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3 weeks ago - last edited 3 weeks ago
No Foolin, China bought a bunch of U.S. soybeans!
At the close:
At the close, the May futures finished 5 1/4¢ higher at $3.61 3/4. July futures finished 4 3/4¢ higher at $3.71.
May soybean futures settled 11 1/4¢ higher at $8.95 1/2. July soybean futures finished 11¢ higher at $9.08 3/4.
May wheat futures ended 5¢ higher at $4.62 1/2.
May soymeal futures closed $2.90 short ton higher at $309.40. May soy oil futures closed 0.21 higher at 28.57¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.44 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 296 points higher.
Jack Scoville, PRICE Futures Group, says that the soybean market is certainly helping the corn an wheat prices.
“We are firmer due to word that the China talks are going very well again and will continue later this week. China bought more soybeans and this was confirmed Friday and today. There are some ideas that we are making seasonal lows, after the reports on Friday and this is very possible. At any rate, the farmers are not selling and the commercials will be using this break to extend coverage,” Scoville says.
At midsession, the May futures are 5 3/4¢ higher at $3.62. July futures are 5¢ higher at $3.80.
May soybean futures are 13 1/4¢ higher at $8.97 1/2. July soybean futures are 13¢ higher at $9.10 3/4.
May wheat futures are 8 3/4¢ higher at $4.66 1/2.
May soymeal futures are $3.80 short ton higher at $310.30. May soy oil futures are 0.19 higher at 28.55¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.01 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 252 points higher.
In early trading, the May futures are 5 1/4¢ higher at $3.61. July futures are 4 3/4¢ higher at $3.71.
May soybean futures are 6 1/2¢ higher at $8.90 1/4. July soybean futures are 6 1/2¢ higher at $9.04 1/4.
May wheat futures are 5¢ higher at $4.62 3/4.
May soymeal futures are $0.40 short ton higher at $306.90. May soy oil futures are 0.18 higher at 28.54¢ per pound. I
n the outside markets, the NYMEX crude oil market is $0.62 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 227 points higher.
Private exporters reported to the U.S. Department of Agriculture export sales of 828,000 metric tons of soybeans for delivery to China during the 2018/2019 marketing year.
The marketing year for soybeans began Sept. 1.
Al Kluis, Kluis Advisors, says that investors are shifting their focus.
“Traders will now shift their focus to weather forecasts across the US. The flooding this spring creates a problematic situation for determining how many acres actually get planted. Updated estimates over the next few weeks will help traders analyze how less acres could impact the US balance sheet,” Kluis told customers in a daily note.
He added, “Traders are anxious to see the first Crop Progress report of the season this afternoon. Those reports are released every Monday afternoon at 3:00 pm Central time.”
3 weeks ago
They can't just figure the lost acres due to the flooding. After the report of more corn acres and the tanking of the market, they have to access farmers switching acres back to soybeans.........to save money on input costs. It will be pretty easy to switch acres because most of the fall nitrogen did not get applied and those acres can be planted to anything.
3 weeks ago
Funny thing today bto was around starting to pick up bags sure looked
Like a lot of foreign labor to me.
3 weeks ago
Complain, Complain, Complain
Someone gives you an option or wants to offer ya'll help and you want to kill the messenger.
Then you wonder why the forums are dead, different opinions aren't wrong, just different.
Hope ya'll have a great day.