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Tony_Dreibus
Veteran Contributor

Floor Talk May 23

After the close:

USDA Says 86% of the U.S. corn crop is planted, as of Sunday, May 22, 2016. This compares to an 85% 5-year average. Also, 60% of the corn is emerged, above a five-year average of 55%.

 

For soybeans, 56% of the crop is seeded, vs. a 52% five-year average. Also, 22% of the crop has emerged, vs. a 55% five-year average.

 

Winter Wheat= 62% good/excellent.

 

 

Mike

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At the close:

At the close, the July corn futures settled 3 1/4 cents higher at $3.97 3/4, Dec. futures finished 3 cents higher at $4.02 3/4 per bushel. July soybean futures finished 15 3/4 cents lower at $10.58 1/2, while Nov. soybean futures closed 13 1/4 cents lower at $10.36 1/4. July wheat futures ended 5 3/4 cents lower at $4.62. July soymeal futures closed $5.00 short ton lower at $387.70. July soyoil futures closed $0.12 lower at $31.15.  In the outside markets, the Brent crude oil market is $0.43 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 43 points higher.

 

Mike

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At mid-session:

At mid-session, the July corn futures are 1/4 of a cent higher at $3.94, Dec. futures are 1/4 of a cent higher at $4.00 per bushel. July soybean futures are 19 cents lower at $10.55, while Nov. soybean futures are 19 1/2 cents lower at $10.30. July wheat futures are 3 3/4 cents lower at $4.64. July soymeal futures are $6.70 short ton lower at $386.00. July soyoil futures are $0.32 lower at $30.95.  In the outside markets, the Brent crude oil market is $0.28 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 9 points higher.

 

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that soybeans and Soybean meal are giving back the gains from Friday.  
“You knew this would happen sooner or later and it looks like today is the day,” Scoville says. The fundamentals are kind of positive with the Chinese import data holding strong with U.S. soybeans totaling 2.0 million tons, Brazil the rest.  
Plus, DDG remains strong and it looks to like the Gulf basis levels are holding, he says.  
“Soybean oil and meal sales on the daily system.  But, the weather looks pretty good and the corn is in and the beans are getting in.  Corn holding well, not seeing any real news there.”
There is no real news in wheat, but it was acting better, too.  I think there is a good chance we have seen a lot of the selling pressure already for today, and we will pretty much try to hold here,” Scoville says.

 

Scott Shellady, Agriculture.com contributor and floor trader at the CME Group, says the markets will trade sideways, going forward, aside from today's drop.

It's all about the Dollar and Mother Nature. The Dollar is not crazy-high, but higher. The planting weather is smoothing out. So, we are running out of feed for the bulls. 

 

Mike

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At the open:

 

At the open, the July corn futures are 2 cents lower at $3.92, Dec. futures are 2 3/4 cents lower at $3.97 per bushel. July soybean futures are 9 1/4 cents lower at $10.65, while Nov. soybean futures are 15 1/2 cents lower at $10.34. July wheat futures are 5 cents lower at $4.62. July soymeal futures are $1.00 short ton lower at $391.70. July soyoil futures are $0.11 lower at $31.16.  In the outside markets, the Brent crude oil market is $0.88 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 3 points higher.

 

Mike

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The dollar keeps strengthening as investors believe the Fed will raise its base rate in June, and that's keeping pressure on commodities. Rain this week will boost soil moisture in areas where planting is finished, though it could delay seeding in fields farmers haven't been able to get to thus far due to wet and cool weather. Wheat's apparently looking darned good so far, which shouldn't be too big a surprise considering the conditions in the past couple of months. 

 

Here's what happened overnight:

 

Brent Crude Oil = 1.3% lower. 

West Texas Intermediate Crude Oil = 1.4% lower.

Dollar = up 0.2%.

Wall Street = U.S. stock futures lower in pre-market trading. 
World Markets = Global stocks down on uncertainty over what US Fed will do in June.

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