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Tony_Dreibus
Veteran Contributor

Floor Talk May 8

At the close:

At the close, the July corn futures settled are 4 3/4¢ lower at $3.66, while December futures finished 4 1/4¢ lower at $3.84. July soybean futures closed 8 1/4¢ lower at $9.64 3/4, November soybean futures ended 5 1/4¢ lower at $9.61 1/4. July wheat futures finished 8 3/4¢ lower at $4.33 1/4. July soy meal futures ended $3.30 per short ton lower at $313.60. July soy oil futures closed $0.04 higher at 32.94¢ per pound.  In the outside markets, the Brent crude oil market is $0.07 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 8 points lower.

 

Mike

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At mid-session:

At mid-session, the July corn futures are 3 1/4¢ lower at $3.67, while December futures are 3¢ lower at $3.85. July soybean futures are 8 1/2¢ lower at $9.64, November soybean futures are 7¢ lower at $9.59. July wheat futures are 6 1/4¢ lower at $4.36. July soy meal futures are $3.60 per short ton lower at $313.30. July soy oil futures are $0.09 higher at 32.99¢ per pound.  In the outside markets, the Brent crude oil market is $0.30 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 9 points lower.

 

Jason Roose, U.S. Commodities grain analyst, says that the weaker markets stem from drier weather forecasts.
“Grain markets are retreating today on prospects of improving weather for the Midwest for planting progress,’ Roose says.
Also, investors anticipate larger corn, soybean and wheat stocks on the upcoming USDA crop report Wednesday, he says.
“Plus, the stronger dollar also is giving the grains resistance, making us less competitive on exports,” Roose says.

 

Mike

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At 9AM:

In early trading, the July corn futures are 1 1/4¢ lower at $3.60, while December futures are 1¢ lower at $3.87. July soybean futures are 2 1/4¢ lower at $9.60, November soybean futures are 2 1/2¢ lower at $9.64. July wheat futures are 3 1/4¢ lower at $4.39. July soy meal futures are $1.80 per short ton lower at $315.10. July soy oil futures are $0.18 higher at 33.08¢ per pound.  In the outside markets, the Brent crude oil market is $0.06 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 29 points lower.

 

Mike

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Soybean futures were lower overnight on speculation that growers who can't get into their wet, muddy fields are going to turn to soybeans, if it ever dries out, that is. More rain is forecast for the eastern Midwest this week, and if things weren't bad enough there's a widespread freeze warning stretching across parts of Wisconsin, all of Michigan and parts of Indiana and Ohio. Beans were down about 3 cents, corn lost 2 cents and wheat was down 2-4 cents. Money managers are at least paying attention to the weather as they cut their net-shorts in corn, beans and soft-red winter wheat and actually were bullish hard-red winter, albeit only by a few hundred contracts, but still, it shows they're paying attention. 

 

Here's what happened overnight:

 

Brent Crude Oil = down 0.4%.  

West Texas Intermediate Crude Oil = down 0.4%. 

Dollar = up 0.3%.

Wall Street = U.S. stock futures lower in pre-market trading.

World Markets = Global stocks mixed after French election on Sunday.

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