Floor Talk May 17

[Tony_Dreibus]

At the close:

At the close, the July corn futures settled  3 1/2¢ higher at $3.71, while December futures finished 3 3/4¢ higher at $3.89. July soybean futures closed 1/4¢ higher at $9.76, November soybean futures closed unchanged at $9.67. July wheat futures finished 2 3/4¢ higher at $4.27. July soy meal futures finished $1.70 per short ton lower at $315.30. July soy oil futures finished $0.14 higher at 33.15¢ per pound.  In the outside markets, the Brent crude oil market is $0.54 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 321 points lower.

Mike

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At mid-session:

At mid-session, the July corn futures are 4 1/4¢ higher at $3.72, while December futures are 3 3/4¢ higher at $3.89. July soybean futures are 2 1/4¢ higher at $9.78, November soybean futures are 1 1/2¢ higher at $9.68. July wheat futures are 5 1/4¢ higher at $4.29. July soy meal futures are $0.80 per short ton lower at $316.20. July soy oil futures are $0.29 higher at 33.30¢ per pound.  In the outside markets, the Brent crude oil market is $0.54 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 247 points lower.

Mike

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At the open:

In early trading, the July corn futures are 1 3/4¢ higher at $3.69, while December futures are 1 3/4¢ higher at $3.87. July soybean futures are 1 1/4¢ higher at $9.77, November soybean futures are 1 1/2¢ higher at $9.69. July wheat futures are 4¢ higher at $4.28. July soy meal futures are $0.40 per short ton lower at $316.60. July soy oil futures are $0.26 higher at 33.27¢ 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 167 points lower.

Mike

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Soybeans and grains were slightly higher in overnight trading for a few reasons, and given all the  reasons, I'm actually surprised they're not even higher than they are. First, the weather -- a big storm is moving up from the southern Plains into the central Midwest today, which should slow planting in several states including Missouri and Iowa. Second, the dollar fell to a six-month low, which should help exporters find homes for U.S. corn, beans and wheat since it gives overseas buyers more purchasing power. Finally, prices are technically low, analysts said, so agriculture products are a bargain right now. But we all know how fickle traders on Jackson Street can be. Though are they really on Jackson Street anymore, what which the demise of the pit trade? But I digress. It's going to be wet for the aforementioned areas today before a day of dry weather tomorrow. Storms are expected to flare up again this weekend, further slowing planting. See it all in today's 3 Big Things at http://www.agriculture.com/news/crops/3-big-things-today-may-17

Here's what happened overnight:

Brent Crude Oil = up 0.3%.  

West Texas Intermediate Crude Oil = up 0.5%. 

Dollar = down 0.2%.

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

World Markets = Global stocks mixed on political tensions.