Floor Talk March 5

[Tony_Dreibus]

At the close:

At the close, the May corn futures finished 2¢ higher at $3.87 1/4. July futures ended 2¢ higher at $3.94 1/2. May soybean futures settled 6 1/2¢ higher at $10.77 1/2.  July soybean futures closed 6 1/2¢ higher at $10.85 3/4. May wheat futures finished 9 1/4¢ higher at $5.09 1/4. May soy meal futures settled $0.30 per short ton higher at $393.20. January soy oil futures ended 0.09 lower at 32.21¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.33 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 317 points higher.

Mike

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At mid-session:

In mid-session, the May corn futures are 1/4¢ higher at $3.85. July futures are 1/2¢ higher at $3.93. May soybean futures are 5 1/4¢ higher at $10.76.  July soybean futures are 5 1/4¢ higher at $10.84. May wheat futures are 7¢ higher at $5.07. May soy meal futures are $0.10 per short ton higher at $393.00. January soy oil futures are 0.06 higher at 32.36¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.43 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 169 points higher.

Mike

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At 9:00am:

In early trading, the May corn futures are unchanged at $3.85. July futures are unchanged at $3.92. May soybean futures are 2 3/4¢ lower at $10.68.  July soybean futures are 2 3/4¢ lower at $10.76. May wheat futures are 2 1/4¢ higher at $5.02. May soy meal futures are $5.00 per short ton lower at $387.90. January soy oil futures are 0.27 higher at 32.57¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.16 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 92 points lower.

Mike

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Soybean and grain futures were little changed overnight as investors weight the bullish dry weather Argentina against demand that's declined year-to-year. The ongoing dry weather in the South American country is keeping beans bid and corn underpinned, while the southern Plains drought is making it difficult to sell wheat. Export sales since the start of the marketing year on Sept. 1 for soybeans and corn are down 13% and 9%, respectively, while wheat sales since the start of its marketing year on June 1 are down 13% versus the same timeframe a year earlier. Beans were up about a penny, while corn and wheat were hovering around unchanged. Money managers are hoping for higher prices as they extended their bullish bets on corn and soybeans last week on the droughts. In weather news, blizzards and harsh winter weather are expected in much of the northern Plains and northern Midwest today. Up to 13 inches of snow is expected in parts of South Dakota with smaller amounts forecast in Minnesota and Wisconsin. Check out the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-march-5.

Brent Crude Oil = down 0.2%.

West Texas Intermediate = down 0.1%.

Dollar = up 0.2%

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

World Markets = Global stocks higher overnight.