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Tony_Dreibus
Veteran Contributor

Floor Talk March 22

At the close:

At the close, the May corn futures finished 1¢ higher at $3.76. July futures settled 1 1/4¢ higher at $3.84 1/4. May soybean futures finished even at $10.29 3/4.  July soybean futures closed 1/4¢ higher at $10.40 3/4. May wheat futures closed 2 1/4¢ higher at $4.55 3/4. May soy meal futures finished $3.50 per short ton higher at $368.00. January soy oil futures closed 0.49 lower at 31.88¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.91 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 421 points lower.

 

Mike

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At mid-session:

At mid-session, the May corn futures are 1/2¢ lower at $3.74. July futures are 1/2¢ lower at $3.82. May soybean futures are 5¢ lower at $10.24.  July soybean futures are 4 1/2¢ lower at $10.36. May wheat futures are 1 1/4¢ higher at $4.54. May soy meal futures are $1.10 per short ton higher at $365.60. January soy oil futures are 0.58 lower at 31.79¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.56 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 362 points lower.

 

Mike

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At 9:00am:

In early trading, the May corn futures are 1/2¢ lower at $3.74. July futures are 1/2¢ lower at $3.82. May soybean futures are 2¢ lower at $10.27.  July soybean futures are 2 1/2¢ lower at $10.38. May wheat futures are 3/4¢ higher at $4.54. May soy meal futures are $2.80 per short ton higher at $367.30. January soy oil futures are 0.43 lower at 31.94¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.62 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 277 points lower.

 

Due to the government closing this week, the USDA's Weekly Export Sales Report has been delayed until tomorrow.

Cory Bratland, Kluis Commodities broker, says that the China news, not Argentina’s drought is pressuring the soybean market.

“The soybean market is trying to rally but China is talking about imposing tariffs on soybeans from the U.S. I think the crop damage in South America for soybeans is pretty much old news. The bulk of the damage has been done and the market has priced that crop reduction into the marketplace,” Bratland stated in a daily note to customers.

 

Mike

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Soybeans were again higher overnight as some weather forecasters reduced the chance that Argentina would receive rain. Some weather models that had precipitation in the country are now showing diminished opportunities, which is underpinning prices. Capping prices, however, are concerns that a trade war, or multiple trade wars, will adversely impact soybean exports. Beans were up about 2 cents, corn gained 2 cents and wheat was up 5-6 cents overnight. Ethanol stockpiles last week, meanwhile, were down from record levels while production improved, according to the Energy Department. In weather news, it's not good in the northern or southern Plains. Extremely strong wind and low relative humidity is expected in parts of the southern Plains where a red flag warning has been issued. In the north, as much as a foot of snow is forecast for some areas of North Dakota. Get all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-march-22.

 

Brent Crude Oil = down 0.1%.

West Texas Intermediate = down 0.2%.

Dollar = down 0.1%

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

World Markets = Global stocks lower overnight.

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5 Replies
lsc76cat
Senior Advisor

Re: Floor Talk March 22

It is auction season - can I offer this forecast for sale to highest bidder?
We don't need it. Field ponds are starting to drain as water has
worked thru the frost in places, making the tile run like crazy.
Just another storm that comes during the state boys BB tournament.
Too early to talk about prevent plant!?!

.A Winter Storm Watch remains in effect for areas south of I-94 in Minnesota Friday afternoon into Saturday morning. Snow will develop across the Dakotas and build eastward into west central Minnesota late Friday morning, reaching east central Minnesota Friday evening. There may be a brief period of rain before turning to heavy snow as temperatures cool quickly. Snowfall amounts of 5 to 8 inches are expected across western and southern Minnesota. There will be a sharp gradient in amounts near I-94, with little or no snow possible over northwest and portions of west central Wisconsin. Any shift would lead to significant forecast changes near this gradient, which includes the Twin Cities metro.
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Hobbyfarmer
Honored Advisor

Re: Floor Talk March 22

I'll bid $500 for that delivered to Graham and Stevens counties in Kansas.

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Hobbyfarmer
Honored Advisor

Re: Floor Talk March 22

2018 Soybean Acres
Do you intend to plant more beans than your normal rotation would call for, with the 2018 bean/corn ratio at 2.59 currently?
Percentages..

 

Less beans

26.7415730337 percent

 

No change

53.8202247191 percent

 

More beans

19.4382022472 percent

 

Source...Bunge poll on their website

890 responses
Acres represented, unknown

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timetippingpt
Honored Advisor

Re: Floor Talk March 22

If that anecdotal evidence in confirmed by the southsayers at NASS, there is one obvious thing!

Corn options are way undervalued. TIME to take advantage I suspect.

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sw363535
Honored Advisor

Re: Floor Talk March 22

Will usda see it shadow or not.......

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