Floor Talk May 16
At mid-session, the July corn futures are 2¢ higher at $3.99. December futures 2¢ higher at $4.17. July soybean futures are 16 1/2¢ lower at $10.02. November soybean futures are 13¢ lower at $10.11. July wheat futures are unchanged at $4.93. July soy meal futures are $5.60 per short ton lower at $376.70. July soy oil futures are 0.36 lower at 30.76¢ per pound. In the outside markets, the NYMEX crude oil market is $0.29 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 65 points higher.
In early trading, the July corn futures are 2¢ higher at $4.04. December futures 2¢ higher at $4.21. July soybean futures are 8 1/4¢ lower at $10.10. November soybean futures are 6 3/4¢ lower at $10.18. July wheat futures are 4 1/4¢ higher at $4.97. July soy meal futures are $3.30 per short ton lower at $379.00. July soy oil futures are 0.27 lower at 30.85¢ per pound. In the outside markets, the NYMEX crude oil market is $0.41 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 11 points lower.
Wheat futures were higher in overnight trading on weather woes in the US and Australia, where droughts in major growing regions are hurting crop potential. The drought in the southern Plains has been well-documented, and a similar situation is occurring in Australia, which also suffered from severely dry weather last year. The next best chance for rain in Australian growing regions isn't until next month, CWG said. In other news, NAFTA negotiators likely will miss a soft deadline set by House Speaker Paul Ryan, who wanted the deal wrapped up by tomorrow. Mexican officials said an agreement is unlikely by then. In weather news, it's going to be stormy in central Nebraska and the Texas panhandle today, with both areas expecting sever weather. Check out all the details in today's 3 Big Things.
West Texas Intermediate = down 0.5%.
Brent Crude = down 0.8%
Dollar = up 0.3%.
Wall Street = U.S. stock lower pre-market.
World Markets = Global stocks mixed overnight.