Floor Talk March 9, 2021 (Report Day)
At the close:
At the close, the May corn futures finished 1 1/4¢ lower at $5.46 1/2. July corn futures settled 1 1/4¢ lower at $5.34 3/4. New crop December corn futures closed 3 1/4¢ higher at $4.84 1/2.
May soybean futures closed 6 1/4¢ higher at $14.40 1/2. July soybean futures closed 7 3/4¢ higher at $14.26 3/4. New crop November soybean futures closed 7 3/4¢ higher at $12.62 1/4.
May wheat futures finished 10¢ higher at $6.56 1/2.
May soymeal futures settled $0.30 short term higher at $416.60.
May soy oil futures ended 1.09 higher at 53.55¢ per pound.
In the outside markets, the NYMEX crude oil market is -0.96 lower (-1.48%) at $64.09. The U.S. dollar is lower, and the Dow Jones Industrials are 278 points higher (+0.87%) at 32,080 points.
At midsession, the May corn futures are 8 1/4¢ lower at $5.38 1/2. July corn futures are 8 1/4¢ lower at $5.27 3/4. New crop December corn futures are 3 1/4¢ lower at $4.78 1/2.
May soybean futures are 6 3/4¢ lower at $14.27 1/2. July soybean futures are 4 1/2¢ lower at $14.13 3/4. New crop November soybean futures are 2 1/2¢ lower at $12.51 1/4.
May wheat futures are 3¢ higher at $6.49 1/2.
May soymeal futures are $3.00 short term lower at $413.30.
May soy oil futures are 0.61 higher at 53.07¢ per pound.
In the outside markets, the NYMEX crude oil market is -0.97 lower (-1.49%) at $64.08. The U.S. dollar is lower, and the Dow Jones Industrials are 334 points higher (+1.05%) at 32,137 points.
It's the "Unchanged" Report.
--Peter J. Meyer, S&P Global Platts, head of grain and oilseed analytics, says that the USDA's unchanged estimates are not a surprise.
“As expected, no change to any of the three major U.S. balance sheets, as the USDA takes a breather this month. When the highlight of a WASDE is a 1¢ increase in the price of soybean oil, you know there’s nothing to talk about.
Meter added, "Global ending stocks of corn were raised by 1 million metric tons on higher production, although neither Brazil nor Argentina saw any change in their production numbers. Chinese corn imports were flat at 24mmt. Global soybean supply was barely changed with Brazil production up 1mmt. to 134mmt. while Argentina was down 0.5mmt."
"All in all, a pretty dull report and nothing for the bulls to hang their collective hat on," Meyer says.
--Sal Gilbertie, Teucrium Trading, agrees that the USDA decided to punt in today's report.
“Today’s WASDE reconfirms tightness in the soybean balance sheet, and kicks the can down the road on corn, leaving room for future adjustments that will likely tighten both corn and soybean supplies in the coming months,” Gilbertie says.
---Jason Roose, U.S. Commodities, says that the report was no eye opener.
“The March USDA crop report, today, was neutral from last months crop report. The governmental agency left U.S. ending stocks unchanged for both corn and soybeans, Brazil soybean crop was increased by 1 mmt to 134 mmt, but Argentina crop reduced by .500 mmt to 47.5 mmt. World ending stocks were increased slightly for corn and soybeans. Weather in U.S. and SA will be closely watched the next 30 days along with planting intentions," Roose says.
What will the USDA say?