Floor Talk May 16

[Tony_Dreibus]

At the close:

At the close, the July corn futures settled unchanged at $3.67 3/4, while December futures finished 1/4¢ higher at $3.85 1/2. July soybean futures closed 11¢ higher at $9.76 1/4, November soybean futures finished 7¢ higher at $9.67 3/4. July wheat futures closed 1¢ higher at $4.24 1/4. July soy meal futures finished $4.50 per short ton higher at $317.00. July soy oil futures closed $0.01 lower at 33.01¢ per pound.  In the outside markets, the Brent crude oil market is $0.13 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 13 points lower.

Mike

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At mid-session:

At mid-session, the July corn futures are 2¢ lower at $3.65, while December futures are 1 3/4¢ lower at $3.83. July soybean futures are 2 3/4¢ higher at $9.68, November soybean futures are 1/4¢ lower at $9.60. July wheat futures are 3¢ lower at $4.20. July soy meal futures are $0.50 per short ton higher at $313.00. July soy oil futures are $0.04 higher at 33.06¢ per pound.  In the outside markets, the Brent crude oil market is $0.01 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 15 points higher.

Mike

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At 9:15am:

If you missed it, the USDA announced a fresh soybean sale, Tuesday.

Private exporters reported to the U.S. Department of Agriculture export sales of 132,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.
The marketing year for soybeans began Sept. 1.

Mike

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At the open:

In early trading, the July corn futures are 3/4¢ lower at $3.67, while December futures are 1/2¢ lower at $3.84. July soybean futures are 4 3/4¢ higher at $9.70, November soybean futures are 2 3/4¢ higher at $9.63. July wheat futures are unchanged at $4.23. July soy meal futures are $1.70 per short ton higher at $314.20. July soy oil futures are $0.17 higher at 33.19¢ per pound.  In the outside markets, the Brent crude oil market is $0.35 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 31 points higher.

Mike

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Wheat fell overnight after the USDA crop progress report showed 51% of the winter crop was in good or excellent condition, as I wrote in today's 3 Big Things. While that's down week-to-week, it seems to be better than many had expected considering the damage from the snowstorm in Kansas a couple weeks ago. HRW wheat futures lost 4 cents while Chicago was down about 2 cents. Corn was down just over a penny and beans were up a tick. About 44% of the Kansas wheat crop earned top ratings, and in Oklahoma just shy of half the wheat was in good or excellent condition. So maybe the damage from the storm wasn't as bad as originally feared? Anyway, corn growers in the Midwest managed to plant almost 23 million acres last week. That's a lot of corn. In weather news, storms are expected in the southern Plains, some severe, and in the northern Plains.

Here's what happened overnight:

Brent Crude Oil = up 0.6%.  

West Texas Intermediate Crude Oil = up 0.6%. 

Dollar = down 0.5%.

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

World Markets = Global stocks higher on rising crude futures.