Floor Talk May 17

[Tony_Dreibus]

At the close:

At the close, the July corn futures finished 4¢ lower at $3.95 1/4. December futures closed 4¢ lower at $4.13. July soybean futures finished 4 3/4¢ lower at $9.95.  November soybean futures ended 4 3/4¢ lower at $10.04 1/4. July wheat futures finished 3 1/4¢ higher at $4.97 1/2. July soy meal futures finished $1.50 per short ton lower at $375.10. July soy oil futures closed 0.35 higher at 30.94¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.01 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 62 points lower.

Mike

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At mid-session:

At mid-session, the July corn futures are 1/4¢ lower at $3.99. December futures 1/2¢ lower at $4.16. July soybean futures are 1¢ lower at $9.98.  November soybean futures are 3/4¢ higher at $10.09. July wheat futures are 7 1/2¢ higher at $5.01. July soy meal futures are $0.80 per short ton lower at $375.80. July soy oil futures are 0.65 higher at 31.24¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.18 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 14 points higher.

Mike

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At 9:02am:

USDA released its Weekly Export Sales Report Thursday showing only soymeal sales beating expectations.

Corn= 1.14 million metric tons vs. the avg. trade estimate between 700,000-1,200,000 mt.

Soybeans= 506,600 mt. vs. the avg. trade estimate between 400,000-700,000 mt.

Wheat= 194,800 mt. vs. the avg. trade estimate between 300,000-500,000 metric tons,

Soybean meal= 421,700 mt. vs. the avg. trade estimate between 125,000-250,000 metric tons.

Separately, the USDA announced a fresh sale of soybeans Thursday.

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 2017/2018 marketing year.

The marketing year for soybeans began Sept. 1.

Mike

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At 9:00am:

In early trading, the July corn futures are 2 1/4¢ higher at $4.01. December futures 2¢ higher at $4.19. July soybean futures are 3¢ higher at $10.02.  November soybean futures are 3 1/4¢ higher at $10.12. July wheat futures are 8 1/2¢ higher at $5.02. July soy meal futures are $1.30 per short ton higher at $377.90. July soy oil futures are 0.19 higher at 30.78¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.44 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 33 points lower.

Mike

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Wheat futures were again higher overnight, this time by double digits, as concern grows about global production. Extreme drought in the US and Australia has traders nervous, and rightfully so. Chicago wheat was up about a dime while Kansas City futures gained about 12 cents. Corn was up 2 cents and beans gained a nickel overnight. Some thunderstorms are hitting the southern Plains right now, but how much rain will reach the ground remains to be seen. Despite the storms, the western panhandles of Oklahoma and Texas are also under a red flag warning due to low humidity and strong winds. In other news, ethanol production last week jumped to a three-month high while stockpiles fell to the lowest in four weeks. Check out all the details in today's 3 Big Things. 

West Texas Intermediate = up 1%.

Brent Crude = up 0.9%

Dollar = up 0.1%.

Wall Street = U.S. stock higher pre-market.

World Markets = Global stocks higher overnight.