Floor Talk, March 3, 2020
At the close:
At the close, the May corn futures settled 5 1/2¢ higher at $3.81. July corn futures finished 5 3/4¢ higher at $3.83 3/4.
May soybean futures closed 2 1/2¢ higher at $9.03. July soybean futures finished 2 3/4¢ higher at $9.13 1/2.
May wheat futures ended 4¢ higher at $5.27 3/4.
May soymeal futures closed $1.20 per short ton higher at $310.10. May soy oil futures settled $0.25 cents higher at 29.16¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.21 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 941 points lower.
Jack Scoville, PRICE Futures Group, says that China might be booking U.S. soybeans.
“The market was going higher driven originally by hopes for a Fed rate cut and then by the rate cut after it was announced. A weaker U.S. Dollar has helped the cause a lot as well," Scoville says.
Scoville added, "Corn and wheat markets are leading the charge higher with soy kind of just there, due to the fact that Brazil has a great crop coming on. The corn chart shows that futures tested into resistance near $3.85 per bushel, basis the May contract before backing off. So, we might have seen a temporary high struck today," Scoville says. Corn and wheat have no such news and are hanging out,” Scoville says.
At midsession, the May corn futures are 5 1/2¢ higher at $3.81. July corn futures are 5 3/4¢ higher at $3.84.
May soybean futures are 3/4¢ lower at $9.10. July soybean futures are 3/4¢ lower at $9.10.
May wheat futures are 3 1/2¢ higher at $5.26 3/4.
May soymeal futures are $1.00 per short ton lower at $307.90. May soy oil futures are $0.32 cents higher at 29.23¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.36 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 391 points lower.
Re: Floor Talk, March 3, 2020
Again.......the money needs to be flowing into commodities. Insuring a safe and plentiful food supply. Folks have been way too complacent about the safe food supply in the United States. Higher prices for farmers gives them incentives to continue to produce this safe food.
Re: Money into commodities.
Money flowing into commodities, you may be right but if you are, it's just as likely to be the big money capitulating on equities and looking for a safe haven, any haven, in the coming coronavirus storm. If that's the case, then maybe I price some corn a few days too soon but I've got more to sell so bring it on.