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Tony_Dreibus
Veteran Contributor

Floor Talk May 12

At the close:

At the close, the July corn futures settled 11 1/2 cents higher at $3.89, Dec. futures are 10 3/4 cents higher at $3.96 1/4 per bushel. July soybean futures finished 6 1/4 cents lower at $10.72, while Nov. soybean futures finished 4 3/4 cents lower at $10.61 1/4. July wheat futures ended 9 cents higher at $4.68. July soymeal futures closed $2.40 short ton higher at $364.40. July soyoil futures closed $0.79 lower at $32.57.  In the outside markets, the Brent crude oil market is $0.417per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 27 points higher.

 

Mike

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At mid-session:

At mid-session, the July corn futures are 3 3/4 cents higher at $3.81, Dec. futures are 3 1/4 cents higher at $3.88 per bushel. July soybean futures are 14 3/4 cents lower at $10.63, while Nov. soybean futures are 13 3/4 cents lower at $10.52. July wheat futures are 4 1/2 cents higher at $4.63. July soymeal futures are $1.40 short ton lower at $360.60. July soyoil futures are $0.80 lower at $32.56.  In the outside markets, the Brent crude oil market is $0.43 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 57 points lower.

 

Matt Pierce, Futures International LLC floor trader at the CME Group Exchange, says that the floor has fallen out the soybean market due to the impeachment announcement of Brazil’s President Dilma Rousseff.
“A big factor in the weaker soybean market is the weakening of the Brazilian Real currency,” Pierce says. Following the Senate agreement to suspend Rouseff their currency has tanked.”

Pierce adds, “This is taking bean oil lower as that market follows the overnight weakness in Palm Oil. Soymeal is holding ground as long as oilshare trades reversed. Soymeal spreads strong following solid export numbers for meal this morning.”

Wheat and corn higher on modest reversals against beans. Long bean short grains trade taking off the table, he says.

 

Mike

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At the open:

At the open, the July corn futures are 3 3/4 cents higher at $3.81, Dec. futures are 3 1/4 cents higher at $3.88 per bushel. July soybean futures are 4 cents higher at $10.82, while Nov. soybean futures are 5 1/4 cents higher at $10.71. July wheat futures are 3 1/2 cents higher at $4.62 1/2. July soymeal futures are $3.00 short ton higher at $365.00. July soyoil futures are $0.20 lower at $33.16.  In the outside markets, the Brent crude oil market is $0.54 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 53 points higher.

 

On Thursday, Private exporters reported to the U.S. Department of Agriculture export sales of 210,000 metric tons of corn for delivery to Saudi Arabia during the 2015/2016 marketing year.

The marketing year for corn began Sept. 1.

 

Mike

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Soybeans are hopping again as investors who jumped out of the market and took profits yesterday are being replaced by a new crop of buyers today. We all know that the USDA reduced its global and domestic production and stockpiles outlooks on Tuesday, so this isn't much of a surprise, though as one analyst put it, the reports shocked the markets so we could see spillover buying for a few days. Otherwise it looks like more rain for the Midwest, leading some to believe corn acres will be switched out for corn as growers can't get into fields to plant the grain. 

 

Here's what happened overnight:

 

Brent Crude Oil = 0.6% higher. 

West Texas Intermediate Crude Oil = 0.8% higher.

Dollar = up 0.3%.

Wall Street = U.S. stock futures higher in pre-market trading. 
World Markets = Global stocks advance as crude oil demand pegged higher.

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Re: Floor Talk May 12

How many high producing corn acres may switch to beans?  Around here, many are done with corn and many are done all together.  My corn is emerging and I'll be able to row it today or tomorrow.

 

I'm pretty well sold on soybeans but not much no corn.  New crop.  If there is an acre swithc, that should help my position and I can sell a little more corn.

 

 

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