Floor Talk May 9
At the close:
At the close, the July corn futures settled 1/2¢ lower at $4.02 3/4. December futures finished even at $4.19 1/2. July soybean futures closed 4 1/2¢ lower at $10.15 3/4. November soybean futures ended 1¢ lower at $10.24 1/4. July wheat futures finished 4¢ lower at $5.10 1/2. July soy meal futures finished $0.10 per short ton lower at $385.80. July soy oil futures finished 0.34 higher at 31.03¢ per pound. In the outside markets, the NYMEX crude oil market is $2.10 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 157 points higher.
At mid-session, the July corn futures are 1/4¢ lower at $4.02. December futures 3/4¢ lower at $4.18. July soybean futures are 6 1/4¢ lower at $10.14. November soybean futures are 4 1/2¢ lower at $10.20. July wheat futures are 7 1/4¢ lower at $5.07. July soy meal futures are $2.10 per short ton lower at $383.80. July soy oil futures are 0.30 higher at 30.99¢ per pound. In the outside markets, the NYMEX crude oil market is $1.95 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 41 points higher.
Jason Roose, U.S. Commodities, says that the markets are on the defensive.
"Grains are trading on the defensive today, ahead of tomorrow's USDA Crop Report. Cautious activity is surrounding the market with favorable planting weather and unknown trade negotiations giving the market resistance, as well. The tight world corn carryover, strong corn demand will give the corn mild support on breaks," Roose says.
Al Kluis, Kluis Commodities, says all eyes are on tomorrow’s USDA data.
“Investors will get to trade USDA projections for corn and soybean supply and demand for the 2018-19 marketing year, and the first estimate of U.S. winter wheat production in 2018,” Kluis stated in a daily note to customers.
He added, “If the USDA report on Thursday shows world supplies declining for grains, then will it be enough for the bulls to stage another leg higher on the charts? Or do the funds use a rally to liquidate longs?”
In early trading, the July corn futures are 1/4¢ lower at $4.03. December futures 1/4¢ lower at $4.11. July soybean futures are 1¢ lower at $10.19. November soybean futures are unchanged at $10.25. July wheat futures are 3¢ lower at $5.11. July soy meal futures are $0.70 per short ton lower at $385.20. July soy oil futures are 0.34 higher at 31.03¢ per pound. In the outside markets, the NYMEX crude oil market is $1.70 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 59 points higher.
Wheat was lower in overnight trading, falling 4-5 cents, ahead of tomorrow's WASDE and after the USDA raised its crop conditions rating to 34% from 33% the prior week. Some storms are in the forecast for the southern Plains, but they're more likely to produce strong winds than actual rainfall, the National Weather Service said. Corn and soybeans both moved less than a penny. The White House said an agreement was reached between big ethanol and big oil, but the Renewable Fuels Association and Sen. Chuck Grassley of Iowa said negotiations will be ongoing. Texas Sen. Ted Cruz said oil companies will get credits toward their commitments to the Renewable Fuels Standard, something RFA President Bob Dineen said was dangerous. In weather news, it's going to be dry in the southern Plains today despite the aforementioned storm possibilities amid high temperatures and low relative humidity. See all the details in today's 3 Big Things.
West Texas Intermediate = up 2.5%.
Brent Crude = up 2.6%
Dollar = down 0.2%.
Wall Street = U.S. stock mixed pre-market.
World Markets = Global stocks mixed overnight.
Re: Floor Talk May 9
Would be helpful if corn and beans were climbing higher in Chicago like RBOB gasoline!!
Got chased from the field by rain yesterday afternoon.
Finished planting corn with a little dirt on the packing wheels.
At least the markers were still kicking up dry dirt.
Ended up with 3/4" in the gauge this morning. Nice gentle rain.
Re: Floor Talk May 9
Also finished planting a half hr after dark.
Lightning just to the north of me and glow of more lighting in missouri.
Not a drop, and had a three day rain event promised.
Not even dew this morning.
Lots of acres still to be planted by the bto's
Got a text from one with two farms outlined on airal photo wanted me to plant if I would. Both quarter sections
We'll see about that later today.
Mechanic coming in a few minutes to finish getting motor off and transmission out of 8520T in a few minutes. My spraying tractor, higher priority than his crops getting planted from my perspective.