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Community Manager
marketeye
Posts: 3,052
Registered: ‎05-03-2010
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Floor Talk June 20

[ Edited ]

At the close:

The July corn futures closed 2 1/2 cents lower at $6.10, while the Dec. contract finised 1 cent higher at $5.64 1/2. The July soybean contract closed 9 1/2 cents higher $14.43 1/4, while the Nov. 2012 contract settled 8 3/4 cents higher at $13.93 3/4. The July wheat futures closed 10 1/2 cents higher at $6.60. July soyoil futures finished $0.34 higher at $50.78. The July soymeal futures settled $.50 lower at $427.40. 
In the outside markets, the NYMEX crude oil is $2.93 per barrel lower, the dollar is higher and the Dow Jones Industrials are 51 points lower.

 

One analyst says, "says it's been transition day. First, the markets priced in this week's hot dry weather into Tuesday/Wednesday highs to profit-taking, then deciding if they should buy long or short for next week on Friday," he says. Next week looks cooler but dry. So the downside is limited to profit- taking and no hard selling, he says.

Mike

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At mid-session:

The July corn futures trade 1 1/2 cents lower at $6.11, while the Dec. contract trades 10 cents lower at $5.53. The July soybean contract is trading  1 1/4 cents higher $14.35, while the Nov. 2012 contract trades 1/2 of a cent lower at $13.84 3/4. The July wheat futures are trading 4 cents higher at $6.53 1/2. July soyoil futures trade $0.39 higher. The July soymeal futures trade $3.90 lower at $424.00. 
In the outside markets, the NYMEX crude oil is $1.39 per barrel lower, the dollar is lower and the Dow Jones Industrials are 27 points lower.

 

Mike

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At the open:

The July corn futures trade 1 cent lower at $6.11 1/4, while the Dec. contract trades 8 cents lower at $5.58 3/4. The July soybean contract is trading 3 1/4 cents higher $14.37 1/2, while the Nov. 2012 contract trades unchaned at $13.84 3/4. The July wheat futures are trading 7 cents lower at $6.42. July soyoil futures trade higher. The July soymeal futures opened lower. 
In the outside markets, the NYMEX crude oil is $0.54 per barrel lower, the dollar is lower and the Dow Jones Industrials are 2 points lower.

 

Mike

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At 8:30am:

No fresh export sales today. The market will be eyeing the Fed's choice to stimulate or not.

 

Mike

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At 7:10am:

--Japan seeks 320,000 mt of feed wheatt, barley in June tender.

--Japan buys 3,000 mt of feed wheat, barley Wednesday.

--Valero announces a temporary shutdown an ethanol plant in Albion, Nebraska, due to low margins, Reuters reports. This is the second Nebraska ethanol plant to stop production. But, I can't think of the name of the town where the other one is located.

 

Mike

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At 6:55am:

Early calls: Corn 1-2 cents lower, soybeans 8-10 cents higher, and wheat 2-4 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.05 per barrel higher.
Dollar=Lower.
Wall Street=Seen little changed, as all eyes turn towards to the Federal Reserve to see if another stimilus plan will be launched. An announcement comes at 12-Noon today.

World Markets=Higher.

 

 

More in a minute,

 

Mike

Community Manager
marketeye
Posts: 3,052
Registered: ‎05-03-2010
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Re: Floor Talk June 20

It looks like the corn may come from the upper Midwest this year. I can't tell you how many mornings the Freese-Notis Weather Inc. radar has looked like it does this morning:

 

InterRAD.gif

 

Senior Contributor
Mike M2692830
Posts: 216
Registered: ‎05-15-2010
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Re: Floor Talk June 20

Some of those folks in Minnesota would like to see the faucet shut off..MikeM

Senior Contributor
farsider
Posts: 160
Registered: ‎06-28-2010
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Re: Floor Talk June 20

http://www.cpc.ncep.noaa.gov/products/monitoring_and_data/soilmmap.gif Kind of a nasty map echoing what you are saying Mike. Maybe the corn belt has shifted north, unfortunate the top soil is coming this way with the wind. What a year.
Veteran Contributor
infire
Posts: 83
Registered: ‎07-07-2010
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Re: Floor Talk June 20

So why the pull back in corn? Weather model change or is the market just tired?

 

Frequent Contributor
rusureofit
Posts: 64
Registered: ‎05-15-2011
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Re: Floor Talk June 20

This is probably the reason for this mornings pullback, just came accross on twitter:

 

Nerves in all of the commodities this AM ahead of Fed's policy statement; corn dn 4-10, beans up 3 to dn 2, wheat dn 6

Community Manager
marketeye
Posts: 3,052
Registered: ‎05-03-2010
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Re: Floor Talk June 20

Rain chances today for the western Corn Belt, mostly is the cause. But, we return to hot/dry weather quickly at the end of the week. Corn has plenty more upside, analysts say. Be sure to look out for positioning ahead of the June Seed & Stocks Report  next week.

 

Mike

Veteran Contributor
frankne
Posts: 84
Registered: ‎05-04-2010
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Re: Floor Talk June 20

Mike that would be NeDak in Atkinson used (said ) around 17 million a year.Has had hiccups since start.

Veteran Contributor
docharing
Posts: 135
Registered: ‎05-14-2010
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Re: Floor Talk June 20

Local ethanol plant here in Ohio going full tilt. Corn buyer says 100% of their production is already sold for July and August, they will produce ethanol and buy corn for whatever they have to pay! $$

Senior Contributor
Farmerjoe79
Posts: 399
Registered: ‎04-02-2012
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Re: Floor Talk June 20

Should be buying ethanol on the board if a few of these plants shut down. It should start bringing are ethanol stocks down.