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Veteran Advisor

Floor Talk March 26

Update: Still no silver bullet for the PEDv swine virus. But, Jessie Scott, Agriculture.com Innovation Editor, files this report: Hog industry keeps optimistic outlook

 

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At the close:

The May corn futures contract closed 2 cents lower at $4.84. The Dec. corn futures finished 2 1/4 cents lower at $4.84. The May soybean futures contract settled 12 cents higher at $14.40. The Nov. soybean futures contract settled 4 1/2 cents higher at $11.93. May wheat futures finished 11 1/2 cents lower at $6.96 per bushel. The May soymeal futures contract closed $5.40 per short ton higher at $469.10. The May soyoil futures ended $0.01 lower at $40.73.
In the outside markets, the NYMEX crude oil is $0.53 per barrel lower, the dollar is higher and the Dow Jones Industrials are 15 points higher.

 

Mike

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At mid-session:

The May corn futures contract is trading 2 3/4 cents lower at $4.83. The Dec. corn futures are trading 3 1/2 cents lower at $4.82. The May soybean futures contract is 3 1/4 cents higher at $14.31. May wheat futures are 9 3/4 cents lower at $6.98 per bushel. The May soymeal futures contract is trading $3.50 per short ton higher at $467.20. The May soyoil futures are trading $0.11 lower at $40.63.
In the outside markets, the NYMEX crude oil is $0.55 per barrel higher, the dollar is higher and the Dow Jones Industrials are 20 points higher.

 

Helen Pound, KCG Futures senior futures market specialist, says Monday's March Planting Intentions Report may already be impacting the markets. "In recent years, Monday’s suite of USDA reports have generated big – surprising - price moves, so traders may not want to add to positions before the reports are released.  This leaves futures prices consolidating recent price moves.  Funds are quite long and how they adjust their positions either before or after the report could have a big price impact," Pound says.

 

Separately, according to EIA's weekly data, ethanol production averaged 885,000 barrels per day (b/d)—or 37.17 million gallons daily. That is down 6,000 b/d from the week before. The four-week average for ethanol production stood at 885,000 b/d for an annualized rate of 13.57 billion gallons.
Stocks of ethanol rose to 15.7 million barrels, halting a five-week slide. Stocks were up 2.5% increase from the previous week.
Imports of ethanol were zero b/d for the 25th consecutive week.

 

Mike

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At the open:

The May corn futures contract is trading 2 1/2 cents lower at $4.84. The Dec. corn futures are trading 2 1/2 cents lower at $4.83. The May soybean futures contract is 4 cents lower at $14.24. May wheat futures are 2 cents lower at $7.06 per bushel. The May soymeal futures contract is trading $1.10 per short ton lower at $462.60. The May soyoil futures are trading $0.17 higher at $40.91.
In the outside markets, the Brent crude oil is $0.27 per barrel higher, the dollar is lower and the Dow Jones Industrials are 86 points higher.

 

Mike

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At 7:40am:

Early calls: Corn is seen 2-4 cents lower, soybeans 5-7 cents lower, and wheat 5-7 cents lower.

Trackers:
Overnight grain, soybean markets=Trading lower.

NYMEX Crude Oil=$0.10 per barrel higher.
Dollar=Higher.

Wall Street=Seen higher.

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

 


More in a minute,

 

Mike

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2 Replies
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Senior Advisor

Re: Floor Talk March 26

Wheat planting figures will be very confusing for at least a month. Especially regarding spring. Winter freeze damage acres won't be known for some time. Spring intentions will be for some of those same acres - replanting, overseeding, abandonment. I really don't know what the protocols are for any figures in the next report. Educated guesses I think.

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Honored Advisor

Re: Floor Talk March 26

Guesses I can believe.......educated?   Not so sure.  Smiley Happy

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