Floor Talk May 25
At mid-session, the July corn futures are 1¢ higher at $4.05. December futures 1 1/2¢ higher at $4.24. July soybean futures are 7 1/2¢ higher at $10.43. November soybean futures are 7 1/2¢ higher at $10.55. July wheat futures are 8 1/2¢ higher at $5.38. July soy meal futures are $3.30 per short ton higher at $380.60. July soy oil futures are 0.36 lower at 31.35¢ per pound. In the outside markets, the NYMEX crude oil market is $3.07 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 59 points lower.
If you missed it, Friday, the USDA announced fresh soybean sales.
Private exporters reported to the U.S. Department of Agriculture the following activity:
•Optional origin sales of 165,000 metric tons of soybeans for delivery to China 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; and
•Export sales of 312,000 metric tons of soybeans for delivery to China during the 2018/2019 marketing year.
The marketing year for soybeans began Sept. 1.
In early trading, the July corn futures are 1/2¢ higher at $4.04. December futures 1/2¢ higher at $4.23. July soybean futures are 6 1/2¢ higher at $10.42. November soybean futures are 6¢ higher at $10.53. July wheat futures are 5¢ higher at $5.35. July soy meal futures are $2.80 per short ton higher at $380.10. July soy oil futures are 0.23 lower at 31.48¢ per pound. In the outside markets, the NYMEX crude oil market is $2.00 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 63 points lower.
Wheat futures were higher overnight on Russian weather woes and signs of global demand for the grain. Wheat was up 6-7 cents, corn gained just over a penny and beans were up 6 cents on optimism that China will again be a buyer. This week's export sales report, however, didn't include China as a buyer of soybeans, leaving sales a net negative for the week. Corn sales were up from the four week average but down week-to-week. In weather news, thunderstorms are expected today in parts of the northern Midwest, near where South Dakota, Minnesota, Iowa and Nebraska meet, and in the Oklahoma and Texas panhandles, the National Weather Service said. Check out all the details in today's 3 Big Things.
West Texas Intermediate = down 2.2%.
Brent Crude = down 2.3%
Dollar = up 0.4%.
Wall Street = U.S. stock lower pre-market.
World Markets = Global stocks mixed overnight.