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Community Manager
marketeye
Posts: 2,891
Registered: ‎05-03-2010
0

Floor Talk April 23

[ Edited ]

After the close:

 

USDA says 28% of the U.S. corn crop is planted. Also, 6% of U.S. soybeans are in the ground. What do you think? Are you surprised at the numbers?

 

Whew! Look at Illinois, with 59% of the corn planted, USDA says. Iowa is only 9% planted. Informa estimates 1.0 billion bushels of corn could come out of Illinois in late August.

 

Thanks,

 

Mike

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At the close:

The July corn futures settled 9 1/2 cents higher at $6.12 1/2. The July soybean contract settled 8 1/2 cents lower  $14.41. The July wheat futures finished 9 1/2 cents higher at $6.32 1/2. The July soymeal futures closed $6.50 per short ton lower at $403.40. The July soyoil futures ended $0.79 lower at $55.49. 
In the outside markets, the NYMEX crude oil is $0.76 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 116 points.

 

Mike

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At mid-session:

The July corn futures trade 3 1/4 cents higher at $6.06 1/2. The July soybean contract is trading 2 cents lower  $14.47 1/2. The July wheat futures are trading 7 1/2 cents higher at $6.30 1/2. The July soymeal futures are trading $2.40 per short ton lower at $407.50. The July soyoil futures are trading $0.53 lower at $55.75. 
In the outside markets, the NYMEX crude oil is $1.76 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 136 points.

 

Mike

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At 10:30am:

All markets are finally getting their mojo Monday. Corn, soybeans and wheat have all moved into positive territory.

 

Mike

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At the open:

The July corn futures trade 1/2 of a cent higher at $6.03 1/2. The July soybean contract is trading 1 3/4 cents lower  $14.49. The July wheat futures are trading 1/2 of a cent lower at $6.22 3/4. The July soymeal and sloyoil futures are trading lower. 
In the outside markets, the NYMEX crude oil is $1.51 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 171 points.

 

Mike

---------------

At 8:10am:

USDA announces Monday that an 'unknown' buyer purchased 165,000 mt of 2011-12 U.S. soybeans and 120,000 mt of 2012-13 U.S. corn.

 

 

Hmmmm......China?

 

Mike

------------

At 7am:

--For March, China's soybean imports were estimated at 4.83 mmt, up 37% on-year.

--For March, China's corn imports were estimated at 471,985 mt vs. 2,303 a year ago.

--For March, China's wheat imports were estimated up 612% vs. a year ago at this time.

 

Meanwhile, a Dow Jones Newswire story Monday indicates China's Sinograin will buy U.S. corn at the right price. And today's corn prices are right.

 

Mike

---------

At 6:40 am:

Early calls: Corn mixed, soybeans 1-2 cents lower, and wheat 1-2 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.78 per barrel lower.
Dollar=Higher.
Wall Street=Seen trading lower on weak data from China and the Eurozone.

World Markets=Lower.

 

 

More in a minute,

 

Mike

Frequent Contributor
rusureofit
Posts: 64
Registered: ‎05-15-2011
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Re: Floor Talk April 23

 

 

Bloomberg says: China may buy corn if prices fall to $5.50 per bushel, the China National Grain & Oils information Center said.



Meanwhile, a Dow Jones Newswire story Monday indicates China's Sinograin will buy U.S. corn at the right price. And today's corn prices are right.



But we are also told what has already been taking place:



For March, China's corn imports were estimated at 471,985 mt vs. 2,303 a year ago.

 

Hmmmm, looks like prices have been right and have fallen too much already!  Sounds like the China National Grain & Oils information Center is talking with their mouth full again!

I'm with MT on this one......

 

Contributor
johndoeQ
Posts: 24
Registered: ‎10-30-2010
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Re: Floor Talk April 23

If your with MT you wont sell, but you will build another bin to store new crop.  If your MT you will wait for seven dollar corn, and sell for four.  If your with MT you will drag many good farmers down, by chastising them form selling.  If your with MT you would think grain prices are never going down, they only go up.  If your with MT you should  "get the hammer" when  selling grain, only to use it over your head for not selling till the lows.  If you with MT you switch corn acres to beans because you didn't lock in corn at profitable levels. 

Veteran Advisor
roarintiger1
Posts: 1,426
Registered: ‎04-29-2011
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Re: Floor Talk April 23

China will buy at the right price?    That is correct......every time the US puts corn "on sale" they will buy.

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Contributor
johndoeQ
Posts: 24
Registered: ‎10-30-2010
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Re: Floor Talk April 23

Meowing Kitty,  China under buys what the expert expect them to purchse when the rumors come out.  The expert think they are going to buy 6-8 loads they end up buying 2.  Why would they buy corn at these prices because if they wait corn will get cheaper.  China sets the market and are more intellegent then buying at these high prices.  If they  wait they can buy at threes not fives or sixes.

Senior Contributor
Farmerjoe79
Posts: 388
Registered: ‎04-02-2012
0

Re: Floor Talk April 23

Johndoe sounds likes he's sold out:smileyhappy:.
Senior Contributor
Buckley_HF
Posts: 165
Registered: ‎12-29-2011
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Re: Floor Talk April 23

Haha. Johnny, mt run your dog over this weekend or something?! And ps, look at the domestic prices of corn and soya in china. That's why they buy at 6 and 14
Frequent Contributor
muddymiller
Posts: 54
Registered: ‎10-17-2010
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Re: Floor Talk April 23

'China sets the market and are more intellegent then buying at these high prices. If they wait they can buy at threes not fives or sixes' If this is true, why did they import so much last month at presumably higher prices?
Frequent Contributor
rusureofit
Posts: 64
Registered: ‎05-15-2011
0

Re: Floor Talk April 23

JohndoeQ.....Here is a peek in my grain bins.....all old crop beans are gone and half of new crop beans are sold for over $13.  Because I am now out of old crop beans to sell they will continue to go up.  That aways happens when the farmer doesn't have any left to sell, which is of course oposite of what you think that everything is going down.....  I haven't sold any new crop corn like a lot of farmers since the cash price I can get is below the insurance guarantee.  If I sell it for less than the guarantee then I guarantee myself less than the insurance price unless corn rallies above the insurance at harvest, and you and everyone else doesn't think it will so I have to hold out for the insurance price at the cash level or higher to sell new crop.  Old crop corn I was selling on the way up and the last sale for delivery in May was over $6.50.  I'll wait and see on the last of old crop corn, this acre battle and ending stocks right now are still a moving target along with the weather.....I will be all sold on old crop corn if we get a 50-75 cent rally.  If not I will sell by June 31st at the latest, then I will know if I have a decent crop coming and can rely on that for next years income even if it is priced lower, the extra bushels may make up the difference. 

Senior Contributor
Farmerjoe79
Posts: 388
Registered: ‎04-02-2012
0

Re: Floor Talk April 23

So he got four dollars last year and now he sold for 5 for this year. So he average 4.50 for the two years. Good marketing john doe you might be able to buy some land if land goes back to1500 acre. If you would have listen to Mt last year you might not have sold so cheap.