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Tony_Dreibus
Veteran Contributor

Floor Talk May 22

At the close:

At the close, the July corn futures finished 2¢ higher at $4.04 3/4. December futures finished 2 1/4¢ higher at $4.23. July soybean futures closed 5 1/4¢ higher at $10.30 1/2.  November soybean futures finished 5 1/4¢ higher at $10.39. July wheat futures closed 14 1/4¢ higher at $5.21 1/2. July soy meal futures ended $1.60 per short ton lower at $377.50. July soy oil futures closed 0.09 higher at 31.51¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.24 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 53 points lower.

 

Jason Roose, U.S. Commodities analyst, says that the relaxing of trade disagreements with China has a long tail, pushing up prices.
“Grains continue to add risk premium for the second day in a row, following the positive trade outcome over the weekend between US and China. This could confirm continued strong exports, the final planting progress and weather the next 10 days, will be key for price directions,” Roose says.

 

Mike

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At mid-session:

At mid-session, the July corn futures are 3¢ higher at $4.05. December futures 3 1/4¢ higher at $4.24. July soybean futures are 2 1/2¢ higher at $10.27 3/4.  November soybean futures are 2 1/4¢ higher at $10.36. July wheat futures are 18 1/2¢ higher at $5.25. July soy meal futures are $2.10 per short ton lower at $377.00. July soy oil futures are 0.22 higher at 31.64¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.47 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 19 points lower.

 

Mike

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At 9:00am:

In early trading, the July corn futures are 3 1/4¢ higher at $4.06. December futures 3 1/4¢ higher at $4.24. July soybean futures are 7 3/4¢ higher at $10.33.  November soybean futures are 7 3/4¢ higher at $10.41. July wheat futures are 15 1/2¢ higher at $5.22. July soy meal futures are $2.10 per short ton higher at $381.20. July soy oil futures are 0.32 higher at 31.74¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.09 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 9 points higher.

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Wheat futures were higher after the USDA left crop conditions unchanged, while soybeans rose on normalizing US-China trade. Wheat futures gained 8-9 cents, while beans and corn were up about 2 cents overnight. Export inspections were higher for soybeans week-to-week but lower for corn and wheat, the USDA said. In weather news, it's going to be rainy in the upper Midwest, but severe weather isn't expected. Rain is also supposed to fall in the southern Plains today, the National Weather Service said. Check out all the details in today's 3 Big Things

 

West Texas Intermediate = up 0.3%.

Brent Crude = up 0.4%

Dollar = down 0.3%.

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

World Markets = Global stocks higher overnight.

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