Floor Talk May 15

[marketeye]

At the close:

At the close, the July corn futures settled 2 1/2  cents lower at $3.65 per bushel. The Dec corn futures finished 2 cents lower at $3.82 per bushel.
July soybean futures closed 3 3/4 cents lower at $9.53. Nov. soybean futures finished 2 1/2 cents lower at $9.34.

July wheat futures settled 3 1/4 cents lower at $5.11.

July soymeal futures closed $1.10 per short ton higher at $303.30. 

In the outside markets, the Brent Crude oil market is $0.01 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 9 points higher.

Mike

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At mid-session, the July corn futures are trading 2 1/4 cents lower at $3.65 per bushel. The Dec corn futures are 2 cents lower at $3.82 per bushel.
July soybean futures are trading 2 1/4 cents lower at $9.54. Nov. soybean futures are trading 3/4 of a cent lower at $9.36.

July wheat futures are trading 1 1/2 cents lower at $5.12.

July soymeal futures are trading $1.00 per short ton higher at $303.20. 

In the outside markets, the Brent Crude oil market is $0.29 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 14 points lower.

Jason Ward, Northstar Commodities Inc. grain analyst, says that the markets are responding to benign weather.
"With the exception of the wet weather for Winter Wheat country, which was certainly a catalyst for some fund short covering in wheat yesterday, the weather is not threatening. With corn/soy, cool weather in the forecast doesn’t make anyone too nervous. So, we are well watered and in good shape for now, everyone is just watching funds to see if they buyback more short wheat, which would certainly lend some support over to the row crops."

Mike

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At the open:

At the open, the July corn futures are trading 1/2 of a cent lower at $3.67 per bushel. The Dec corn futures are 1/4 of a  cent lower at $3.84 per bushel.
July soybean futures are trading 1 1/4 cents higher at $9.58. Nov. soybean futures are trading 1/2 of a cent higher at $9.37.

July wheat futures are trading 1/2 of a cent lower at $5.13.

July soymeal futures are trading $1.30 per short ton higher at $303.50. 

In the outside markets, the Brent Crude oil market is $0.79 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 7 points higher.

Mike

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At 7:45am:

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

Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $0.27 lower.
Dollar =Higher. 
Wall Street = Seen higher.

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

More in a minute,

Mike