Floor Talk March 7

[Tony_Dreibus]

At the close:

At the close, the May corn futures settled 2 1/2¢ lower at $3.76, while December futures finished 2¢ lower at $3.96. May soybean futures finished 12¢ lower at $10.25. November soybean futures ended 8 1/2¢ lower at $10.13. May wheat futures closed 2¢ lower at $4.56. May soy meal futures close $2.40 per short ton lower at $331.30. May soy oil futures finished $0.54 lower at 33.73¢ per pound.  In the outside markets, the Brent crude oil market is $0.01 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 22 points lower.

Mike

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At mid-session:

At mid-session, the May corn futures are 4¢ lower at $3.74, while December futures are 3 3/4¢ lower at $3.94 1/4. May soybean futures are 12¢ lower at $10.25. November soybean futures are 8 1/2¢ lower at $10.13. May wheat futures are 5 1/4¢ lower at $4.53. May soy meal futures are $3.00 per short ton lower at $330.70. May soy oil futures are $0.42 lower at 33.85¢ per pound.  In the outside markets, the Brent crude oil market is $0.13 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 30 points lower.

Jack Scoville, The PRICE Futures Group, Senior Market Analyst says that it’s been mostly a quiet news day and a lighter volume trading day. 

“Increasing South American crop sizes are the main reason to see the lower prices today.  Soybeans, corn, and wheat are all holding support so far today, so prices could rebound later,” Scoville says. 

He adds, “No one is looking for much in either direction until the WASDE report comes out later this week.  It could definitely include higher Brazil production estimates, but much over 106?  I don’t think so.  But, there is a big crop there.”

Regarding Thursday’s report, Brazil’s corn crop estimates might go up, but the winter corn crop is just going in the ground now and USDA would be fully justified in holding that number and the Argentina numbers unchanged,” Scoville says. 

Mike

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At 10:25am:

A corn sale:

On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 120,000 metric tons of corn for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for corn began Sept. 1.

Mike

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At 9am:

In early trading, the May corn futures are 2¢ lower at $3.76, while December futures are 2¢ lower at $3.96. May soybean futures are 11 3/4¢ lower at $10.25. November soybean futures are 9¢ lower at $10.12. May wheat futures are 5 1/4¢ lower at $4.52. May soy meal futures are $2.60 per short ton lower at $331.10. May soy oil futures are $0.55 lower at 33.72¢ per pound.  In the outside markets, the Brent crude oil market is $0.38 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 34 points lower.

Mike

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Corn and beans were slightly lower in overnight trading on concerns about feed demand after several Asian countries blocked U.S. poultry amid an avian influenza outbreak in Tennessee. Corn lost about a penny and soybeans were down 3 cents. Wheat was little changed. South Korea said it would outright ban imports of U.S. poultry and eggs after the flu was found, and several other Asian nations said they'd block imports from Tennessee or specifically the county in which the outbreak occurred. In weather news, don't burn anything outside or discard a lit cigarette if you live in pretty much any state in the center of the country. A red-flag warning is in effect for parts of seven states including Nebraska, Kansas, Oklahoma and east all the way to central Illinois. 

Here's what happened overnight:

Brent Crude Oil = 0.4% higher.

West Texas Intermediate Crude Oil = 0.3% higher.

Dollar = up 0.2%.

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

World Markets = Global stocks mixed ahead of two major reports this week. 

[BA Deere]

The funds must be bailing.   Yeah and then that chicken flu thing.   I see geese go north, then go south, then land, then fly in a circle...if they`d just go north and be done with it, it`s like one way or another they`re trying their dangest to infect the chicken flocks.