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Tony_Dreibus
Veteran Contributor

Floor Talk March 4

After the close:

Funds bought 11,000 soybean futures contracts Friday.

 

Mike

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At the close:

At the close, the May corn futures settled 1 3/4 cents  higher at $3.58 1/4. May soybean futures finised 14 3/4 cents higher at $8.78 1/2. 
May wheat futures closed 1 cents higher at $4.60 3/4. May soymeal futures ended $6.00 per short ton higher at $270.90. May soyoil futures finished $0.35 higher at $30.96.  
In the outside markets, the Brent Crude oil market is $1.35 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 28 higher.

Mike North, President Commodity Risk Management Group, says that overnight rallies carried a fair amount of short covering into this mornings trade that was able to penetrate technical resistance and catapult prices to new session highs.  
“Wheat and corn were not able to hold on to mid-day strength, as we entered the close.  Soybeans, however, were able to establish new highs ahead of the weekend and close with a great deal of strength.  With higher energy markets, soybean oil was also able to find some auxiliary strength to press onward.  With South America actively harvesting another record crop, look for active participation now that soy values have moved back into channel highs.”

 

Mike

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At mid-day:

At mid-day, the May corn futures are trading 1/2 of a cent higher at $3.57. May soybean futures are 11 1/2 cents higher at $8.75. 
May wheat futures are trading 1 3/4 cents lower at $4.58. May soymeal futures are $3.70 per short ton higher at $268.60. May soyoil futures are trading $0.38 higher at $30.99.  
In the outside markets, the Brent Crude oil market is $1.08 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 79 higher.

 

Mike

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At the open:

At the open, the May corn futures are trading 3 1/4 cents higher at $3.60. May soybean futures are 11 cents higher at $8.74. 
May wheat futures are trading 3 1/4 cents higher at $4.63. May soymeal futures are $4.10 per short ton higher at $269.00. May soyoil futures are trading $0.30 higher at $30.91.  
In the outside markets, the Brent Crude oil market is $0.17 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 12 lower.

 

Mike

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Good morning. Well, it's Friday. I hope all of you at the Commodity Classic in New Orleans are getting your fill of jazz and Bourbon Street. 

 

Soybeans and the grains were higher overnight on profit-taking as the shorts are starting to see some positive fundamental news, including dry weather in the southern Plains and excessive rainfall in Brazil. So they're taking their profits and running. 

  

At 6:20 am:

 

Brent Crude Oil = 0.5% higher

West Texas Intermediate Crude Oil = 0.3% higher.

Dollar = down 0.1%.

Wall Street = U.S. stock futures slightly higher in pre-market trading. 
World Markets = Global stocks rise amid higher oil prices. 

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