Floor Talk November 22
At the close:
At the close, the December corn futures finished 1/4¢ higher at $3.45. March futures ended 3/4¢ higher at $3.57.
January soybean futures closed 8 1/4¢ higher at $9.97. March soybean futures settled 8 1/4¢ higher at $10.08.
March wheat futures closed 1/2¢ lower at $4.40 3/4.
January soy meal futures finished $6.30 per short ton higher at $326.70. January soy oil futures closed 0.12¢ lower at 34.20¢ per pound.
In the outside markets, the Brent crude oil market is $0.15 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 64 points lower.
At mid-session, the December corn futures are 1/2¢ higher at $3.45. March futures are ½¢ higher at $3.57.
January soybean futures are 9 1/4¢ higher at $9.98. March soybean futures are 9¢ higher at $10.09.
March wheat futures are 1 1/4¢ higher at $4.42.
December soy meal futures are $6.00 per short ton higher at $326.40. December soy oil futures are 0.07¢ lower at 34.25¢ per pound.
In the outside markets, the Brent crude oil market is $0.86 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 77 points lower.
Deanna Hawthorne-Lahre, StatFutures co-founder and trader, says that the markets have ramped way down.
“But soybeans remain stiff after what I consider friendly comments about imports by the Chinese during President Trump's trip. The markets remain in the trading ranges, as they have for months, with bean fundamentals being the most constructive,” she says.
Hawthorne-Lahre adds, “Statistically, the corn market is as close to death as I've seen a market since 1985. Wheat is on life support, and we wait to see the numbers from the seedings report in January.”
In early trading:
At the open, the Dec. corn futures are 1/4¢ higher at $3.45. March futures are 1/2¢ higher at $3.56. Jan. soybean futures are 5 1/2¢ higher at $9.94. March soybean futures are 5 1/4¢ higher at $10.05. March wheat futures are 1/2¢ higher at $4.41. Dec. soy meal futures are $1.90 per short ton higher at $320.20. Dec. soy oil futures are 0.20¢ higher at 34.52¢ per pound. In the outside markets, the Brent crude oil market is $0.95 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 2 points lower.
Soybeans and grains were a touch higher on Wednesday morning amid light trading ahead of Thanksgiving. Fundamentally, there's dry weather to be concerned about in Argentina, which is helping underpin prices. Corn at a record net-short position is technically bullish, so that's also helping keep prices above water. In other news, the US Trade Representative said he's `concerned' about the direction of the NAFTA renegotiation. Without an acceptable deal, he said "a satisfactory result" will not be reached. President Trump has threatened to end U.S. involvement in the agreement if certain terms aren't met, which would obviously have a big impact on the ag sector. In weather news, it's expected to be quiet in the Midwest through the end of the week. Flooding is ongoing in Indiana and winter weather is expected in parts of the northern Midwest today. Check out the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-november-22,
Happy Thanksgiving from our house to yours. Hope you get your fill of turkey, stuffing and potatoes tomorrow!
Brent Crude Oil = up 1.1%
West Texas Intermediate = up 1.8%
Dollar = down 0.1%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher overnight.