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Community Manager
marketeye
Posts: 3,180
Registered: ‎05-03-2010
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Floor Talk May 5

[ Edited ]

After the close:

USDA Crop Progress Report:

 

Corn=29% planted vs. the trade's expectations of 34-38% and a 5-year average of 42%. The corn emergence is rated at 7%.

 

Soybeans= 5% planted, up 2% from last year, but down from a 5-year average of 6%.

 

Mike

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At the close:

The July corn futures contract closed 8 1/2 cents higher at $5.08. The Dec. corn futures finished 6 cents higher at $5.00. The July soybean futures contract ended 7 1/2 cents lower at $14.63. The Nov. soybean futures ended 5 cents higher at $12.27. July wheat futures closed 13 cents higher at $7.29 per bushel. The July soymeal futures contract finished $1.70 per short ton lower at $478.70. The July soyoil futures closed $0.34 lower at $41.17. 
In the outside markets, the Brent crude oil is $0.51 per barrel lower, the dollar is lower and the Dow Jones Industrials are 26 points higher.

 

Mike

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At mid-session:

The July corn futures contract is trading 8 1/4 cents higher at $5.07. The Dec. corn futures are trading 5 cents higher at $4.99. The July soybean futures contract is 3 3/4 cents lower at $14.67. The Nov. soybean futures are trading 3 1/2 cents higher at $12.26. July wheat futures are 15 cents higher at $7.31 per bushel. The July soymeal futures contract is trading $0.50 per short ton lower at $479.90. The July soyoil futures are trading $0.25 lower at $41.26. 
In the outside markets, the Brent crude oil is $0.24 per barrel lower, the dollar is lower and the Dow Jones Industrials are 1 point higher.

 

One analyst says wheat is still a weather market, with Ukraine a background problem providing some support.  "But, it is mostly the weather in the Great Plains that is supporting Wheat.  It got to 100 in KA already!  That is pretty hot and shows just how extreme it all is out there.  Some chances for showers about Thursday, but they do not look to be much.  Corn not so sure why it is firm there, but our demand has been good and maybe that is it.  Beans a lot of talk of even more cargoes coming from South America and that is hammering the spreads as well as causing nearby weakness.  The better weather supporting new crop beans against new crop corn on spreads as the better Midwest weather this week will push planting and implies a little more corn might get planted.  So far it seems like a very quiet day in this office, anyway, mostly funds and commercials I guess."

 

Mike

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At 10:15am:

Full Story: U.S. Pork Output to Drop 4%

 

 

What does this mean for the coen market, in your opinion?

 

Mike

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At the open:

The July corn futures contract is trading 2 1/2 cents higher at $5.02. The Dec. corn futures are trading 2 1/2 cents higher at $5.02. The July soybean futures contract is 1 cent lower at $14.60. The Nov. soybean futures are trading 2 cents higher at $12.24. July wheat futures are 13 cents higher at $7.29 per bushel. The July soymeal futures contract is trading $0.50 per short ton lower at $479.90. The July soyoil futures are trading $0.14 lower at $41.37. 
In the outside markets, the Brent crude oil is $0.83 per barrel lower, the dollar is lower and the Dow Jones Industrials are 116 points lower.

 

Mike

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At 7:30am:

No-Till on the Hill:

Will U.S. corn planting hit 32% complete, in today's USDA Crop Progress Report? I noticed some planting occurring in central Iowa Sunday. It was surprising but the farmer was planting a no-tilled field on a hill. Right now, that combination allows for more planting.

 

 

Mike

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At 7:30am:

Early calls: Corn is seen 1-2 cents higher, soybeans 1-2 cents higher , and wheat 10-12 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.

Brent Crude Oil=$0.35 per barrel lower.
Dollar= Lower.

Wall Street=Seen lower.

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

 


More in a minute,

 

Mike

Veteran Advisor
roarintiger1
Posts: 1,590
Registered: ‎04-29-2011
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Re: Floor Talk May 5

Might want to take a look at the corn export inspections.........demand is alive and well.  Something is eating the corn.

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Veteran Advisor
jennys_mn
Posts: 1,475
Registered: ‎07-19-2010
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Re: Floor Talk May 5

Maybe the US Pork output - notice the word output - is less because we're keeping more hogs on the farm for breeding stock. It's all in the spin....

Jen
Frequent Contributor
perspec
Posts: 34
Registered: ‎05-13-2010
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Re: Floor Talk May 5

Hog numbers are there...and building.