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Community Manager
marketeye
Posts: 2,895
Registered: ‎05-03-2010
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Floor Talk June 27

[ Edited ]

At the close:

The July futures corn contract settled 3 cents higher at $6.67. New-crop Dec. corn futures finished 5 cents lower at $5.38. The July soybean futures contract closed 14 cents higher at $15.48., new-crop Nov. soybeans settled 1 cent lower at $12.75.  July wheat futures closed 4 cents lower at $6.63 per bushel. The July soymeal futures ended $16.30 short ton higher at $479.60. The July soyoil futures ended $0.23 lower at $46.40.
In the outside markets, the NYMEX crude oil is $1.55 per barrel higher, the dollar is lower and the Dow Jones Industrials are 115points higher.

 

Mike

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At 12-Noon:

The July futures corn contract is 2 cents higher at $6.66. New-crop Dec. corn futures are trading 6 cents lower at $5.37. The July soybean futures contract is trading 10 cents higher at $15.43., new-crop Nov. soybeans are trading 2 cents lower at $12.74.  July wheat futures are trading 2 cents lower at $6.65 per bushel. The July soymeal futures are trading $9.80 short ton lower at $473.10. The July soyoil futures are trading $0.08 lower at $46.55.
In the outside markets, the NYMEX crude oil is $1.45 per barrel higher, the dollar is lower and the Dow Jones Industrials are 127points higher.

 

Also, one analyst spelled out Friday's market reaction pretty sucicntly. He says, "The first reaction to the numbers is a sharp move by those who bet wrong getting out, followed by profit taking by those who bet right. Lastly, the close represents the report facts and near term trend. The report comes out during trading hours with electronic and pit trading open, there is an initial knee jerk effect within seconds and over reaction. There is no time for analyst to break down these lengthy and complex reports to get a measured trading plan in place."

 


What do you think? There seems to be a lot of truth in his explanation of report day.

 

Mike

Veteran Contributor
Kstater85
Posts: 109
Registered: ‎06-28-2012
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Re: Floor Talk June 27

There is a wise old saying in trading --   "amateurs open markets, professionals close them" 

Community Manager
marketeye
Posts: 2,895
Registered: ‎05-03-2010
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Re: Floor Talk June 27

The other one is "It's not how the market opens that tells you the direction, but how it closes".

 

Mike

Veteran Advisor
roarintiger1
Posts: 1,430
Registered: ‎04-29-2011

Re: Floor Talk June 27

I'm not sure there will be a knee-jerk reaction to the report.  But I'm pretty sure there will be some jerks reacting to the report.

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Senior Contributor
giolucas
Posts: 1,053
Registered: ‎06-25-2010
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Re: Floor Talk June 27

Veteran Advisor
roarintiger1
Posts: 1,430
Registered: ‎04-29-2011
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Re: Floor Talk June 27

Amen brother........BTW, you needed a picture of a Gio, instead of a VW...........:smileyvery-happy:

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"