Floor Talk September 4
t the close, the December corn futures finished 3 1/4¢ higher at $3.68 1/4. March futures ended 2 1/2¢ higher at $3.79 3/4.
Nov soybean futures closed 3/4¢ higher at $8.44 1/4. Jan. soybean futures ended 1/4¢ higher at $8.57.
Dec. wheat futures settled 14¢ lower at $5.31 1/2. Dec. soymeal futures finished $4.00 per short ton higher at $311.20. Dec. soy oil futures closed 0.01¢ higher at 28.78.
In the outside markets, the NYMEX crude oil market is $0.43 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 2 points lower.
Al Kluis, Kluis Advisors, says the market is digesting a lot of wheat news.
“The news from Friday afternoon (after the grains had closed) was that Canada and the US were at a standstill with trade talks. The wheat market quickly traded 8 to 10 cents lower when trading resumed Monday evening. The Russian Ag Ministry announced on Monday that they do not see a need to curb grain exports at this time. This is contrary to what was reported earlier last week. The US would see a nice boost to wheat exports if this story does unfold to be true,” Kluis stated in a daily note to customers Tuesday.
Argentina announced a temporary increase on grain exports on Monday. How will this impact China’s willingness to source extra soybeans from Argentina?
Jack Scoville, The PRICE Futures Group’s senior market analyst, says that today’s trading is mostly some short covering in corn and beans.
“Both are into big time chart support and are trying to move away from it. Some questions about corn yield given the weather, but the beans look to be big this year,” Scoville says.
Scoville adds, “I kind of feel that wheat is oversold now and the news that Russia will not regulate or tax exports was kind of the final chunk of bad news. Maybe prices turn more stable until we cut something in corn and beans and since the harvest in spring wheat is winding down.”
At mid-session, the December corn futures are 1 1/2¢ higher at $3.66. March futures are 1¢ higher at $3.78.
Nov soybean futures are 4¢ higher at $8.47. Jan. soybean futures are 4¢ higher at $8.60.
Dec. wheat futures are 15 3/4¢ lower at $5.29.
Dec. soymeal futures are $5.50 per short ton higher at $312.70. Dec. soy oil futures 0.04¢ higher at 28.81.
In the outside markets, the NYMEX crude oil market is $0.28 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 109 point lower.
In early trading, the December corn futures are 2 1/2¢ lower at $3.62 1/2. March futures are 2 1/2¢ lower at $3.74.
Nov soybean futures are 1 1/2¢ higher at $8.45. Jan. soybean futures are 1¢ higher at $8.58.
Dec. wheat futures are 20¢ lower at $5.25.
Dec. soymeal futures are $3.80 per short ton higher at $311.00. Dec. soy oil futures 0.13¢ higher at 28.90.
In the outside markets, the NYMEX crude oil market is $0.65 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 106 point lower.
Wheat futures plunged in overnight trading Tuesday after Russia's government said it doesn't see a need for export limits on the grain. Traders had been driving up the price of wheat on speculation that the country, the world's biggest exporter, would curb shipments after dry weather hurt production. Futures were down 15-16 cents overnight, corn was up a tick and beans fell 3 cents. Argentina, meanwhile, said it would add a tax of 4 pesos per dollar on shipments of grains as part of a bid to bolster the country's economy. In weather news, flooding is likely today from central Kansas northeast to northern Wisconsin as storms drop excessive amounts of rain in both areas. Check out today's 3 Big Things for all the details.
West Texas Intermediate = up 1.9%.
Brent Crude = up 1.5%.
Dollar = up 0.4%.
Wall Street = U.S. stock lower pre-market.
World Markets = Global stocks mixed overnight.