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Community Manager
marketeye
Posts: 3,186
Registered: ‎05-03-2010
0

Floor Talk May 23

[ Edited ]

At the close:

The July futures corn contract closed 4 cents higher at $6.62. New-crop Dec. futures settled 4 cents higher at $5.34. The July soybean futures contract finished 14 cents higher at $15.08, new-crop Nov. soybeans closed 13 cents higher at $12.52. July wheat futures finished 14 cents higher at $7.03 per bushel. The July soymeal futures ended $3.60 per short ton lower at $437.00. The July soyoil futures finished $0.02 higher at $49.66.
In the outside markets, the NYMEX crude oil is $0.05 per barrel higher, the dollar is lower and the Dow Jones Industrials are 12 points lower.

 

Mike

--------

At mid-session:

 

The July futures corn contract is trading 5 cents higher at $6.64. New-crop Dec. futures are trading 1 cent higher at $5.31. The July soybean futures contract is trading 22 cents higher at $15.16, new-crop Nov. soybeans are trading 1 cent lower at $12.37. July wheat futures are trading 13 cents higher at $7.01per bushel. The July soymeal futures are trading $5.30 per short ton higher at $445.90. The July soyoil futures are trading $0.06 lower at $49.58.
In the outside markets, the NYMEX crude oil is $1.32 per barrel lower, the dollar is lower and the Dow Jones Industrials are 16 points higher.

 

 

 

Mike

------------

At the open:

The July futures corn contract opened 4 cents lower at $6.54. New-crop Dec. futures opened 5 cents lower at $5.25. The July soybean futures contract opened 5 cents lower at $14.88, new-crop Nov. soybeans opened 3 cents lower at $12.35. July wheat futures opened 4 cents higher at $6.92per bushel. The July soymeal futures opened $3.40per short ton lower at $437.20. The July soyoil futures opened $0.24 lower at $49.40.
In the outside markets, the NYMEX crude oil is $1.42 per barrel lower, the dollar is lower and the Dow Jones Industrials are 83 points lower.

 

Mike

--------

At 7:30am:

USDA Releases bullish soybean and wheat Weekly Export Sales:

 

Corn= 446,200 mt vs. the trade's expectations of 200,000-500,000 metric tons.

Soybeans= 1.022 million mt vs. the trade's expectations of 400,000-800,000 mt

 

Wheat= 952,600 mt vs. the trade's expectations of 400,000-700,000 mt.

Soymeal= 256,600 mt vs. the trade's expectations of between 100,000-225,000 mt.

 

 

What do you think? How will the market take this report?

 

Mike

---------

etric tons At 6:35 am:

 

Early calls:  Corn is seen 1-2 cents lower (old-crop), soybeans 1-2 cents higher (old-crop), and wheat 4-6 cents higher. Meanwhile, new-crop corn and soybeans are seen 1-2 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$0.66 per barrel lower
Dollar=Lower.
Wall Street=Seen opening lower, as concerns prevail oer the Fed Reserve's bond-buying thoughts. Plus, China released lower manufacturing dat and sent the Nikkei down the hardest in one day since 2011.

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

 

 

More in a minute,

 

Mike

Advisor
farmerguy89
Posts: 1,202
Registered: ‎06-30-2012
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Re: Floor Talk May 23

Going to wrap up planting as soon as the 2" rain dries... Looks like the dry pattern is gonna continue again here again in Ontario. Hard to make plans for weather: double rain in April and below avg in may. Maybe June will finally intensify the hot and dry.
Advisor
jrsiajdranch
Posts: 2,123
Registered: ‎05-03-2010
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Re: Floor Talk May 23

WOW what a perfect storm!

 

Blabber mouth ben says nothing is changing till maybe sept. Mikkie takes off till China says by the way we are gonna miss our growth goals. 

 

SLow growth in China means we slam the brakes on building. Copper falls outa bed and then the Nikkei falls outa bed. BOJ says this is bad and everyone fleas to the supposed safety of the bond mkt. Bond mkt. goes up causeing fear and panic at the Japan treasury dept. Suddenly the interest bill goes up by 3 billion.

 

Nikkei loses about 7% and Europe goes in the tank or starts that way.  Yen loses value against Dollar and now the whole world has got the 24 hour flu.

 

With a short holiday week and a long weekend we are set up for a big scalping or not.

 

This is gonna get kinda interesting. Hope the Robots aren't the only ones trading after noon today. Otherwise this is gonna be a whole new kinda volatility.  Throw in a nother week of planting delays and SHAZAMMM Milk markets will get hammered again.

 

Oh I forgot most of you are worried about corn and beans! LOL

 

BTW MIke on your video you spend 2.5 minutes on grains and 30 seconds on livestock and no milk mkt. Whats up with that! 

 

Don't worry just had to give you a hard time. Thanks for the good reports.

 

BTWx2 Jeff put up more pics of his kids on FB than you do!

Community Manager
marketeye
Posts: 3,186
Registered: ‎05-03-2010
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Re: Floor Talk May 23

farmerguy89,

 

Thanks for checking in.

 

Mike

Community Manager
marketeye
Posts: 3,186
Registered: ‎05-03-2010
0

Re: Floor Talk May 23

jrsiajdranch,

 

Great report. I love the shazaaaam of it all. By the way, 2 1/2minutes is all they'll give me. If they ever give me more, I might have to break out my political diatribe.

 

Mike

Advisor
jrsiajdranch
Posts: 2,123
Registered: ‎05-03-2010
0

Re: Floor Talk May 23

MANAGEMENT is always keeping the workin man down!  I may have to talk to your boss!

Advisor
jrsiajdranch
Posts: 2,123
Registered: ‎05-03-2010
0

Re: Floor Talk May 23

Gonna cut some hay today. I am sick of buying hay. Averaged $16,000 a month the past 5 months. Bankers and wives are also sick of it! May post a pic. Got a new smarter than me phone may even do a video. I'll be sure to keep it under 2.5 minutes tho. Don't want management after me!

Senior Contributor
highyields
Posts: 792
Registered: ‎06-04-2010
0

Re: Floor Talk May 23

Old crop bean basis fell outta bed the last two days here in SE NE,,,,its nuts,  now they went to bidding off the August.    I guess $15 bought a lot of beans that last few days.

Esteemed Advisor
sw363535
Posts: 4,675
Registered: ‎07-18-2011
0

Re: Floor Talk May 23

Hard to ignore the export sales report.  But we are trying to.  

 

Someone outside the US is trying to get some new crop needs priced.

 

Did those numbers get out early yesterday to fuel the rising prices?

sw
Senior Advisor
kraft-t
Posts: 10,784
Registered: ‎05-10-2010
0

Re: Floor Talk May 23

One of these day you will wake up and discover they are bidding based on the november option and you will wonder why your old crop beans suddenly became new crop beans.