Floor Talk May 23
At the close:
At the close, the July corn futures settled 5 1/2¢ lower at $3.69 1/2, while December futures closed 5¢ lower at $3.87 3/4. July soybean futures finished 8 1/4¢ lower at $9.48 1/4, November soybean futures ended 7 3/4¢ lower at $9.48 1/2. July wheat futures finished 4 3/4¢ lower at $4.29 1/2. July soy meal futures finished $1.50 per short ton lower at $306.30. July soy oil futures finished $0.60 lower at 32.34¢ per pound. In the outside markets, the Brent crude oil market is $0.36 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 58 points higher.
At mid-session, the July corn futures are 3 3/4¢ lower at $3.71, while December futures are 3 1/2¢ lower at $3.89. July soybean futures are 5¢ lower at $9.51, November soybean futures are 4 1/2¢ lower at $9.51. July wheat futures are 2 1/2¢ lower at $4.31. July soy meal futures are $0.80 per short ton lower at $307.00. July soy oil futures are $0.40 lower at 32.54¢ per pound. In the outside markets, the Brent crude oil market is $0.07 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 31 points higher.
Jason Roose, U.S. Commodities grain analyst, says that this week’s USDA Crop Progress Report is still pressuring the markets.
“The planting progress was above expectations with less precipitation in the forecast, lowering prices. Plus, the stronger dollar is also taking premium out of the market with the large world grain stocks putting a lid on any substantial rallies,” Roose says.
Private exporters reported to the U.S. Department of Agriculture export sales of 126,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.
The marketing year for soybeans began Sept. 1.
At the open:
In early trading, the July corn futures are 1 1/4¢ lower at $3.73, while December futures are 1 1/4¢ lower at $3.91. July soybean futures are 1 1/4¢ lower at $9.55, November soybean futures are 1 1/4¢ lower at $9.55. July wheat futures are 1 1/2¢ lower at $4.32. July soy meal futures are unchanged at $307.80. July soy oil futures are $0.20 lower at 32.74¢ per pound. In the outside markets, the Brent crude oil market is $0.18 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 17 points higher.
Wheat futures decline overnight after the USDA crop progress report showed the condition of the crop actually improved week over week. So far we've heard very little about the damage from the late-April snow storm (one can only assume there was little to no damage considering the lack of news from western Kansas). But what about the wheat streak mosaic we've been hearing so much about. Kansas Wheat last week sent out an APB on the viral disease that's allegedly eating up the crop, so it'll be interesting to see how this all pans out.
In other news, CHS is making some big changes amid declining profits -- both the chief executive officer and the chairman of the board have been replaced. In weather news, it may actually be dry ... for a day up in northern Indiana and Ohio, but the rains are expected to return tomorrow night. Get all the action in today's 3 Big Things at http://www.agriculture.com/news/crops/3-big-things-today-may-23.
Here's what happened overnight:
Brent Crude Oil = down 0.3%.
West Texas Intermediate Crude Oil = down 0.4%.
Dollar = up 0.1%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher on solid economic data.