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Community Manager
marketeye
Posts: 3,129
Registered: ‎05-03-2010
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Floor Talk May 2

[ Edited ]

At the close:

The July corn futures contract closed 7 1/2 cents lower at $4.99. The Dec. corn futures finished 5 cents lower at $4.94. The July soybean futures contract closed 9 3/4 cents higher at $14.70. The Nov. soybean futures finished 3 cents lower at $12.22. July wheat futures closed 8 3/4 cents higher at $7.16 per bushel. The July soymeal futures contract closed $3.70 per short ton higher at $480.40. The July soyoil futures finished $0.35 higher at $41.51. 
In the outside markets, the Brent crude oil is $0.41 per barrel higher, the dollar is lower and the Dow Jones Industrials are 46 points lower.

 

Mike

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At mid-session:

The July corn futures contract is trading 7 1/2 cents lower at $4.99. The Dec. corn futures are trading 5 1/2 cents lower at $4.94. The July soybean futures contract is 1 3/4 cents higher at $14.62. The Nov. soybean futures are trading 3 1/2 cents lower at $12.22. July wheat futures are 8 1/2 cents higher at $7.15 per bushel. The July soymeal futures contract is trading $0.90 per short ton higher at $477.60. The July soyoil futures are trading $0.26 higher at $41.42. 
In the outside markets, the Brent crude oil is $0.47 per barrel higher, the dollar is higher and the Dow Jones Industrials are 15 points lower.

 

INFORMA WORLD PRODUCTION NUMBERS released Friday:
Brazil corn 70.5 mmt, down 1.0 from last month
Argentina corn 23.3 mmt, up 0.3 mmt from last month
Brazil soybean 87.4 mmt, up 0.7 from last month
Argentina soybean 54.0 mmt, down 0.5 mmt from last month

U.S. Crop Production Estimates:

 

Winter wheat seen at 1.496 billion, down 38 mil from last year

HRW seen at 840, up 96 mil from last year
SRW seen at 443, down 122 mil from last year.

 

Mike

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At the open:

The July corn futures contract is trading 2 3/4 cents lower at $5.04. The Dec. corn futures are trading 1 3/4 cents lower at $4.97. The July soybean futures contract is 3 3/4 cents higher at $14.64. The Nov. soybean futures are trading 1 cent higher at $12.26. July wheat futures are 3 3/4 cents higher at $7.11 per bushel. The July soymeal futures contract is trading $0.50 per short ton higher at $477.20. The July soyoil futures are trading $0.27 higher at $41.43. 
In the outside markets, the Brent crude oil is $1.28 per barrel higher, the dollar is higher and the Dow Jones Industrials are 32 points higher.

 

Mike

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At 7:40am:

The Kansas Wheat Quality Council tour pegged Kansas wheat yields at 33.2 bushels per acre, the lowest projected yield since 2001. Kansas production at 260.7 million bushels, the lowest since 1996.

The tour estimates five-year averages at 41.8 bpa and 328 mln bu, both above the final NASS estimates.

 

Mike

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At 7:30am:

Early calls: Corn is seen 1-2 cents higher, soybeans 4-6 cents higher , and wheat 5-7 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.

Brent Crude Oil=$1.28 per barrel higher.
Dollar= Higher.

Wall Street=Seen higher.

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

 


More in a minute,

 

Mike

Veteran Advisor
Palouser
Posts: 2,176
Registered: ‎05-13-2010
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Kansas, judging by the pictures .....

...... would make me think the current yield forecast is extremely optimistic. It is based on the complete realization of the potential with adequate rain. Because most of it appears to be not in very good shape, very small and on the knifes edge, I'll guess the final yields will be lower yet - with the potential to be drastically lower.

Esteemed Advisor
sw363535
Posts: 4,539
Registered: ‎07-18-2011
0

Re: Kansas, judging by the pictures .....

Mike what is the morning sentiment.  Sounded pretty good when we reved it up.  Did we throw a rod or just get some water in the fuel?

sw
Senior Contributor
luisvieira
Posts: 226
Registered: ‎04-24-2012
0

Re: Kansas, judging by the pictures .....

Brazil will finally finish the soybean harvest in two weeks. Recently, the weather has been good for the last few days. The 85 million tons crop is likely to be confirmed...