Floor Talk March 21
At the close:
At the close, the May corn futures finished 1/2¢ higher at $3.75. July futures finished 1/2¢ higher at $3.83. May soybean futures finished 1 1/2¢ higher at $10.29 3/4. July soybean futures finished 1 1/2¢ higher at $10.40 1/2. May wheat futures ended 1/2¢ higher at $4.53 1/2. May soy meal futures closed $2.80 per short ton higher at $364.50. January soy oil futures closed 0.63 higher at 32.37¢ per pound. In the outside markets, the NYMEX crude oil market is $1.78 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 97 points higher.
At mid-session, the May corn futures are 1/4¢ lower at $3.74. July futures are 1/4¢ lower at $3.82. May soybean futures are 2 1/4¢ higher at $10.30. July soybean futures are 2 1/2¢ higher at $10.41. May wheat futures are 4 1/2¢ lower at $4.48. May soy meal futures are $4.00 per short ton higher at $365.70. January soy oil futures are 0.49 higher at 32.23¢ per pound. In the outside markets, the NYMEX crude oil market is $1.53 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 130 points higher.
In early trading, the May corn futures are 1/4¢ higher at $3.74. July futures are steady at $3.82. May soybean futures are 6 1/2¢ higher at $10.34. July soybean futures are 6¢ higher at $10.45. May wheat futures are 4 1/4¢ lower at $4.48. May soy meal futures are $5.60 per short ton higher at $367.30. January soy oil futures are 0.05 higher at 31.79¢ per pound. In the outside markets, the NYMEX crude oil market is $0.79 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 28 points lower.
Soybeans were higher in overnight trading as the dry weather in Argentina has taken its toll. Some 70% of the crop likely has been stressed from the dry spell and even if it does rain, it's probably not in time to save many plants. Soybeans were up about a nickel while corn and wheat were little changed overnight, moving less than a penny. The University of Illinois, always a wealth of information, put out a note yesterday highlighting county yield data that had been recently released. In its report, it noted that 200-bushel-plus corn yields and 60-bushel-plus soybean yields are becoming more common and, other than a bad year here or there, will become the norm in some parts of the Midwest. In weather news, winter is hanging on in much of southern Indiana, Ohio and northern Kentucky -- not to mention the entire East Coast. 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-21.
Brent Crude Oil = up 1%.
West Texas Intermediate = up 1.1%.
Dollar = down 0.2%
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks lower overnight.
Re: Floor Talk March 21
It is funny looking at county yield maps, there are place that not that long ago needed all the stars to line up to get 150bpa corn, now pull off +200 routinely. And you see the covered pile by the elevator as evidence, not to mention all the new shiny tin cans in the country on the drive to that town. And in the always been good areas, 300 is becoming the new "200".
There aren`t any poor farmers left (maybe they`re broke) they have the new 36 row planter, so they aren`t going to fill it with the cheapest seed and you have that money spent you aren`t going to exactly skimp on tile and fertilizer. Kind of a vicious cycle that benefits the users of corn and those that sell to the growers of corn.