After the close:
For the month of May:
Corn moved up 18%
Soybeans were up 2%
Wheat was up 18%
Feeder Cattle Fell 10%
Lean Hogs dropped 3%
Anybody surprised?
Mike
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At the close:
At the close, the July corn futures finished 9 1/4¢ lower at $4.27. Dec. corn futures are 8 1/2¢ lower at $4.43 3/4.
July soybean futures settled 11 1/4¢ lower at $8.77 3/4. November soybean futures ended 10 3/4¢ lower at $9.04 3/4.
July wheat futures closed 11 1/2¢ lower at $5.03.
July soymeal futures settled $6.10 per short ton lower at $321.30.
July soy oil futures finished $0.19 cent lower at 27.59¢ per pound.
In the outside markets, the NYMEX crude oil market is $3.39 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 305 points lower.
Mike
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At midsession:
At midsession, the July corn futures are 5¢ lower at $4.31 1/4. Dec. corn futures are 4 1/2¢ lower at $4.47 3/4.
July soybean futures are 1 1/4¢ lower at $8.87. November soybean futures are 1¢ lower at $9.14 3/4.
July wheat futures are 4 1/2¢ lower at $5.10.
July soymeal futures are $1.50 per short ton lower at $325.90.
July soy oil futures are $0.02 cent higher at 27.80¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.56 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 235 points lower.
Mike
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At 10:25am:
If you missed the delayed USDA Weekly Export Sales Report, corn sales were strong.
On Thursday, the USDA’s Weekly Export Sales Report favorable soybean, corn figures.
Corn= 983,300 metric tons vs. the trade’s expectations of between 450,000-800,000 mmt.
Soybeans= 455,800 mt. vs. the trade’s expectations of between 225,000 mt.-600,000 mt.
Wheat= 564,800 mt. the trade’s expectations of between 300,000-550,000 mt.
Soybean meal= 248,800 mt. the trade’s expectations of between 125,000-375,000 mt.
What say you?
Thanks,
Mike
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At 8:55am:
In early trading, the July corn futures are 7¢ lower at $4.29. Dec. corn futures are 6 1/4¢ lower at $4.45.
July soybean futures are 2¢ lower at $8.87. November soybean futures are 1 3/4¢ lower at $9.13 3/4.
July wheat futures are 7 1/2¢ lower at $5.07.
July soymeal futures are $3.50 per short ton higher at $323.90.
July soy oil futures are $0.12 cent lower at 27.66¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.61 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 310 points lower.
Britt O'Connell, Cash Advisor for Commodity Risk Management Group, says that President Trump’s Mexico tariff threat took hold of the corn market overnight and either the fear of the threat subsided or the reality of our planting situation resurfaced.
“Either way corn this morning is making yet another run at the $4.50 per bushel line of defense. Seems to be holding strong. The market realizes the reality of crossing thru that threshold and will likely not do so unless we get a fresh influx of bullish news,” O’Connell says.
O’Connell adds, “The bears can hibernate but the bulls need to be fed everyday. Today is the prevent planting day for a lot of corn acres. So, only time will tell how that plays out, but I can tell you with $4.50 corn and an MFP payment tied to acres planted, a lot more producers are determined to get it planted,” O’Connell says.
.
Thanks,
Mike
