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Community Manager
marketeye
Posts: 3,133
Registered: ‎05-03-2010
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Floor Talk May 7

[ Edited ]

After the close:

Looking ahead at this Friday's Report:

 

Helen Pound, Sr. Futures Market Specialist, in  daily note to custumers says that Friday’s USDA Supply-Demand Report is expected to show improved US new crop bean and corn supplies. "But, expect carryover as a percent of use to still be tight at 8-14%.  US wheat supplies are expected to be reduced, but still quite abundant at 21-22%.  New crop world carryover estimates show bean stocks up 15-20% over this year, corn stocks up 1-2%, and wheat stocks down 1-2%, keeping world supplies comfortable.
Will old crop corn exports be increased again?  Maybe another 25 mln bu.
Will old crop bean imports be increased again?  Maybe another 10-20 mln bu.
Will total planted acres increase? Will last year’s “prevent plant” acres get planted?
How many corn acres will shift to plant beans?
Will high US prices limit new crop exports – especially HRW," Pound asked in the newsletter.

 

Mike

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At the close:

The July corn futures contract closed 3 1/2 cents lower at $5.14. The Dec. corn futures finished unchanged at $5.09. The July soybean futures contract ended 13 1/4 cents lower at $14.46. The Nov. soybean futures settled  8 cents lower at $12.17. July wheat futures closed 1 1/4 cents lower at $7.37 per bushel. The July soymeal futures contract ended $2.60 per short ton lower at $474.90. The July soyoil futures closed $0.28 lower at $40.83. 
In the outside markets, the Brent crude oil is $1.09 per barrel higher, the dollar is higher and the Dow Jones Industrials are 106 points higher.

 

Mike

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At mid-session:

The July corn futures contract is trading 4 cents lower at $5.13. The Dec. corn futures are trading 3 cents lower at $5.06. The July soybean futures contract is 12 cents lower at $14.47. The Nov. soybean futures are trading 7 cents lower at $12.18. July wheat futures are 2 cents lower at $7.37 per bushel. The July soymeal futures contract is trading $2.80 per short ton lower at $474.70. The July soyoil futures are trading $0.25 lower at $40.86. 
In the outside markets, the Brent crude oil is $1.35 per barrel higher, the dollar is higher and the Dow Jones Industrials are 58 points higher.

 

Mike

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At 10:10am:

Though weather is the main driver for most of the farm markets, here is a list of reports this week that could have some impact on price direction:

 

Week of May 5, 2014                                                      
Wed                           9:30 am          EIA Energy Stocks                                                  
Thur                           7:30 am          US Weekly Export Sales                                                   
Fri                             11:00 am       USDA SUPPLY-DEMAND REPORT (new crop S+Ds)
                                   2:00 pm          Commitment of Traders report

 

Mike

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In early trading:

The July corn futures contract is trading 2 1/2 cents lower at $5.15. The Dec. corn futures are trading 3 1/2 cents lower at $5.06. The July soybean futures contract is 8 3/4 cents lower at $14.50. The Nov. soybean futures are trading 3 cents lower at $12.22. July wheat futures are 5 1/2 cents lower at $7.33 per bushel. The July soymeal futures contract is trading $4.60 per short ton lower at $472.90. The July soyoil futures are trading $0.12 higher at $41.23. 
In the outside markets, the Brent crude oil is $0.85 per barrel higher, the dollar is lower and the Dow Jones Industrials are 45 points higher.

 

Mike

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At 6:15am:

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

Trackers:
Overnight grain, soybean markets=Trading lower.

Brent Crude Oil=$0.40 per barrel higher.
Dollar= Lower.

Wall Street=Seen lower, as investors await the testimony of Fed Chairman Yellen.

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

 


More in a minute,

 

Mike

Community Manager
marketeye
Posts: 3,133
Registered: ‎05-03-2010
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Re: Floor Talk May 7

Argentina is seeing an increasing trend of soybeans being smuggled out of the country. Here is a full report on the tax avoiding movement.

 

Argentina Soybeans Smuggled To Avoid Tax

 

 

Anybody surprised?

 

Mike

Advisor
c-x-1
Posts: 3,217
Registered: ‎06-26-2012
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Re: Floor Talk May 7

[ Edited ]

SK-SN +(6-8) since 0730 FWIW

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

Re: Floor Talk May 7

I think the market importance of that story lies on the fact that statistics of exports from Paraguay can be false or the production numbers of Argentina can also not be accurate....