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Community Manager
marketeye
Posts: 3,182
Registered: ‎05-03-2010
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Floor Talk June 19

[ Edited ]

At the close:

The the July futures corn contract closed 9 cents higher at $6.82. New-crop Dec. corn futures setttled 20 cents higher at $5.70. The July soybean futures contract ended 12 cents higher at $15.23, new-crop Nov. soybeans closed 21 cents higher at $13.10. July wheat futures finished 19 cents higher at $7.07 per bushel. The July soymeal futures closed $1.80 per short ton higher at $453.60. The July soyoil futures ended $0.54 higher at $49.35.
In the outside markets, the NYMEX crude oil is $0.05 per barrel lower, the dollar is higher and the Dow Jones Industrials are 71 points lower.

 

It's a weather market, traders tell me. Separately, Fed Chairman Ben Bernanke is not going to stop or putting $85 billion of jack into the U.S. economy.

 

Mike

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At 10:10am:

Why the sharp turnaround in the markets this morning? The word on the floor is that "the summer drought starts today". A new forecast has the heat ridge building, and the popular phrase on the floor is "the drought starts today".

 

Plus, the cash basis remains strong.

 

Up she she goes!

 

Mike

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At 10am:

 

--EIA reports Wednesday that less amounts of ethanol was produced this week at 873,000 barrels, vs. 884,000 barrels a week ago. Ethanol stocks are going higher too. So, less made but more piling up. That must mean less usage of ethanol?

 

 

Mike

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At 9:45am:

Farm markets turn higher. The the July futures corn contract is 1 cents higher at $6.74. New-crop Dec. corn futures are trading 5 cents higher at $5.55. The July soybean futures contract is trading 1 cent higher at $15.11, new-crop Nov. soybeans are trading 3 cents higher at $12.93. July wheat futures are trading 5 cents higher at $6.92 per bushel. The July soymeal futures are trading $1.50 per short ton lower at $450.30. The July soyoil futures are trading $0.10 higher at $48.91.
In the outside markets, the NYMEX crude oil is $0.08 per barrel higher, the dollar is lower and the Dow Jones Industrials are 6 points lower.

 

Mike

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At the open:

At the open, the the July futures corn contract is 6 cents lower at $6.67. New-crop Dec. corn futures are trading 2 cents lower at $5.48. The July soybean futures contract is trading 3 cents lower at $15.07, new-crop Nov. soybeans are trading 3 cents lower at $12.86. July wheat futures are trading 2 cents lower at $6.85 per bushel. The July soymeal futures are trading $2.00 per short ton lower at $449.80. The July soyoil futures are trading $0.08 higher at $48.89.
In the outside markets, the NYMEX crude oil is $0.05 per barrel higher, the dollar is lower and the Dow Jones Industrials are 11 points lower.

 

Mike

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At 6:20am:

--S. Korea buys 60,000 tons of South American soymeal Wednesday.

--Ukraine's minister announces Wednesday that its country's 2013 grain exports totaled 23.0 million metric tons vs. the expected 24.4 mmt.

--In the U.S., the early season 'garden spots' are where? I'm guessing the extreme parts of the Midwest. For example, eastern Illinois, Indiana and Ohio look pretty good and western Iowa and Nebraska. But it's the stuff in the middle that's deficient of growing degree days? Would that be a close summation of the crop growing picture? What say you?

 

Mike

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At 6am:

 

Early calls:  Corn is seen 5-7 cents lower (old-crop), soybeans 1-2 cents higher (old-crop), and wheat 2-4 cents lower. Meanwhile, new-crop corn 1-2 cents lower and soybeans are seen 1-2 cents higher.

 

Trackers:
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.47 per barrel higher
Dollar=Higher.
Wall Street=Seen higher, ahead of the U.S. Fed Reserve's monetary policy announcement. It's simple. The question is whether or not the Fed will keep pumping $85 billion per month into the economy. We'll know this afternoon. Investors are nervous.

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

 

 

 

More in a minute,

 

Mike

 

Veteran Contributor
NABFarmer
Posts: 105
Registered: ‎08-21-2010
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Re: Floor Talk June 19

Personally I'm sick of the weather these days. Crop goes from looking good one week to thinking its a good thing I took insurance the next. Definitely garden spots around here if your lucky enough not to catch every rain.
Frequent Contributor
ne 50
Posts: 65
Registered: ‎05-18-2010
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Re: Floor Talk June 19

might be a garden spot here ... if... we could catch a rain... too dry...

 

Senior Contributor
Blacksandfarmer
Posts: 897
Registered: ‎08-04-2010
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Re: Floor Talk June 19

Mike I am 3 hours east of you. The corn and soybeans here are looking excellent for the time being. The corn is knee to waist tall depending on the field. Northern Indiana and NW Ohio have some of the nicest stands I can remember for this time of year. Its early in the ballgame though. The weather in July and August could burst our hopes of a bin buster.

Senior Contributor
SouthWestOhio
Posts: 519
Registered: ‎05-13-2010
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Re: Floor Talk June 19

I am three hours south of Blacksand and things look excellent here too. We probably don't have the subsoil moisture profile Blacksand has so we are a little more dependent on getting some regular rains in the next weeks. Spraying weeds today and applying micronutrients to keep this crop on track.
Advisor
giolucas
Posts: 1,129
Registered: ‎06-25-2010
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Re: Floor Talk June 19

First rain, now sun, what is next, pain? Talk about a weather market.

Veteran Advisor
roarintiger1
Posts: 1,593
Registered: ‎04-29-2011
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Re: Floor Talk June 19

So.......now we are in a drought?   Can't be the only reason for a rally today.

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Advisor
farmerguy89
Posts: 1,193
Registered: ‎06-30-2012
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Re: Floor Talk June 19

Informa says less acres are planted than the USDA roaring