Floor Talk March 7
At the close:
At the close, the May corn futures settled 3/4 of a cent higher at $3.59. May soybean futures ended 3 1/4 cents higher at $8.81 3/4. May wheat futures closed 2 cents higher at $4.62 3/4. May soymeal futures finished $0.20 per short ton higher at $271.10. May soyoil futures closed $0.21 higher at $31.17. In the outside markets, the Brent Crude oil market is $1.78 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 5 higher.
At mid-session, the May corn futures are trading 2 1/4 cents higher at $3.60. May soybean futures are 9 cents higher at $8.87. May wheat futures are trading 7 cents higher at $4.67. May soymeal futures are $2.60 per short ton higher at $273.50. May soyoil futures are trading $0.31 higher at $31.27. In the outside markets, the Brent Crude oil market is $1.31 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 47 higher.
Matt Pierce, Futures International LLC floor trader at the CME Group, says short-covering and crude can get credit for higher farm markets.
“The rally in the crude oil market is a catalyst for overall market momentum. But, our strength is all about short covering. The bigger the spec-short as a percentage of open interest offers, there becomes more upside to wheat and beans as compared with corn.
He adds, “Some are trying to talk up this rain in the Delta washing out recently applied NH3 fertilizer. Minor issue, but they are running with it.”
Monday Range Previous week
Wheat 443,190 300,000-435,000 371,934
Corn 953,062 tons 615,000-825,000 737,602
Soybeans 1.067 mill. tons 725,000-1,150,000 1,048,841
At the open:
At the open, the May corn futures are trading 2 1/4 cents higher at $3.60. May soybean futures are 3 1/2 cents higher at $8.82. May wheat futures are trading 5 1/2 cents higher at $4.66. May soymeal futures are $0.80 per short ton higher at $271.10. May soyoil futures are trading $0.11 higher at $31.07. In the outside markets, the Brent Crude oil market is $0.31 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 24 lower.
Traders are eyeing wheat to see if it breaks through its 30-day moving average. Corn market supported by short-covering after record short positions were reported on Friday's CFTC report. And soybeans are using delayed harvest activity in Brazil to move higher.
Wheat futures rose to start the week as dry weather continues in the southern Plains. Rain that was forecast over the weekend never materialized, and the region hasn't seen meaningful precip since the end of last year.
At 6:15 am:
Brent Crude Oil = 1% higher
West Texas Intermediate Crude Oil = 1.4% higher.
Dollar = up 0.3%.
Wall Street = U.S. stock futures slightly lower in pre-market trading.
World Markets = Global stocks lower as investors weigh future stimulus plans.