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Community Manager
marketeye
Posts: 3,097
Registered: ‎05-03-2010

Floor Talk April 11

[ Edited ]

At the close:

The May corn futures contract settled 2 3/4 cents lower at $4.98. The Dec. corn futures ended 5 3/4 cents lower at $4.99. The May soybean futures contract is 17 1/4 cents lower at $14.65. The Nov. soybean futures are trading 10 cents lower at $12.15. May wheat futures are 3 1/2 cents higher at $6.65 per bushel. The May soymeal futures contract is trading $6.60 per short ton lower at $472.90. The May soyoil futures are trading $0.40 lower at $42.10.
In the outside markets, the crude oil is $0.60 per barrel higher, the dollar is lower and the Dow Jones Industrials are 148 points lower.

 

Mike

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At mid-session:

The May corn futures contract is trading 1 cent lower at $5.00. The Dec. corn futures are trading 3 1/2 cents lower at $5.01. The May soybean futures contract is 17 1/4 cents lower at $14.65. The Nov. soybean futures are trading 10 cents lower at $12.15. May wheat futures are 3 1/2 cents higher at $6.65 per bushel. The May soymeal futures contract is trading $6.10 per short ton lower at $473.40. The May soyoil futures are trading $0.33 lower at $42.17.
In the outside markets, the Brent crude oil is $0.81 per barrel higher, the dollar is lower and the Dow Jones Industrials are 82 points lower.

 

One analyst lays the pressure of the soybean market at the feet of the Chinese. "Soybeans on the cancellations from China.  Reuters is saying 500,000 in sales confirmed cancelled between Brazil and the US and says the total could go up.  I have heard up to a million both countries so far.  Given how long the market is on supply tightness some selling should be expected.  I expect more as this story develops as we move to ensure at least adequate supplies.  Not a surplus, but a few more beans than before and that seems to be kind of a trend in the market talk now.  A bit more here and there and we will make it.

Corn holding pretty well, I suppose some spreads against beans and wheat there and alsop uncertain weather for the coming couple of weeks, one model cool and wet and the other warmer and drier.  We need warmer and drier.  

Wheat is holding pretty well, the wheat supported by the dry weather in the western Plains that does not seem to go away.  Still a weather market over there.  Overall trends for wheat appear lower, but today people are covering some shorts," he says
.

 

Mike

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At 10:15am:

Egypt's GASC Buys 230,000 TONNES OF Wheat for shipment MAY 1- 10
--55,000 tonnes of Russian wheat from Bunge
--60,000 tonnes of Romanian Wheat from Ameropa
--60,000 tonness of Romanian wheat from Nidera
--55,000 tonness of Ukrainian Wheat from Bunge.

 

Mike

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At the open:

The May corn futures contract is trading 1 1/2 cents lower at $4.99. The Dec. corn futures are trading 2 cents lower at $5.02. The May soybean futures contract is 8 cents lower at $14.73. The Nov. soybean futures are trading 7 cents lower at $12.18. May wheat futures are 2 cents lower at $6.59 per bushel. The May soymeal futures contract is trading $0.90 per short ton lower at $478.60. The May soyoil futures are trading $0.36 lower at $42.14.
In the outside markets, the Brent crude oil is $0.35 per barrel lower, the dollar is higher and the Dow Jones Industrials are 107 points lower.

 

Mike

-----------

At 8am:

-USDA announces Friday that an 'unknown' purchased 330,000 tons of U.S. soybeans for 2014-15.

 

Mike

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At 6:30am:

Early calls: Corn is seen 1-2 cents lower, soybeans 7-9 cents lower, and wheat 5-7 cents lower.

Trackers:
Overnight grain, soybean markets=Trading lower.

Brent Crude Oil=$0.35 per barrel lower.
Dollar=Higher.

Wall Street=Seen lower.

World Markets=Europe stocks were lower, Asia/Pacific stocks lower.

 


More in a minute,

 

Mike

Advisor
giolucas
Posts: 1,093
Registered: ‎06-25-2010
0

Re: Floor Talk April 11

Beans you can do it.....Breakeven  1471.  Otherwise this is a long term position.

 

Advisor
giolucas
Posts: 1,093
Registered: ‎06-25-2010
0

Re: Floor Talk April 11

Wasn't there a rumor that 330,000 tons of soybeans were purchased to an unknown buyer for weekend delivery. : )

Advisor
rayjenkins
Posts: 674
Registered: ‎05-13-2010
0

Re: Floor Talk April 11

yes....330,000 sold......but for some weekend in the 2014/2015 marketing year

Advisor
giolucas
Posts: 1,093
Registered: ‎06-25-2010
0

Re: Floor Talk April 11

Thanks Ray, for that glimmer of hope.  I guess I am going to church this weekend and lighting about 100 candles. 

Veteran Advisor
Shaggy98
Posts: 3,891
Registered: ‎06-19-2011
0

Re: Floor Talk April 11

So does that mean those 330,000 are sold and we have check in hand or does that mean they are marked for export only to be eligible for cancelation at a later date closer to delivery?
Advisor
rayjenkins
Posts: 674
Registered: ‎05-13-2010
0

Re: Floor Talk April 11

There are no "I will pay you 12 months in advance" grain export contracts....

 

but we'll keep looking!

Veteran Advisor
jennys_mn
Posts: 1,284
Registered: ‎07-19-2010
0

Re: Floor Talk April 11

If China can "get out" of these sales contracts, then why can't the rest of the nations farmers? It would seem to me that canceling a whole boatload of beans would've been secured by something more that a peice of paper - unless, of course, like Hobby eluded to, that that peice of paper was a "planned" cancellation anyway, so it could be used to drop the prive of beans later - or now - as the case may be.

Jen
Advisor
rayjenkins
Posts: 674
Registered: ‎05-13-2010
0

Re: Floor Talk April 11

Perhaps your vision of "getting out" of a contract is different than what really goes on in these situations

Advisor
c-x-1
Posts: 3,136
Registered: ‎06-26-2012
0

Re: Floor Talk April 11

gio,

 

don't waste your time with the candle lighting talk---you don't need that - the comm have your back.

 

http://www.cftc.gov/dea/options/deaviewcit.htm