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Tony_Dreibus
Veteran Contributor

Floor Talk May 4

At the close:

At the close, the July corn futures finished 1 3/4¢ lower at $4.06. December futures finished 1 1/4¢ lower at $4.21. July soybean futures closed 16 1/2¢ lower at $10.36 3/4.  November soybean futures settled 12 1/4¢ lower at $10.37. July wheat futures finished 11 3/4¢ lower at $5.26. July soy meal futures ended $4.90 per short ton lower at $393.70. July soy oil futures closed 0.04 lower at 30.77¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.29 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 389 points higher.

 

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that corn is holding up real well. 
“Corn prices, though lower, are holding due to the weather problems with the Brazilian Safrinha crop, the chances for losses there and more demand for U.S. corn,” Scoville says. 
Wheat is caught in a buy the rumor and sell the fact situation, after the Kansas tour results.
Soybeans are reacting to the non news from China, he says. 
“No trade deal between the U.S. and China just yet, but they are still talking.  We ran up yesterday on news stories that a deal was coming.  Did not happen but there seems to be room for optimism right now.  But that is a later story and for now most of our export demand should shift south for seasonal reasons,” Scoville says.

 

Mike

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At mid-session:

At mid-session the July corn futures are 1/2¢ lower at $4.07. December futures 1/2¢ lower at $4.21. July soybean futures are 10 3/4¢ lower at $10.42.  November soybean futures are 7 3/4¢ lower at $10.41. July wheat futures are 9 1/2¢ lower at $5.28. July soy meal futures are $4.70 per short ton lower at $393.90. July soy oil futures are 0.06 higher at 30.87¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.34 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 274 points higher.

 

Mike

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At 9am:

In early trading, the July corn futures are 1 3/4¢ lower at $4.06. December futures 1 1/2¢ lower at $4.20. July soybean futures are 10 1/2¢ lower at $10.42.  November soybean futures are 7 3/4¢ lower at $10.41. July wheat futures are 10 3/4¢ lower at $5.27. July soy meal futures are $4.70 per short ton lower at $393.90. July soy oil futures are 0.14 lower at 30.67¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.32 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 15 points lower.

 

Mike

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Soybean futures were lower in overnight trading after a Department of Agriculture report showed China not only didn't buy old-crop beans but canceled shipments for 133,700 metric tons last week. Beans fell 14 cents, corn was down about a penny and wheat was 6-8 cents lower. China, however, was in for 66,000 tons of new-crop beans. Corn sales jumped week-to-week, while wheat sales also topped expectations. In weather news, floods are threatening parts of Iowa and Illinois along the Mississippi River as flood warnings abound. Southern Missouri near Branson also is under threat from flooding. Check out all the details in today's 3 Big Things

  

Brent Crude Oil = up 0.2%.

West Texas Intermediate = up 0.2%.

Dollar = up 0.1%.

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

World Markets = Global stocks mixed overnight.

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