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Tony_Dreibus
Veteran Contributor

Floor Talk May 23

At the close:

At the close, the July corn futures settled 3 3/4¢ higher at $4.08 1/2. December futures finished 3 1/4¢ higher at $4.26 1/2. July soybean futures closed 8 1/2¢ higher at $10.39 1/2.  November soybean futures ended 9 3/4¢ higher at $10.48 3/4. July wheat futures finished 9 1/2¢ higher at $5.31. July soy meal futures closed $3.20 per short ton higher at $380.70. July soy oil futures settled 0.19 higher at 31.70¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.48 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 47 points lower.

 

Mike

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Dustin Johnson, AgYield senior strategist, says the rally is being credited to China.

 
"We are just hearing optimism that China is back to buying US Cargoes again through August. While crush started out higher today it is still slipping for December as the day goes on. A rally not led by the products may be another sign that it is about the expected soybean exports. November 2018 futures are gaining on March 2019 - November 2019 soybean futures as well," Johnson says.

 

Mike
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At mid-session:

At mid-session, the July corn futures are 2¢ higher at $4.06. December futures 1 1/2¢ higher at $4.24. July soybean futures are 3 1/2¢ higher at $10.34.  November soybean futures are 4¢ higher at $10.43. July wheat futures are 4 1/2¢ higher at $5.26. July soy meal futures are $1.10 per short ton higher at $378.60. July soy oil futures are 0.19 higher at 31.70¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.47 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 143 points lower.

 

Mike

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At 9:35am:

 

If you missed it, USDA announced a fresh corn sale Wednesday.

 

Private exporters reported to the U.S. Department of Agriculture the following activity:

--Optional origin sales of 140,000 metric tons of corn for delivery to Saudi Arabia. Of the total 70,000 metric tons is for delivery during the 2017/2018 marketing year and 70,000 metric tons is for delivery during the 2018/2019 marketing year. An optional origin contract provides that the origin of the commodity may be the U.S. or one or more other exporting countries.

 

The marketing year for corn began Sept. 1.

 

Mike

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At 9:00am:

In early trading, the July corn futures are 2 1/2¢ higher at $4.07. December futures 2¢ higher at $4.25. July soybean futures are 6 1/2¢ higher at $10.37.  November soybean futures are 7¢ higher at $10.46. July wheat futures are 7 3/4¢ higher at $5.29. July soy meal futures are $3.50 per short ton higher at $381.00. July soy oil futures are 0.23 higher at 31.74¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.23 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 61 points lower.

 

Mike

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Wheat futures were lower in overnight trading as rain falls in the southern Plains, giving hard-red winter wheat a much-needed drink of water. Futures were down 2-3 cents, corn was little changed and beans gained about 2 cents overnight. The University of Illinois, as always, did some solid analysis of what revenue could look like this year using the USDA's average price projection for 2018 and trendline yields. In weather news, along with rain in the southern Plains, it looks like parts of Iowa, Illinois and Nebraska are all in for some precipitation this afternoon. Get all the details in today's 3 Big Things

 

West Texas Intermediate = down 0.6%.

Brent Crude = down 0.7%

Dollar = up 0.4%.

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

World Markets = Global stocks lower overnight.

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