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Veteran Contributor

Floor Talk March 29

At the close:

At the close, the May corn futures settled 3/4¢ higher at $3.58 1/2, while December futures finished 1/2¢ higher at $3.82. May soybean futures closed 3¢ lower at $9.69. November soybean futures closed 4 1/4¢ lower at $9.68. May wheat futures ended 1¢ higher at $4.25 1/2. May soy meal futures ended $0.50 per short ton higher at $315.80. May soy oil futures closed $0.26 lower at 32.21¢ per pound.  In the outside markets, the Brent crude oil market is $1.05 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 27 points lower.

 

Mike

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At mid-session:

At mid-session, the May corn futures are 3/4¢ lower at $3.57, while December futures are 1¢ lower at $3.80. May soybean futures are 3¢ lower at $9.69. November soybean futures are 3 1/4¢ lower at $9.69. May wheat futures are 3/4¢ lower at $4.23. May soy meal futures are $0.10 per short ton lower at $315.20. May soy oil futures are $0.13 lower at 32.34¢ per pound.  In the outside markets, the Brent crude oil market is $0.91 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 58 points lower.

 

Jack Scoville, The PRICE Futures Group’s senior market analyst, says that there is nothing really going on in the markets.
“Investors appear frozen in time, waiting for USDA to show us the truth and God’s way on Friday or something,” Scoville says. 
Scoville adds, “There was some short covering in the overnight market, but no one interested in buying here in this part of the world.  Too many supplies on hand and too many acres of more supplies are coming.  All of my customers on two continents are quiet, and I doubt it picks up much before Friday.  Not sure if we close lower or higher today, but I doubt we move much in either direction through the reports.”

 

Mike

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At 9am:

In early trading, the May corn futures are 1/2¢ higher at $3.58, while December futures are 1/2¢ higher at $3.82. May soybean futures are 1/4¢ lower at $9.71. November soybean futures are 1 1/2¢ lower at $9.71. May wheat futures are 3/4¢ higher at $4.25. May soy meal futures are $0.30 per short ton higher at $315.60. May soy oil futures are $0.03 lower at 32.44¢ per pound.  In the outside markets, the Brent crude oil market is $0.20 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 41 points lower.

 

Mike

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Howdy folks -- sorry this is a bit later than normal, we had quite a storm last night roll through central Texas taking our power with it. Corn, beans and wheat were slightly higher overnight as analysts see some bargain hunters jumping in here. All four contracts (corn, beans, SRW and HRW) were up about 2 cents this morning. The USDA will raise its forecasts for acreage only slightly from the outlook forum in February, so don't expect too much in terms of shockers when Friday's prospective planting report is released. Weatherwise, the southern Plains is getting more rain this week, which should help some of the hard red winter wheat in the region. 


Here's what happened overnight:

 

Brent Crude Oil = 0.5% higher.  

West Texas Intermediate Crude Oil = 0.4% higher.

Dollar = up 0.3%.

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

World Markets = Global stocks lower on Brexit worries. 

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2 Replies
Veteran Advisor

Re: Floor Talk March 29

One gets the impression that no one has such strong feelings on the markets that they are making big moves.

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Veteran Contributor

Re: Floor Talk March 29

There certainly seems to be a lack of conviction in the markets these days, doesn't there? Super choppy, trading on either side of unchanged, low volume -- investors may be HOPING for a shock one way or the other (hopefully to the bull side) in Friday's reports to put a charge in these markets.

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