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Community Manager
marketeye
Posts: 3,046
Registered: ‎05-03-2010
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Floor Talk June 19

[ Edited ]

At the close:

The July corn futures settled 12 1/2 cents higher at $6.12, while the Dec. contract finished 29 cents higher at $5.63. The July soybean contract closed 50 1/4 cents higher $14.34, while the Nov. 2012 contract settled 46 3/4 cents higher at $13.86. The July wheat futures finished 17 1/4 cents higher at $6.47 1/2. July soyoil futures ended $1.69 higher at $50.45. The July soymeal futures settled $14.80 higher at $427.70. 
In the outside markets, the NYMEX crude oil is $0.98 per barrel higher, the dollar is lower and the Dow Jones Industrials are 103 points higher.

 

Mike

--------

At 1pm:

The farm markets remain strong. One analyst is saying, "It is as much a weather market as anything, and the crop report last night brought this home to people.  Also, the G-8 is talking about global growth stimulus, and I think people expect a lot more money to hit the market in the short term to create conditions for global growth to happen.  I am not convinced they are right, but we will see.  Specs buying everything today.  Remember how beat up these markets have been and keep this huge move in some perspective.  It is big, but as beat up as this market got you had to think a big move was coming.  Beans finding some producer and spec selling against contract highs.  Corn bulls will get more help with a close above 550 Dec that would imply a return to something in the 590-600 Dec area.  We are starting to lose bushels and that is what is pushing as much as anything today."

 

Mike

-----

At mid-session:

The July corn futures trade 14 1/2 cents higher at $6.14, while the Dec. contract trades 25 1/2 cents higher at $5.59 1/2. The July soybean contract is trading 52 3/4 cents higher $14.37, while the Nov. 2012 contract trades 47 3/4 cents higher at $13.87. The July wheat futures are trading 15 1/2 cents higher at $6.453 /4. July soyoil futures trade $1.61 higher at $50.37. The July soymeal futures are trading $15.10 higher at $428.00. 
In the outside markets, the NYMEX crude oil is $0.67 per barrel higher, the dollar is lower and the Dow Jones Industrials are 121 points higher.

 

One floor trader says, "The market is trading all weather, in corn. Yield guesses are now at 158 bu./acre for corn vs. the USDA's 166 bushels per acre. For soybeans, yield estimates of 42.5 bu./acre are being thrown around. I think we are just getting started. There is no length in the corn market," he says.

 

Mike

-------

At 10:20am:

Beans are through the roof!!!!!!  July soybeans are up 63¢, November is up 53¢!!!!

 

Mike

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At the open:

The July corn futures trade 11 cents higher at $6.11, while the Dec. contract trades 19 cents higher at $5.53. The July soybean contract is trading 39 cents higher $14.23, while the Nov. 2012 contract trades 41 cents higher at $13.80. The July wheat futures are trading 17 cents higher at $6.47. July soyoil futures trade $1.35 higher at $50.10. The July soymeal futures opened $10.60 higher at $423.50. 
In the outside markets, the NYMEX crude oil is $0.96 per barrel higher, the dollar is lower and the Dow Jones Industrials are 102 points higher.

 

Mike

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

At 8am:

--USDA announces Tuesday that an 'unknown' buyer purchased 140,000 mt of U.S. soybeans for 2011-12 delivery.

 

Mike

---------

At 6:30am:

Early calls: Corn 10-12 cents higher, soybeans 23-25 cents higher, and wheat 13-15 cents higher.

 

Trackers:
Overnight grain, soybean markets=Trading sharply higher.
Crude Oil=$0.09 per barrel lower.
Dollar=Lower.
Wall Street=Seen starting flat as Spain's debt crisis comes into focus. Also, the Fed Reserve's two-day meetings that end Wednesday could produce another round of stimilus.

World Markets=Asia/Pacific stocks are mixed, while Europe stocks are higher.

 

 

More in a minute,

 

Mike

Community Manager
marketeye
Posts: 3,046
Registered: ‎05-03-2010
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Re: Floor Talk June 19

[ Edited ]

Hardly any weather out there for those that need it, this morning. For the eastern Corn Belt, here's the latest radar situation, according to Freese-Notis Weather Inc.:

 

InterRAD-1.gif

 

It looks like the fishing in Wisconsin will be interrupted. And that is about it.

