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Veteran Advisor

Floor Talk March 2

At the close:

At the close, the May corn futures settled 5 1/4 cents lower at $3.88 per bushel. the new crop Dec. corn futures finished 4 1/4 cents lower at $4.13.
May soybean futures ended 18 cents lower at $10.13. The new-crop Nov. soybean futures closed 12 1/4 cents lower at $9.85.

The May soyoil futures closed $0.12 lower at $32.83. The May soybean meal futures closed $8.90 per short ton lower at $333.50.

May wheat futures finished 13 cents lower to $5.00.

In the outside markets, the NYMEX crude oil market is $0.38 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 104 points higher.

 

Mike

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At mid-session:

At mid-session, the May corn futures are trading 4 3/4 cents lower at $3.88 per bushel. the new crop Dec. corn futures are trading 4 1/2 cents lower at $4.13.
May soybean futures are trading 12 1/2 cents lower at $10.19. The new-crop Nov. soybean futures are 8 cents lower at $9.89.

The May soyoil futures are trading $0.02 lower at $32.93. The May soybean meal futures are trading $7.10 per short ton lower at $335.30.

May wheat futures are trading 10 cents lower to $5.03.

In the outside markets, the NYMEX crude oil market is $0.92 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 109 points higher.

One grain trader, with a technical mind, is saying that corn, for now, is caught in this 3.90-3.75 range and is waiting to break out either way.

"Here's what I see ... Key will be closing above 3.83/4 at weeks end ... If so I think we can finally work our way higher and possibly head back to Dec 2014 highs around 416 - 4.20 . Having said that a close below 3.75 leads me to believe market wants to continue to drift lower 3.63 and possibly 3.50 which is a key retracement  level.
Anything in between these closes for the week, I see as 'white noise' and continued sideways trade for next week."

Mike

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At 10am:

At 10am, the May corn futures are trading 1 3/4 cents lower at $3.91 per bushel. the new crop Dec. corn futures are trading 2 cents lower at $4.15.
May soybean futures are trading 4 3/4 cents lower at $10.27. The new-crop Nov. soybean futures are 2 1/2 cents lower at $9.95.

The May soyoil futures are trading $0.38 higher at $33.33. The May soybean meal futures are trading $5.50 per short ton lower at $336.90.

May wheat futures are trading 6 1/4 cents lower to $5.06.

In the outside markets, the Brent crude oil market is $0.40 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 113 points higher.

 

Mike

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At the open:

At the open, the May corn futures are trading 2 cent lower at $3.91 per bushel. the new crop Dec. corn futures are trading 1 cent lower at $4.15.
May soybean futures are trading 3/4 of a cent hier at $10.25. The new-crop Nov. soybean futures are 5 cents lower at $9.92.

The May soyoil futures are trading $0.25 higher at $33.20.

May wheat futures are trading 1 cent higher to $5.14.

In the outside markets, the Brent crude oil market is $1.54 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 9 points lower.

 

Mike

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At 7:00am:

 

Early calls: Corn 2-4 cents lower, soybeans 2-4 cents higher, and wheat 1-2 cents higher.

 

Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $1.19 lower.
Dollar =Lower. 
Wall Street = Seen higher, as China's Central Bank cut rates for a second time.

World Markets = Europe stocks were lower, Asia/Pacific stocks were higher.

 

 

 

More in a minute,

 

Mike

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