Floor Talk March 8

[Tony_Dreibus]

At the close:

At the close, the May corn futures finished 3 3/4¢ lower at $3.72 1/4, while December futures finished 3 1/4¢ lower at $3.92 3/4. May soybean futures finished 3 1/4¢ lower at $10.21 3/4. November soybean futures closed 3 1/4¢ lower at $10.10 1/4. May wheat futures ended 9 1/2¢ lower at $4.47. May soy meal futures closed $0.20 per short ton lower at $331.10. May soy oil futures finished $0.19 lower at 33.54¢ per pound.  In the outside markets, the Brent crude oil market is $2.86 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 49 points lower.

Mike

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At mid-session:

At mid-session, the May corn futures are 3 1/4¢ lower at $3.72, while December futures are 2 3/4¢ lower at $3.93. May soybean futures are 3 3/4¢ lower at $10.21. November soybean futures are 4 1/4¢ lower at $10.09. May wheat futures are 6 3/4¢ lower at $4.49. May soy meal futures are $1.20 per short ton lower at $330.10. May soy oil futures are $0.02 higher at 33.73¢ per pound.  In the outside markets, the Brent crude oil market is $1.13 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 22 points lower.

Deanna Hawthorne-Lahre, StatFutures co-founder and trader, says that macroeconomics are partially to blame for the lower grain markets.
“The U.S. dollar strength is finally getting the market's attention. A signaled interest rate hike and the ADP Report, a report that measures levels of non-farm private employment, showing strong numbers are all weighing on the markets,” Hawthorne-Lahre says.
She adds, “Most investors were long corn and soybeans and got away with it. But, we're seeing who has the weak hands going into the WASDE Report Thursday.”

Mike

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At 9:15am:

If you missed it, the USDA announced fresh soybean cake and meal Wednesday.

Private exporters reported to the U.S. Department of Agriculture export sales of 122,000 metric tons of soybean cake and meal for delivery to the Philippines during the 2016/2017 marketing year.

The marketing year for soybean cake and meal began Oct. 1.

Mike

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At 8:55am:

In early trading, the May corn futures are 3/4¢ lower at $3.75, while December futures are 1/2¢ lower at $3.95. May soybean futures are 3 1/4¢ lower at $10.22. November soybean futures are 3¢ lower at $10.10. May wheat futures are 3¢ lower at $4.53. May soy meal futures are $1.10 per short ton lower at $330.20. May soy oil futures are unchanged at 33.73¢ per pound.  In the outside markets, the Brent crude oil market is $0.71 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 9 points higher.

Mike

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Beans and grains were slightly lower in overnight trading as investors sit on the sidelines ahead of tomorrow's WASDE report, and on concerns that the avian influenza outbreak in Tennessee will affect feed use. Soybeans lost 3 cents, corn was down about 2 cents and wheat lost 2 cents. FCStone bumped its forecast for Brazil corn production yesterday to a record 93.3 million tons, not good news for prices that are already being pressured by South American output. In weather news, it's dry in much of Kansas and Missouri again, which means more red flag warnings. In southern Michigan and northern Indiana, it's supposed to be extremely windy with gusts up to 60 miles an hour today. Hold onto your hats! 

Here's what happened overnight:

Brent Crude Oil = 1% lower. 

West Texas Intermediate Crude Oil = 1% lower.

Dollar = up 0.2%.

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

World Markets = Global stocks lower along with oil futures.