Floor Talk May 3
At the close:
At the close, the July corn futures are 3¢ higher at $4.08. December futures finished 2 1/2¢ higher at $4.22 1/4. July soybean futures closed 10 1/4¢ higher at $10.53 1/4. November soybean futures ended 8 3/4¢ higher at $10.49 1/2. July wheat futures closed 11 1/4¢ higher at $5.38. July soy meal futures settled $2.10 per short ton lower at $398.60. July soy oil futures ended 0.21 higher at 30.81¢ per pound. In the outside markets, the NYMEX crude oil market is $0.60 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 34 points higher.
Michael Rusch, Regional Sales Director- Ag/Commercial | Stewart-Peterson, says that today's markets were moving on this news:
- Informa est US 2018 winter wheat crop near 1,163 mil bu vs 1,269 last year
HRW crop is est near 617 vs 750 ly. Kansas 241 mil bu vs 334 last year.
SRW crop is est near 319 vs 292 ly.
Informa lowered World 2018 corn crop 1.0 mmt due to lower Ukraine crop
Informa raised World 2018 wheat crop 2.0 mmt due to higher Russia crop
Informa raised Brazil soybean crop 1.0 mm to 117 and lowered Argentina 1.5 mmt to 37.5.
---Maybe short covering with the close above last summer’s high on the continuous chart for corn?
---Elwynn Taylor, the well-respected meteorologist from Iowa State
Is calling for 70% change of lower than trend line yields this summer.
Lower yields with current acres and current demand spells
MUCH SMALLER ENDING STOCKS.
At mid-session, the July corn futures are 1 1/2¢ higher at $4.06 1/2. December futures are 1 1/2¢ higher at $4.21 1/4. July soybean futures are 5 3/4¢ lower at $10.37. November soybean futures are 4 1/4¢ lower at $10.36. July wheat futures are 5¢ higher at $5.31. July soy meal futures are $2.90 per short ton lower at $397.80. July soy oil futures are unchanged at 30.60¢ per pound. In the outside markets, the NYMEX crude oil market is $0.10 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 295 points lower.
If you missed it, USDA's Weekly Export Sales Report shows China still buying U.S. soybeans. It is buying less, for sure, but still buying.
Private exporters reported to the U.S. Department of Agriculture export sales of 30,000 metric tons of soybean oil for delivery to Peru during the 2017/2018 marketing year.
The marketing year for soybean oil began Oct.1
USDA Weekly Report:
Corn= 1.068 million metric tons vs. the trade’s expectations of between 550,000-1,100,000 mt.
Soybeans= 886,200 mt. vs. the trade’s expectations of between 300,000-1,100,000 mt.
Wheat= 445,100 mt. vs. the trade’s expectations of between 300,000-650,000 mt.
Soybean meal= 307,200 mt. vs. the trade’s expectations of between 150,000-300,000 mt.
In early trading, the July corn futures are 3/4¢ lower at $4.04. December futures 1/2¢ lower at $4.19. July soybean futures are 8¢ lower at $10.35. November soybean futures are 6 3/4¢ lower at $10.34. July wheat futures are 3¢ lower at $5.23. July soy meal futures are $3.10 per short ton lower at $397.60. July soy oil futures are 0.22 lower at 30.38¢ per pound. In the outside markets, the NYMEX crude oil market is $0.64 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 342 points lower.
Wheat futures were again lower in overnight trading despite the terrible crop report from Oklahoma saying the state's hard-red winter wheat production will be about half of normal. Of the 4.1 million acres planted with the grain, only about 2.4 million will be harvested as drought killed off the rest, said Mark Hodges, the president of Oklahoma Genetics. Still, wheat futures fell, again, overnight, as they did the past two sessions before rebounding in the day session. Technical selling is the reported culprit. Wheat fell 4-5 cents overnight while corn and beans were little changed, both moving less than a penny. In weather news, it's going to be stormy in much of Iowa today as a weather system moving through the state may spawn tornadoes, strong winds and heavy rains, the National Weather Service said. Get all the details in today's 3 Big Things.
Brent Crude Oil = down 0.4%.
West Texas Intermediate = down 0.1%.
Dollar = down 0.1%.
Wall Street = U.S. stock lower pre-market.
World Markets = Global stocks lower overnight.