At the close:
At the close, the May corn futures finished 1¢ higher at $3.88. July futures finished 1¢ higher at $3.95 1/2. May soybean futures settled 2 3/4¢ lower at $10.74 3/4. July soybean futures closed 2 3/4¢ lower at $10.83. May wheat futures ended 2 1/4¢ lower at $5.07. May soy meal futures closed $5.20 per short ton lower at $388.80. January soy oil futures closed 0.27 higher at 32.48¢ per pound. In the outside markets, the NYMEX crude oil market is $0.02 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 13 points higher.
Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that investors are eyeing this week’s USDA monthly reports.
“I would not read much into the price action. We do have some monthly reports out on Thursday and the market has tended to consolidate before previous reports. Today appears to be no exception. Be that as it may, no real reason to trash these markets even though specs have been buying. Just too much weather around to support things here and overseas," Scoville says.
Mike
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At mid-session:
At mid-session, the May corn futures are 1/2¢ higher at $3.87. July futures are 1/2¢ higher at $3.94. May soybean futures are 3/4¢ lower at $10.76. July soybean futures are 1¢ lower at $10.84. May wheat futures are 3 3/4¢ lower at $5.05. May soy meal futures are $4.40 per short ton lower at $388.80. January soy oil futures are 0.07 higher at 32.28¢ per pound. In the outside markets, the NYMEX crude oil market is $0.05 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 107 points lower.
Mike
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At 9:14am:
What? China is in buying a fresh batch of U.S. soybeans? What? But, I thought China was all up in arms about the Trump tariff? What?
What? Mexico continue to be the No. 1 buyer of U.S. corn, on a weekly basis? What? But, I thought Trump's tough NAFTA talk was going to diminish U.S. corn exports? What?
Oh, and then this just came across my twitter wire: "Last week's U.S. #sorghum inspections were the largest since Oct. 2015. The primary destination? #China, with 93%. Looks like they haven't shunned the U.S. product just yet.
Mike
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At 9:00am:
In early trading, the May corn futures are 1 1/4¢ lower at $3.86. July futures are 1 1/2¢ lower at $3.93. May soybean futures are 5 3/4¢ lower at $10.71. July soybean futures are 5 3/4¢ lower at $10.80. May wheat futures are 13 1/4¢ lower at $4.96. May soy meal futures are $5.20 per short ton lower at $388.00. January soy oil futures are 0.21 higher at 32.42¢ per pound. In the outside markets, the NYMEX crude oil market is $0.02 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 56 points higher.
Mike
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Wheat futures were lower in overnight trading while corn and beans were little changed. Investors and hedgers likely took some profits after the recent run in wheat prices, while they're wrestling with drought in Argentina and, as the export inspections report showed, weaker year-over-year shipments to overseas buyers. Wheat lost 3-4 cents while corn and beans were both off by less than a penny. Speaking of export inspections, wheat and soybeans showed weekly improvements while corn was lower. Still, all three commodities' exports were still well down on an annual basis. In weather news, blizzard and winter weather warnings are still in effect for much of North Dakota while red flag warnings have been issued from eastern Colorado to eastern Missouri. Check out the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-march-6.
Brent Crude Oil = up 0.7%.
West Texas Intermediate = up 0.8%.
Dollar = down 0.5%
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher overnight.
