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marketeye
Veteran Advisor

Floor Talk March 9

At the close:

At the close, the May corn futures settled 2 3/4 cents higher at $3.88 3/4 per bushel.
May soybean futures finished 8 1/4 cents higher at $9.93 1/4.

The May soyoil futures closed $0.28 lower at $31.00. The May soymeal futures finished $6.40 per short ton higher at $334.10.

May wheat futures closed 7 1/2 cents higher at $4.90.

In the outside markets, the Brent crude oil market is $0.69 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 159 points higher.

Today's market was driven by some short covering in wheat. As the Dollar contracted, that simmering market caught a little wind. I'm hearing that the Brazilian trucker's strike might fire back up tomorrow. It might be as big of a strike as the first one, but the market is watching. Also, today, there was some positioning ahead of Tuesday's USDA report that could tighten some carryover numbers for corn and soybeans.

 

Mike

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At the open:

At the open, the May corn futures are trading 4 3/4 cents higher at $3.90 3/4 per bushel.
May soybean futures are trading 5 1/2 cents higher at $9.90.

The May soyoil futures are trading unchanged at $31.28. The May soymeal futures are trading $2.70 per short ton higher at $330.40.

May wheat futures are trading 9 cents higher at $4.91.

In the outside markets, the Brent crude oil market is $0.56 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 45 points higher.

 

Mike

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At 7:50am:

 

Early calls: Corn 2-4 cents higher, soybeans 1-2 cents higher, and wheat 7-9 cents higher.

 

Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.21 lower.
Dollar =Lower. 
Wall Street = Seen flat to higher, as investors search for more answers to a possible interest rate hike.

World Markets = Europe stocks were lower, Asia/Pacific stocks were lower.

 

 

 

More in a minute,

 

Mike

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2 Replies
marketeye
Veteran Advisor

Re: Floor Talk March 9

Wow, 70-degrees expected in Iowa next Monday! A lot of pre-planting work getting done, with the shop doors wide open, in this weather, I'm guessing?

I have spoken to one central Iowa farmer that is preparing his bean planter, knowing he will go heavy beans this year.

What else happens, when the weather turns this nice? Seed deliveries are starting to happen, I take it? A Midwestern meltdown. Thankfully. What's melting in your area?

 

Also, we're talking, here in the office, and I'm sure the trade would like to know. But, how long it will take the soil temperatures to warm to ideal planting conditions of 50-degrees. As of Monday, the soil temperatures south of Des Moines are at 29.6-degrees.

We're laughing, in the office, about the true test of soil temp-checking. Surely you have heard of it. I wonder if anybody has tried it? Can you say "au naturel".

 

Mike

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tree fmr
Advisor

Re: Floor Talk March 9

Always get the kids to do the "true test". LOL
What else happens? Time to get the race cars ready!!
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