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Community Manager
marketeye
Posts: 3,123
Registered: ‎05-03-2010
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Floor Talk June 3

[ Edited ]

At the close:

The July corn futures contract settled 7 1/4 cents lower at $4.58. The Dec. corn futures finished 4 1/4 cents lower at $4.54. The July soybean futures contract closed 19 cents lower at $14.81. The Nov. soybean futures finished 8 cents lower at $12.21. July wheat futures closed 8 cents lower at $6.12. The July soymeal futures contract finished $6.40 per short ton lower at $499.60. The July soyoil futures ended $0.04 higher at $38.35. 
In the outside markets, the NYMEX Brent crude oil is $0.02 per barrel lower, the dollar is lower and the Dow Jones Industrials are 11 points lower.

 

Jack Scoville, PRICE Futures Group senior market analyst, says It was a liquidation day for the bulls and maybe some new spec selling as well. 

"I saw little interest from farmers to sell today, but specs were in there.  The fundamental catalyst for corn and beans remains the great Midwest weather, although maybe not so much in Des Moines today with the tornado watch out there!  But the crop progress for beans and corn and the conditions for corn were negative for prices.  No real demand news out there, there have been lots of rumors that the Chinese need to buy futures to price purchases, and that was part of the price action maybe yesterday but was not seen at all today.  Sooner or later the old crop gets priced out and it kind of acted that maybe a lot of the old crop needs are now covered here in the domestic market and in the export market.  If so, the July and the bull spread could be in serious trouble in beans.  Corn finding some spec buying interest in the Dec near 450 as that is getting into producer pockets now.  Wheat with some buying interest due to the lack of improvement in the ratings and on ideas that maybe US prices are close enough to world values for now.  But it was selling and weather that ruled the floor today," Scoville says.

 

Mike

------

Oil World Estimates:

 

Oil World shows an increase in their 2014-15 bean production numbers over last year.
Soybean Production in mmt
 
                   2014-15                 2013-14                          mmt Change                   % Change
World             301                        284                                    +17                              106 %
US                   98                          87                                    +11                               113 %
Brazil               90                          87                                      +3                               103 %
Argentina        56                          55                                       +1                               102 %
China              11.8                      12.0                                        -                                 98 %
India                11.0                        8.9                                     +2                               124 %


Mike

--------

At 9:30am:

What do you think?  Corn seen dropping $1, soybeans $2, analyst says.

 

Mike

----

At mid-session:

The July corn futures contract is trading 8 cents lower at $4.57. The Dec. corn futures are trading 5 3/4 cents lower at $4.52. The July soybean futures contract is 21 cents lower at $14.79. The Nov. soybean futures are trading 12 cents lower at $12.17. July wheat futures are 8 cents lower at $6.12. The July soymeal futures contract is trading $6.80 per short ton higher at $499.20.The July soyoil futures are trading $0.33 lower at $37.98. 
In the outside markets, the NYMEX Brent crude oil is $0.19 per barrel higher, the dollar is lower and the Dow Jones Industrials are 34 points lower.

 

Mike

-----------

At the open:

The July corn futures contract is trading 3 3/4 cents lower at $4.61. The Dec. corn futures are trading 3 3/4 cents lower at $4.54. The July soybean futures contract is 9 cents lower at $14.91. The Nov. soybean futures are trading 6 cents lower at $12.23. July wheat futures are 1 1/4 cents lower at $6.19. The July soymeal futures contract is trading $3.20 per short ton higher at $502.80.The July soyoil futures are trading $0.18 lower at $38.13. 
In the outside markets, the NYMEX Brent crude oil is $0.29 per barrel lower, the dollar is lower and the Dow Jones Industrials are 36 points lower.

 

Mike

----------

At 7:50am:

If you missed it, the USDA Monday estimated the U.S. corn crop at 95% planted and 76% good-to-excellent. This is the highest early rating in history.

For soybeans, the USDA Monday estimated the U.S. crop is 78% planted, topping both the five and 10-year averages for early June.

 

Mike

-------

At 6:45am:

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

Trackers:
Overnight grain, soybean markets=Trading lower.

Brent Crude Oil=$0.18 per barrel lower.
Dollar= Lower.

Wall Street=Seen lower, with eyes on autos sales, factory orders, and the ECB meeting.

World Markets=Europe stocks were lower, Asia/Pacific stocks were higher.

