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Community Manager
marketeye
Posts: 3,151
Registered: ‎05-03-2010
0

Floor Talk June 11

[ Edited ]

Note: Interesting story here about Pioneer opening a new seed production plant in Ukraine today. Our own Cheryl Tevis, Risk Management Editor, dove into the details of Ukraine expanding corn production.

 

Here is the link:  Ukraine poised for global trade

 

Mike

---------

At the close:

TheJuly futures corn contract settled 10 cents higher at $6.59. New-crop Dec. futures finished 5 cents higher at $5.50. The July soybean futures contract ended 28 cents higher at $15.40, new-crop Nov. soybeans settled 8 cents higher at $13.27. July wheat futures closed 7 cents higher at $6.96 per bushel. The July soymeal futures finished $15.10 per short ton higher at $463.40. The July soyoil futures closed $0.03 lower at $48.04.
In the outside markets, the NYMEX crude oil is $0.41 per barrel lower, the dollar is lower and the Dow Jones Industrials are 106 points lower.

 

Mike

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At mid-session:

At mid-session, the the July futures corn contract is 10 cents higher at $6.59. New-crop Dec. futures are trading 6 cents higher at $5.52. The July soybean futures contract is trading 27 cents higher at $15.39, new-crop Nov. soybeans are trading 5 cents higher at $13.24. July wheat futures are trading 9 cents higher at $6.98 per bushel. The July soymeal futures are trading $16.10 per short ton higher at $464.40. The July soyoil futures are trading $0.07 higher at $48.14.
In the outside markets, the NYMEX crude oil is $0.91 per barrel lower, the dollar is lower and the Dow Jones Industrials are 2 points lower.

 

One analyst is saying, "Today's market  action is all about positioning ahead of Wednesday's big USDA crop report. 

"New crop corn contracts are up on fear that Wednesday's USDA Report may lower corn acres and yields, due to the excessive spring rains," he says. 

 

The November soybean contract is dragging its feet on fear corn acres may move to beans, he says. 

 

Underpinning beans is the thinking of a strong crush pace that may show up on the report, he says. 

 

"Don’t expect any big moves into the close today, as these fears are muted by the thinking that the USDA may wait until the June 28 final acreage report to make big yield adjustments."

 

That report includes survey information that runs through June 16."

 

 

Mike

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At the open:

At the open, the the July futures corn contract is 3 cents higher at $6.53. New-crop Dec. futures are trading 2 cents higher at $5.48. The July soybean futures contract is trading 11 cents higher at $15.23, new-crop Nov. soybeans are trading 3 cents higher at $13.21. July wheat futures are trading 1 cent higher at $6.90 per bushel. The July soymeal futures are trading $5.10 per short ton higher at $453.40. The July soyoil futures are trading $0.23 higher at $48.30.
In the outside markets, the NYMEX crude oil is $1.14 per barrel lower, the dollar is higher and the Dow Jones Industrials are 18 points lower.

 

 

Mike

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

At 8am:

 

--No new USDA export sales.

--Russia's June grain exports are estimated to down 41% on-year.

 

Mike

-------

At 6:45am:

--S. Korea bought 134,000 tons of optional origin corn from Cargill Tuesday.

--Japan seeks milling wheat in a tender.

--Taiwan seeks U.S. corn, soybeans in June tender.

 

Mike

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At 6:30am:

 

Early calls:  Corn is seen 2-4 cents higher (old-crop), soybeans 8-10 cents higher (old-crop), and wheat 1-2 cents lower. Meanwhile, new-crop corn 1-2 cents higher and soybeans are seen 1-2 cents higher.

 

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.78 per barrel lower
Dollar=Lower.
Wall Street=Seen lower, as the Bank of Japan decides not to move to calm volatile markets.

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

 

 

 

More in a minute,

 

Mike

Senior Contributor
highyields
Posts: 790
Registered: ‎06-04-2010
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Re: Floor Talk June 11

I read the article about Ukraine.  They are a force in the exports, since the time when corn has hit $8 in the US here 3 things have happened short US crop, short crop in Ukraine and crop issues in South America.  

 

Now when they start using "modern" hybrids and more mordern technologies,  Look out.......

Community Manager
marketeye
Posts: 3,151
Registered: ‎05-03-2010
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Re: Floor Talk June 11

highyields,

 

I agree. It is a country and the Black Sea is a region to watch, regarding expansion of corn production. What challenges does this pose for the U.S. farmer? My first impression is that more corn will need to be grown on the same amount of acres?

 

Just a thought. What say you?

 

Mike

Advisor
farmerguy89
Posts: 1,121
Registered: ‎06-30-2012
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Re: Floor Talk June 11

Probably slow changes. The rest of the world is too slow and Europe is aweful at change.

Most fertilizer is sold to the third world still; it's also spread by hand.

The only people you need to take serious is south America.
Senior Contributor
highyields
Posts: 790
Registered: ‎06-04-2010
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Re: Floor Talk June 11

This was back in 2006 and I saw a show on Ukraine agriculture.  In 2006 it was only using 25% of the acres that where farmer when it was under the soviets.   So they have ALOT of potential.  The biggest hurdle over there is that when the Soviets fell apart the Ukraine gov.  Give everybody a little plot of land so they thought it would be a sustainable agricultural system.   These really big guys that are farming over there may have well over 100 landlords to put together a farm.   

Senior Advisor
kraft-t
Posts: 10,784
Registered: ‎05-10-2010
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Re: Floor Talk June 11

As I recall reading somewhere, the ukraine used to be the bread basket of europe. That is before Lenin, Stalin and those chaps.

Advisor
Red Steele
Posts: 4,488
Registered: ‎05-13-2010
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Re: Floor Talk June 11

Interesting that you know that Stalin, Lenin, Etal destroyed the farm sector in the Ukraine. Maybe if they had just stuck to Medicine, Education, and Income Redistribution they would have been ok?

"Peace on earth would mean the end of civilization as we know it" Joseph Heller
Esteemed Advisor
Hobbyfarmer
Posts: 3,975
Registered: ‎01-10-2012
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Re: Floor Talk June 11

RS that might have been too far over his head. :smileywink:

60% of the time, it works every time.

"Political correctness is a doctrine, fostered by a delusional, illogical minority, and promoted by mainstream media, which holds forth the proposition that it is entirely possible to pick up a piece of dung by the clean end."
Senior Contributor
old man
Posts: 250
Registered: ‎05-14-2010
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Re: Floor Talk June 11

I just saw that Pioneer is opening a $40,000,000 seed plant in Ukraine. Said that they did not have the best seed varieties there

Esteemed Advisor
Hobbyfarmer
Posts: 3,975
Registered: ‎01-10-2012
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Re: Floor Talk June 11

Pretty sure they don't have them here either.

60% of the time, it works every time.

"Political correctness is a doctrine, fostered by a delusional, illogical minority, and promoted by mainstream media, which holds forth the proposition that it is entirely possible to pick up a piece of dung by the clean end."