Floor Talk May 1

[Tony_Dreibus]

At the close:

At the close, the July corn futures settled 11¢ higher at $3.77 1/2, while December futures finished 9 1/4¢ higher at $3.94. July soybean futures closed 14¢ higher at $9.70, November soybean futures ended 11 1/4¢ higher at $9.64 1/2. July wheat futures finished 23 3/4¢ higher at $4.56. July soy meal futures closed $2.80 per short ton higher at $318.60. July soy oil futures ended $0.45 higher at 32.16¢ per pound.  In the outside markets, the Brent crude oil market is $0.48 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 9 points higher.

Mike

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At mid-session:

At mid-session, the July corn futures are 10 1/2¢ higher at $3.77, while December futures are 9 1/4¢ higher at $3.94. July soybean futures are 14 3/4¢ higher at $9.71, November soybean futures are 12 1/2¢ higher at $9.65. July wheat futures are 21 1/2¢ higher at $4.53. July soy meal futures are $5.10 per short ton higher at $320.90. July soy oil futures are $0.25 higher at 31.96¢ per pound.  In the outside markets, the Brent crude oil market is $0.50 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 7 points higher.

Mike

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At 9AM:

In early trading, the July corn futures are 8 1/4¢ higher at $3.74 3/4, while December futures are 7 1/4¢ higher at $3.92. July soybean futures are 14 3/4¢ higher at $9.71, November soybean futures are 13 1/4¢ higher at $9.66. July wheat futures are 15¢ higher at $4.47. July soy meal futures are $4.50 per short ton higher at $320.30. July soy oil futures are $0.42 higher at 32.13¢ per pound.  In the outside markets, the Brent crude oil market is $0.45 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 56 points lower.

Mike

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Everything's in the green this morning and King Corn and Queen Beans follow wheat, which surged amid concerns that frost damage occurred in the southern Plains. Temperatures were reportedly below freezing for several hours and in some areas growers said their wheat, which had already headed, was buried in snow. Hard-red wheat futures jumped about 14 cents overnight, corn was up about a nickel and soybeans rose 8 cents. The storm that brought the snow to the southern Plains and incessant rain and record flooding to the Midwest is moving to the east, but not before doing its fair share of damage. More flooding is expected in much of the eastern Midwest including Illinois, Indiana and Arkansas. It's a pretty miserable start to the season so far. 

Here's what happened overnight:

Brent Crude Oil = down 0.6%.  

West Texas Intermediate Crude Oil = down 0.5%. 

Dollar = unchanged.

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

World Markets = Global stocks higher in quiet trading as London, China closed for holiday.