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Community Manager
marketeye
Posts: 3,182
Registered: ‎05-03-2010
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Floor Talk April 22

[ Edited ]

At the close:

The July corn futures contract closed 8 1/4 cents higher at $5.02. The Dec. corn futures finished 5 3/4 cents higher at $4.95. The July soybean futures contract finished 16 cents lower at $14.70. The Nov. soybean futures ended 8 cents lower at $12.15. July wheat futures closed 4 cents higher at $6.79 per bushel. The July soymeal futures contract closed $5.80 per short ton lower at $470.30. The July soyoil futures finished $0.28 lower at $42.98. 
In the outside markets, the Brent crude oil is $1.75 per barrel lower, the dollar is lower and the Dow Jones Industrials are 107 points higher.

 

Mike

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At mid-session:

The July corn futures contract is trading 4 1/4 cents higher at $4.98. The Dec. corn futures are trading 3 1/2 cents higher at $4.93. The July soybean futures contract is 12 3/4 cents lower at $14.74. The Nov. soybean futures are trading 8 3/4 cents lower at $12.15. July wheat futures are 1/4 of a cent lower at $6.75 per bushel. The July soymeal futures contract is trading $4.30 per short ton lower at $471.80. The July soyoil futures are trading $0.24 lower at $43.02. 
In the outside markets, the Brent crude oil is $1.81 per barrel lower, the dollar is lower and the Dow Jones Industrials are 94 points higher.

 

Jack Scoville, PRICE Futures Group vice-president, says today's soybean market can be explained by the funds giveth and the funds taketh away. 

"The talk is that Barclays is getting out of commodities including grains and oilseeds, and that is part of the pressure.  Better weather here too, although corn does not seem to care today.  I think corn has been a short lately and that is the reason corn is holding as well as it is.  But, corn is getting into a resistance area and I expect it to head back down later this week.  The weather is getting better as well, and I think that will become more and more important here.  Mexico bought corn to help the nearby hold, too.  I think wheat is lower on the forecasts for more precip in the Great Plains over the next couple of days.  The crop should be getting much better now.  Back to beans, still lots and lots of talk of Chinese buyers with problems financing cargos and trying to cancel and also with lots of problems opening letters of credit.  Beans might end up getting ugly here.  The funds are huge longs and the market might have to feel selling from them for a while," he says.

 

Mike

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At the open:

At the open, the July corn futures contract is trading 5 cents higher at $4.98. The Dec. corn futures are trading 4 cents higher at $4.94. The July soybean futures contract is 8 cents higher at $14.95. The Nov. soybean futures are trading 4 cents higher at $12.28. July wheat futures are 4 cents higher at $6.79 per bushel. The July soymeal futures contract is trading $3.00 per short ton higher at $479.10. The July soyoil futures are trading $0.23 higher at $43.49. 
In the outside markets, the Brent crude oil is $0.59 per barrel lower, the dollar is lower and the Dow Jones Industrials are 21 points higher.

 

Mike

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At 8am:

--USDA announces Tuesday that 240,000 tons of U.S. corn was sold to Mexico for 2014-15 delivery.

--If you missed it, USDA released its Crop Progress Report Monday. Corn planting at 6% (compared to 3% last year and 16% on the five year average).

--Corn is up today, due to a longer range weather forecast that shows wetter conditions next week, in the Midwest.

 

Mike

--------

At 7:45am:

Early calls: Corn is seen 2-4 cents higher, soybeans 5-7 cents higher, and wheat 4-6 cents higher.

Trackers:
Overnight grain, soybean markets=Trading mostly higher.

Brent Crude Oil=$0.49 per barrel lower.
Dollar= Lower.

Wall Street=Seen higher, with a big day for earnings reports.

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

 


More in a minute,

 

Mike

Veteran Advisor
roarintiger1
Posts: 1,593
Registered: ‎04-29-2011

Re: Floor Talk April 22

Corn down yesterday because of a dry forecast.........Corn up today because of a wet forecast........and, as Walter Cronkite used to say......"and that's...... the way it is."

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Senior Contributor
luisvieira
Posts: 242
Registered: ‎04-24-2012
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Re: Floor Talk April 22

Hello boys, here is a little bit on the info that I have about the pace of soybean sales in Brazil...

 

The Mato Grosso Institute of Agricultural Economics informed today that the state of Mato Grosso, in the center-west of Brazil, already sold 75.5 percent of a soybean production of 26.1 million tons. The pace of sales is nearly 6.5 percent delayed compared to the same period of last year. The prices of soybeans have fallen 1.6 percent in the average of last week. The fall was pushed by a fall of the oilseed value in Chicago and the devaluation of the US dollar compared to the Brazilian Real.

Veteran Advisor
Palouser
Posts: 2,239
Registered: ‎05-13-2010
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Jack Scoville might be right .....

..... about the wheat getting better as he says, "I think wheat is lower on the forecasts for more precip in the Great Plains over the next couple of days.  The crop should be getting much better now." But that's NOT what I'm hearing.

 

It is a confused situation in terms of the amount of damage from drought and frost. I'm just now beginning to hear of the results of some evaluations and it sounds as if further frost damage to growing plants has occurred from a report out of Oklahoma, and I know similar conditions occurred in central Kansas.

 

I get the feeling that 'what should be' and 'what is' are totally different on the ground and in Chicago. Whatever the results this will probably prove any difference in fact and opinion between paper trade and actual production of physical wheat.

Advisor
giolucas
Posts: 1,129
Registered: ‎06-25-2010
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Re: Floor Talk April 22

Barclays are you kidding me.  Now if it was ADM, Bunge, Cargill or Dreyfus then we would be in trouble.  Don't tell me Barclays owns Louis Dreyfus.

Veteran Advisor
c-x-1
Posts: 3,257
Registered: ‎06-26-2012
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Re: Floor Talk April 22

C'MON guys or "boys" as luis says --- the people gotta give reasons for mkt action or they'd be out of a job.

 

simple truth = C/B just completed  leading diagonals of 7-8 weeks (that means corrective for 2-4 wks) & W is just consolodating -- but the truth won't sell like the creative....ahhh, I mean-convenient stories these journalists........ahhhh, I mean ANALysts derive................................

Contributor
FARM4FOOD
Posts: 19
Registered: ‎12-05-2010
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Re: Jack Scoville might be right .....

70 % OF THE WHEAT SWW IS JUNK MOST GOING TO SOYBEANS VERY LITTLE TO CORN JUST TOO COLD ALMOST NO WORK DONE JUST A FEW BRAVE SOLES PLANTING SUGAR BEETS

Veteran Contributor
WCWISC
Posts: 93
Registered: ‎04-08-2013
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Re: Floor Talk April 22

Chinese cancelations didn't come to fruition. Now they can't pay for what they ordered.......... What story can we count on next?
Senior Contributor
Slim123
Posts: 202
Registered: ‎01-20-2012
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Re: Floor Talk April 22

Hard to believe they could ship beans half way around the world without paying for them.

Veteran Advisor
Palouser
Posts: 2,239
Registered: ‎05-13-2010
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The story is ......

.... that Merubeni of Japan ( a very aggressive company that owns a lot of facilities in the US) shipped w/o demanding letters of credit completion before and was betting on the come. Apparently they had quite a few cargoes at sea. What do you think a Chinese company would do when they figured that out ??? If that story is true then Merubeni gambled and lost.