The January reading on job openings is also set for release in the morning.
And some notable companies will release earnings reports.

Mike

[timetippingpt]

And that is the news....

An Important Addition to the news:

The weather gurus shifting of 1" rainfall into a big chunk of KA on Sunday is the real news in the grain markets...

if the forecast fulfills...if it doesn't fireworks Sunday night? 

🙂