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Community Manager
marketeye
Posts: 3,052
Registered: ‎05-03-2010
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Floor Talk June 4

[ Edited ]

After the close:

 

USDA rated the U.S. corn crop as 72% good/excellent and soybeans 65% good/excellent. The soybean rating is lower-than-expected, while corn nearly unchanged is not bearish. Calls for tonight's electronic trading are slightly higher.

 

Mike

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At the close:

The July corn futures settled 16 1/2 cents higher at $5.68, while the Dec. contract finished 12 cents higher at $5.22. The July soybean contract finished 4 3/4 cents lower $13.39 1/2, while the Nov. 2012 contract settled 11 cents higher at $12.69. The July wheat futures closed 16 1/4 cents higher at $6.28 1/2. July soyoil futures ended down $0.29 lower at $48.30. The July soymeal futures finished $1.80 per short ton higher at $396.30. 
In the outside markets, the NYMEX crude oil is $0.55 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 18 points.

 

Mike

------

At mid-session:

The July corn futures trade 13 cents higher at $5.64 1/2, while the Dec. contract trades 9 3/4 cents higher at $5.19 3/4. The July soybean contract is trading 1 3/4 cents lower $13.42 1/2, while the Nov. 2012 contract trades 6 3/4 cents higher at $12.64 3/4. The July wheat futures are trading 12 cents higher at $6.24 1/4. July soyoil futures trade down $0.36 lower at $48.23. The July soymeal futures are trading $4.00 per short ton higher at $398.50. 
In the outside markets, the NYMEX crude oil is $0.01 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 42 points.

 

Mike

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At 10:20am:

The soybean market is weakening, while corn and wheat remain strong.

 

Mike

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At the open:

The July corn futures trade 16 cents higher at $5.67 1/2, while the Dec. contract trades 12 3/4 cents higher at $5.22 3/4. The July soybean contract is trading 8 cents higher $13.52 1/2, while the Nov. 2012 contract trades 11 cents higher at $12.69 1/4. The July wheat futures are trading 14 cents higher at $6.26. July soyoil futures trade down. The July soymeal futures opened $8.30 per short ton higher at $402.60. 
In the outside markets, the NYMEX crude oil is $0.22 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 20 points.

 

Mik

At 8am:

USDA announces that China bought 165,000 mt of U.S. soybeans Monday for 2012-13 delivery.

 

Mike

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At 7:45am:

Today, we will see new data for the market to digest. Weekly Export Inspection estimates at 10am, Informa will release U.S. and World pre-crop report estimates at 10:30am, USDA's Crop Progress at 3pm.

 

Mike

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At 6:32am:

Early calls: Corn 10-12 cents higher, soybeans 7-8 cents higher, and wheat 10-12 cents higher.

 

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$1.21 per barrel lower.
Dollar=Higher.
Wall Street=Seen headed lower, as the markets digest weak U.S. jobs data, growing global economic concerns, and weaker survery results on China's service sector Sunday.

World Markets=Lower.

 

 

More in a minute,

 

Mike

Community Manager
marketeye
Posts: 3,052
Registered: ‎05-03-2010
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Re: Floor Talk June 4

[ Edited ]

It's no secret the market is squarely focused on the weather. This past weekend, my family helped my Dad celebrate his 80th birthday in southwest Iowa. Meanwhile, I ran into farmers that are very concerned about this week's chances of rain. At a gas station Sunday, a farmer in Avoca, Iowa, had a real shaky tone to his voice when he said, "Oh, we need that rain badly!" Yet another farmer says the subsoil dryness is widespread. He says his friend that just took a helicopter ride from northwest Iowa to central Iowa, witnessed curling corn leaves in a large area. Out my Dad's back door in Shenandoah, Iowa, I found this cornfield:

 

Mikecorndad.jpg

 

I found the soil to be dry. The soil sifted through your hands easily. There were some ground cracks that measured about 1.5-inches or so. So, yes, it appeared this could be a very important week for this year's crop. If we get measurable rainfall, it could really boost subsoil moisture. If no rain shows up, it could be the start of a setback. Below is a shot of signs of dryness and root shortage.

 

DrycornDad.jpg

 

DirtcrackDad.jpg

 

Keep in mind, my camera was very close to the ground here. But, I'm just trying to show that signs of dryness are forming.

 

Mike

Veteran Advisor
roarintiger1
Posts: 1,506
Registered: ‎04-29-2011
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Re: Floor Talk June 4

Yep...can't work on machinery in the field......you drop a wrench down one of those cracks and you can't get it back.

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Friend
Marcelsantos
Posts: 1
Registered: ‎06-04-2012
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Re: Floor Talk June 4

Very good comment !! Thanks !

Community Manager
marketeye
Posts: 3,052
Registered: ‎05-03-2010
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Re: Floor Talk June 4

As we head towards the mid-session timeframe of Monday's market, we're seeing corn and wheat maintain stronger prices. However, soybeans are dropping back. We should be getting an updated weather forecast in the 11-O'clock hour. Meanwhile, with the exception of a band of rain in central Illinois, the skies are clear across much of the Midwest, according to the Freese-Notis radar:

 

InterRAD.gif

 

Mike

Esteemed Advisor
Hobbyfarmer
Posts: 3,662
Registered: ‎01-10-2012
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Re: Floor Talk June 4

Got a call from my guy in NW Kansas and said I had a cluster *%@% on the last quarter that was planted 10ish days ago, about halfish up.The other half needs an inch to get it up and going. 97 there yesterday and breezy. Will start to try wheat day after tomorrow, he has no illusions of grandure as far as yield there.

 

He is really down as he is waiting for a rain to plant his beans and Milo. said some Milo that belonged to another good farmer in that imediate area that has been planted longer than mine was not one bit coming up till a rain.

 

He hopes the crop insurance co's have a good supply of ink and paper.

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."
Senior Advisor
kraft-t
Posts: 10,733
Registered: ‎05-10-2010
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Re: Floor Talk June 4

We got 3.5 inches last night in tulsa. Some twigs on my lawn and it needs to be mowed. They had tornado warnings out for parts of Kansas and arkansas.

 

Just tossed this in here so those fellows would know that it CAN rain and not to give up hope.