 

Mike

Advisor
Pupdaddy
Posts: 618
Registered: ‎05-14-2010
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Re: Floor Talk June 19

Got a strange weather event yesterday. Line of thunderstorms came almost directly south out of Michigan and gave us a soaking. All told for yesterday and the evening before was 2"...in three very nice soaking episodes. I don't know if the Big Guy is trying to make up for last year or not...but somebody must have been listening to our prayers.....

Senior Contributor
SouthWestOhio
Posts: 515
Registered: ‎05-13-2010
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Re: Floor Talk June 19

pupdaddy I saw those showers on the radar and was hoping some of you .com friends were benefitting. Next time try to send em a little more south. We got .45" Sunday to unroll the corn for 2 days. Glad to get that but need that much every couple of days to catch this crop up a little. And the forecast says that will not happen. (west of Dayton)

Community Manager
marketeye
Posts: 3,046
Registered: ‎05-03-2010
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Re: Floor Talk June 19

Pupdaddy,

 

Good to hear your fortune of getting rain. God is listening to you. Ask and you shall receive, my man. That should hold you over for awhile, yes?

 

Meanwhile, I'm hearing the market is well supported with two key bullish items today. First, this hot/dry weather in the rest of the Corn Belt could be making the cropsize smaller. Monday's Crop Progress Report validated that thought. Hardest hit could be the corn in the southern Corn Belt that is starting to pollinate. Secondly, now that the Greece vote is over, funds are starting to re-enter the grain market. One way they are re-entering is going 'long' the Dec. corn contract, analysts say. It looks like the bulls are getting fat this week.

 

Mike 

Senior Contributor
Blacksandfarmer
Posts: 857
Registered: ‎08-04-2010
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Re: Floor Talk June 19

Mike its good to see the market is finally starting to take notice of the weather situation. By the way its looking, combines may never leave the shed in Southwest Michigan, Indiana and Western Ohio this year. We got about a quarter inch for rain Sunday but that moisture will be long gone after today's 95 degree heat and 20 MPH winds. I still think we could have a decent corn crop if we could get some decent rain. The soybean crop in the ECB will never recover. There are plenty of soybean fields here that need replanted but there isn't enough moisture for that. We will see $15+ beans soon...... $4 to $10 corn by harvest.

Esteemed Advisor
Hobbyfarmer
Posts: 3,656
Registered: ‎01-10-2012
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Re: Floor Talk June 19

"USDA announces Tuesday that an 'unknown' buyer purchased 140,000 mt of U.S. soybeans for 2011-12 delivery."

 

Do you suppose this is the same "buyer" that cancelled an order about this same size last week?

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."
Community Manager
marketeye
Posts: 3,046
Registered: ‎05-03-2010
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Re: Floor Talk June 19

Hobbyfarmer,

 

It's very likely. That 'unknown' buyer likes to do that.

 

Mike

Community Manager
marketeye
Posts: 3,046
Registered: ‎05-03-2010
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Re: Floor Talk June 19

Blacksandfarmer,

 

I'm hearing the same thing. Can you show us your ECB beans? Can you post a photo of a bean field or two that won't appear to recover?

 

Thanks,

 

Mike

Senior Contributor
jec22
Posts: 410
Registered: ‎06-03-2010
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Re: Floor Talk June 19

One would assume that with $95 hogs, any shortage in beans, would be positive for corn.  Looks like corn will have to make up any shortages in bean meal.  They aren't going to slow down feeding those pigs at 95 dollars.  No need to panic, ugly beans in June is not a big factor if weed control is there.  Big beans in June can end up a tall, stemmy disappointment come fall.

 

Good thing there is all that corn still in farmer's bins.  I am sure it is there, they say it is:smileyhappy:   Still can raise a decent crop, next to no way we raise 160+.  Hope we don't have to find out what our policy of only wanting one bushel more than we need gets us.  Cutting ethanol will not happen soon, it would be stupid.  Lose the DDG's and raise fuel prices.  Raising fuel prices is a dagger in the economy.  It would be far better to cut out corn for sugar before cutting  ethanol--just ask NYC--scary isn't it?  Oh, the politics will be a show to watch.

 

Time to enjoy the summer, it goes way too fast.

 

 

 

 

So. IA