Floor Talk May 24
At mid-session, the July corn futures are 4 1/4¢ lower at $4.04. December futures closed 4¢ lower at $4.22 1/2. July soybean futures finished 3 1/2¢ lower at $10.35 3/4. November soybean futures ended 1 1/4¢ lower at $10.47. July wheat futures finished 3/4¢ lower at $5.30. July soy meal futures finished $3.40 per short ton lower at $373.30. July soy oil futures finished 0.01 higher at 31.71¢ per pound. In the outside markets, the NYMEX crude oil market is $1.11 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 72 points lower.
At 10:20am, the July corn futures are 1 1/2¢ higher at $4.10. December futures 3/4¢ higher at $4.27. July soybean futures are 4¢ higher at $10.43. November soybean futures are 4 3/4¢ higher at $10.53. July wheat futures are 10 1/4¢ higher at $5.41. July soy meal futures are $1.20 per short ton lower at $379.50. July soy oil futures are 0.19 higher at 31.89¢ per pound. In the outside markets, the NYMEX crude oil market is $0.73 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 222 points lower.
USDA released its Weekly Export Sales Report Thursday:
Corn= 1.12 million metric tons vs. the trade’s estimate of 700,000-1,300,000 metric tons.
Soybeans= 146,300 mt. vs. the trade’s estimate of 200,000-500,000 mt.
Wheat= 452,300 mt. vs. the trade’s estimate of 100,000-400,000.
Separately, the USDA reported the following activity Thursday:
•Export sales of 264,000 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year; and
•Cancellations of export sales of 132,000 metric tons of grain sorghum for delivery to unknown destinations during the 2017/2018 marketing year.
The marketing year for soybeans and grain sorghum began Sept. 1.
Soybean futures jumped overnight on reports that China's back in the market and corn and wheat were higher on adverse weather. Beans gained almost 11 cents on news that China was again buying from the US. Continued wet weather, meanwhile, has left growers behind their normal pace for corn planting in parts of the Dakotas, Minnesota and Wisconsin. More rain is on the way for the region today and tomorrow, according to the National Weather Service. In other news, ethanol production dropped to the lowest level in a month while stockpiles of the biofuel increased week-to-week. Get all of the details in today's 3 Big Things.
West Texas Intermediate = down 1.2%.
Brent Crude = down 1.4%
Dollar = down 0.2%.
Wall Street = U.S. stock mixed pre-market.
World Markets = Global stocks mixed overnight.