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Community Manager
marketeye
Posts: 3,250
Registered: ‎05-03-2010
0

Floor Talk April 1

[ Edited ]

At the close:

The May futures corn contract closed 53 cents lower at $6.42. The May soybean futures contract is trading 14 cents lower at $13.90. May wheat futures finished 23 cents lower at $6.64 per bushel. The May soymeal futures settled $6.10 per short ton lower at $398.50. The May soyoil futures ended $0.05 lower at $50.06.
In the outside markets, the NYMEX crude oil is $0.11 per barrel lower, the dollar is higher and the Dow Jones Industrials are 16 points lower.

 

Mike

--------

At 11:45am:

The U.S. Weekly Export Inspections released Monday show that corn and wheat beat estimates.

 

Corn= 19.13 million bushels vs. 17.22 mill a week ago and 12-18 mill. expected by the trade.

 

Soybeans=16.3 million bushels, vs. 18.45 a week ago and a trade range of 14-19 million.

 

Wheat= 25.73 million bushels vs. 20.788 million a week ago and a trade range of 17-21 million.

 

Mike

---------

At mid-session:

 

The May futures corn contract is trading down 42 cents at $6.52, while Dec. corn is 7 cents lower at $5.31. The May soybean futures contract is trading 11 cents lower at $13.93, while Nov. soybeans trade 2 cents higher at $12.53. May wheat futures are trading 16 cents lower at $6.71 per bushel. The May soymeal futures are trading $5.80 per short ton lower at $398.80. The May soyoil futures are trading $0.01 higher at $50.12.
In the outside markets, the NYMEX crude oil is $1.05 per barrel lower, the dollar is lower and the Dow Jones Industrials are 28 points lower.

 

One analyst says, "This is follow through selling related to the stocks report.  The report brought a real change in attitude, one from very tight to one with a lot more supplies.  It is still possible that we will be in a tight situation this fall, but this report implies that the situation will be much easier.  Some buying in back on spread liquidation plus the cool weather that is keeping the fieldwork down.  Today or tomorrow should be about it for the move lower for now, then we can rebound a bit.  But, I doubt we can do too much to the upside unless some new big demand shows up or some weather develops.  Cash markets remain very strong, so this will help limit the down side with the reports a good reason to look for limited rally potential.  Mostly spec selling today from what I see, some spec buying and commercial buying showing up," he says.

 

 

 

Mike

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At the open:

The May futures corn contract is trading down 40 cents at $6.55, while Dec. corn is 3 cents lower at $5.35. The May soybean futures contract is trading 14 cents lower at $13.90. May wheat futures are trading 7 cents lower at $6.80 per bushel. The May soymeal futures are trading $4.60 per short ton lower at $400.10. The May soyoil futures are trading $0.39 lower at $49.71.
In the outside markets, the NYMEX crude oil is $0.82 per barrel lower, the dollar is lower and the Dow Jones Industrials are 8 points higher.

 

Mike

---------

At 7:10am

 

Early calls:  Corn is seen 25-30 cents lower, soybeans 15-17 cents lower, and wheat 6-8 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading sharply lower.
Crude Oil=$0.46 per barrel lower
Dollar=Higher.
Wall Street=Seen opening flat.

World=Asia/Pacific stocks were mostly lower and Europe's stocks were higher.

 

More in a minute,

 

Mike

Veteran Advisor
c-x-1
Posts: 3,263
Registered: ‎06-26-2012
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Re: Floor Talk April 1

morning Mike,

 

interesting perspective on Corn.....price traded lower overnight than it did directly before Mar '11 stocks report when USDA said # was 6.52 billion bu....FIRE-SALE? 

Community Manager
marketeye
Posts: 3,250
Registered: ‎05-03-2010
0

Re: Floor Talk April 1

It sure looks like folks are rushing to put on short positions, due to the USDA's position on corn stocks and acres. Believe it or not, I talked to one Nebraska farmer, over the weekend, that said he actually bought puts before Thursday's reports. And, I talked to an Illinois farmer that says he knows plenty of other farmers that remain bullish corn.

 

So, we'll see. Separately, one Soutwest Iowa farmer told me that his neighbor planted alfalfa late last week. And he even had it harrowed. So, some fieldwork starting.

 

Bring on April! I think it's going to be a good one for everybody!

 

Thanks,

 

Mike

Veteran Advisor
c-x-1
Posts: 3,263
Registered: ‎06-26-2012
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Re: Floor Talk April 1

[ Edited ]

good move, Nebraska farmer!

 

April likely will be a touch more lively!...87 cents in 3 days....nice V intraday charts, so far......so shorts are being routed since 4 A.M.

Senior Contributor
Wind
Posts: 368
Registered: ‎05-13-2010
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Re: Floor Talk April 1

I plan to plant some oats later this week.  The weatherman is calling for a more active weather pattern for next week.:smileyhappy: We shall see.  The last .25" to .5" rain event turned out to be a .11 rain event.  Not much "punch" to the systems of late.

Central IA. 

Advisor
425Cat
Posts: 1,689
Registered: ‎05-14-2010
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Re: Floor Talk April 1

CX,

Can you post the intraday chart??

Veteran Advisor
c-x-1
Posts: 3,263
Registered: ‎06-26-2012
0

Re: Floor Talk April 1

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Community Manager
marketeye
Posts: 3,250
Registered: ‎05-03-2010
0

Re: Floor Talk April 1

[ Edited ]

It looks like the blowback from last week's USDA Report is acting like a viral infection. It is spreading amongst all sectors of the ag world. I pieced together some thoughts from others on this subject. Here's what I came up with.

 

USDA Data Still Smells

 

I'm still searching for answers to the question of where is this market going. I'll keep digging.

 

 

Mike