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Community Manager
marketeye
Posts: 3,041
Registered: ‎05-03-2010
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Floor Talk May 14

[ Edited ]

At the close:

The July futures corn contract settled 3 cents lower at $6.52. New-crop Dec. futures finished 1 cent lower at $5.38. The July soybean futures contract ended 5 cents lower at $14.14, new-crop Nov. soybeans ended 4 cents higher at $12.14. July wheat futures finished 1 cent higher at $7.10 per bushel. The July soymeal futures finished $3.30 per short ton lower at $411.80. The July soyoil futures closed $0.15 higher at $49.76.
In the outside markets, the NYMEX crude oil is $1.16 per barrel lower, the dollar is higher and the Dow Jones Industrials are 76points higher.

 

Mike

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At mid-session:

The July futures corn contract is trading 4 cents lower at $6.51. New-crop Dec. futures are trading 1 cent lower at $5.39. The July soybean futures contract is trading 4 cents lower at $14.14, new-crop Nov. soybeans are trading 1 cent higher at $12.10. July wheat futures are trading 1 cent higher at $7.10 per bushel. The July soymeal futures are trading $1.20 per short ton lower at $413.90. The July soyoil futures are trading $0.16 lower at $49.45.
In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is higher and the Dow Jones Industrials are 85points higher.

 

Mike

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At the open:

 

The July futures corn contract opened 3 cents lower at $6.52. New-crop Dec. futures opened 1 cent lowerat $5.38. The July soybean futures contract opened 1 cent lower at $14.18, new-crop Nov. soybeans opened 2 cents higher at $12.12. July wheat futures opened 1/2 of a cent lower at $7.09 per bushel. The July soymeal futures opened $0.10per short ton lower at $415.00. The July soyoil futures opened $0.03 lower at $49.20.
In the outside markets, the NYMEX crude oil is $0.40 per barrel lower, the dollar is higher and the Dow Jones Industrials are 2 points higher.

 

Mike

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At 8:15am:

Jeff Coleman, The Trean Group analyst and CME Group floor trader, sees things this way, this morning:

 

"The grain markets were lightly traded overnight as the big three (corn, soybean, wheat) futures all traded around unchanged in tight trading ranges. Yesterday’s release of the USDA Crop Planting Progress Report came out as somewhat expected and did little move the grains during the night session. July corn futures opened a half cent lower, traded as much as 2 cents higher and 4 cents lower before settling near unchanged heading into the close this morning. The USDA report showed corn is 25% planted which is far behind the historical average but was within the range of pre report estimates. Farmers will have a few days of favorable weather and should make progress in their planting. July soybean futures also opened slightly lower but a rosy outlook for exports has provided support to old crop beans. July soybeans were down 2 cents but rallied 8 cents to trade 6 cents higher heading into this morning’s close. Volume was light in the wheat markets as July wheat futures traded in a 6.75 cent range, mostly to the upside. July wheat futures are trading almost 4 cents higher this morning.
The US equities markets traded mostly lower overnight as German economic numbers missed forecasts and comments by Philadelphia Fed President Charles Plosser where he reiterated his stance that the central bank should reduce bond purchases starting as early as the next FOMC meeting. S&P 500 Index futures were down around 3 points and DJ futures were down almost 30 points through the night until hedge fund legend David Tepper appeared on CNBC stated that he is bullish the US stock market. S&P 500 futures are now up over 2 points and DJ futures are up 11 points heading into the 7:20 AM CST opening of the treasuries markets. It is another relatively light day for economic data releases so we may see low volume in the stocks today," Coleman says.

 

Mike

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At 5:20 am:

 

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

 

Trackers:
Overnight grain, soybean markets=Trading mostrly lower.
Crude Oil=$0..05per barrel higher
Dollar=Lower.
Wall Street=Seen opening higher, as strong retail sales help sentiment.

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

 

 

 

 

More in a minute,

 

Mike

Senior Contributor
highyields
Posts: 771
Registered: ‎06-04-2010
0

Re: Floor Talk May 14

I read last night that the rally in corn was lead by the fact that there was shorts in the May contract trying to find corn, since the longs where forcing delivers? 

Esteemed Advisor
sw363535
Posts: 4,244
Registered: ‎07-18-2011
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Re: Floor Talk May 14

I hope that is true,   It would reinforce a little faith in the process.

 

sw
Senior Contributor
teaspoon73
Posts: 210
Registered: ‎05-17-2010
0

Re: Floor Talk May 14

   There have been zero deliveries in in corn, beans and sb meal, Dates posted last night are 10-30 2012 and 9-14-2012. What a rigged market. Today could have an explosive ending as May contracts go off at noon. Now you will see the real cash value of these grains. If you are an end user of these products you need the grab the physical products that you need to get to Oct, There isn't enough around to make it.

Advisor
c-x-1
Posts: 3,075
Registered: ‎06-26-2012
0

Re: Floor Talk May 14

[ Edited ]

looks like everyone is out in the fields.... Looks HOT out there in NE and IA.

 

 

Esteemed Advisor
Hobbyfarmer
Posts: 3,648
Registered: ‎01-10-2012
0

Re: Floor Talk May 14

no lookin, it it just is
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."
Frequent Contributor
nwiafmr
Posts: 57
Registered: ‎11-26-2010
0

Re: Floor Talk May 14

Sioux City had a record high of 106 this afternoon, besting the old record of 97 degrees.    My pickup thermometer had outside temperature of 103 degrees at 2:15 this afternoon.