 


More in a minute,

 

Mike

Contributor
saturated
Posts: 29
Registered: ‎07-21-2011
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Re: Floor Talk June 3

Corn Condition - Selected States: Week Ending May 20, 2012
[National crop conditions for selected States are weighted based on 2011
planted acreage]
----------------------------------------------------------------------------
      State     : Very poor :   Poor    :   Fair    :   Good    : Excellent 
----------------------------------------------------------------------------
                :                          percent                          
                :                                                           
Colorado .......:      -           -          20          78           2    
Illinois .......:      1           2          18          63          16    
Indiana ........:      1           3          26          55          15    
Iowa ...........:      1           2          16          60          21    
Kansas .........:      1           3          28          60           8    
Kentucky .......:      1           5          32          53           9    
Michigan .......:      1           2          20          68           9    
Minnesota ......:      -           2          14          71          13    
Missouri .......:      1           6          26          56          11    
Nebraska .......:      -           2          20          71           7    
North Carolina .:      -           -          23          61          16    
North Dakota ...:      -           1          11          77          11    
Ohio ...........:      -           2          21          58          19    
Pennsylvania ...:      5           -          17          55          23    
South Dakota ...:      1           1          12          67          19    
Tennessee ......:      -           5          28          56          11    
Texas ..........:      1           2          28          53          16    
Wisconsin ......:      -           -          30          50          20    
                :                                                           
18 States ......:      1           2          20          62          15    
                :                                                           
Previous week ..:   (NA)        (NA)        (NA)        (NA)        (NA)    
Previous year ..:   (NA)        (NA)        (NA)        (NA)        (NA)

Corn Condition - Selected States: Week Ending June 1, 2014 [National crop conditions for selected States are weighted based on 2013 planted acreage] ---------------------------------------------------------------------------- State : Very poor : Poor : Fair : Good : Excellent ---------------------------------------------------------------------------- : percent : Colorado .......: - 1 29 51 19 Illinois .......: 1 2 27 53 17 Indiana ........: 1 5 24 55 15 Iowa ...........: - 1 17 65 17 Kansas .........: 2 7 50 37 4 Kentucky .......: 1 2 17 66 14 Michigan .......: - 1 18 68 13 Minnesota ......: - 1 16 68 15 Missouri .......: - 6 29 55 10 Nebraska .......: - 2 22 65 11 North Carolina .: - 2 17 70 11 North Dakota ...: 1 1 7 82 9 Ohio ...........: 1 3 21 62 13 Pennsylvania ...: - - 13 82 5 South Dakota ...: - 1 17 75 7 Tennessee ......: - 2 16 63 19 Texas ..........: - 5 48 38 9 Wisconsin ......: - 2 18 70 10 : 18 States ......: - 2 22 63 13 : Previous week ..: (NA) (NA) (NA) (NA) (NA) Previous year ..: 2 5 30 52 11 -----------------------------------------------------------------------
Contributor
saturated
Posts: 29
Registered: ‎07-21-2011
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Re: Floor Talk June 3

In the previous post the tables lined up correctly in preview mode but when posted the excellent column was messed up. Instead will post links to both initial tables for corn conditions in 2012 and 2014.

 

Corn 2012:

http://usda.mannlib.cornell.edu/usda/nass/CropProg//2010s/2012/CropProg-05-21-2012.txt

 

Corn 2014:

http://usda.mannlib.cornell.edu/usda/current/CropProg/CropProg-06-02-2014.txt

 

Sorry about tables looking so bad in previous post.

Esteemed Advisor
sw363535
Posts: 4,525
Registered: ‎07-18-2011

Re: Floor Talk June 3

[ Edited ]

Corn seen dropping $1, soybeans $2

 

pretty safe statement at this point --------- grabbed him a spot on this thread

 

Best cure for low prices is low prices.  

 

Seed guys may be out by July 1st  trying to tie down 2015 orders.

sw
Esteemed Advisor
sw363535
Posts: 4,525
Registered: ‎07-18-2011
0

Re: Floor Talk June 3

Gonna go check the bins ------- NC Soybean bin should be near full by now.

sw
Senior Contributor
Slim123
Posts: 199
Registered: ‎01-20-2012
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Re: Floor Talk June 3

I don't think you could expect anything different from this "analyst". Same old fear and gloom

Veteran Advisor
roarintiger1
Posts: 1,568
Registered: ‎04-29-2011
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Re: Floor Talk June 3

Just what is an "analyst"?   Someone who studies.............oh never mind.     :smileywink:

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Esteemed Advisor
sw363535
Posts: 4,525
Registered: ‎07-18-2011
0

Re: Floor Talk June 3

Just someone who writes.---------- so here we are. ---------- Monday was the key ----- a very short baseball schedule and a slow nascar day.  Weather was hiding and held us all in fear.  Therefore between 1:20 PM and 6:45 pm those super farmers in North Dakota planted 93% of 180% their normal acres.  Many Millions of acres were added to the planted acres in that state alone.  A state that up until this year had never harvested 5 million acres total of either corn or soybeans.

 

 

No your right roarintiger1, ------------  you can't do it with a straight face.

sw