Floor Talk, April 10, 2019
At the close, the May futures finished 1 3/4¢ higher at $3.61 3/4. July futures finished 2 1/4¢ higher at $3.70 3/4.
May soybean futures closed 3 1/4¢ higher at $9.02. July soybean futures settled 3 1/4¢ higher at $9.15.
May wheat futures ended 1 1/4¢ lower at $4.58.
May soymeal futures settled $1.00 short ton higher at $310.10. May soy oil futures closed 0.03 higher at 29.07¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.58 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 10 points lower.
Jack Scoville, PRICE Futures Group, says that investors want to know if there is a deal with China or not.
“ I think corn and beans an spring wheat are feeling the snowstorm support a bit, but people do not really want to get too carried away with it just yet. More is coming, and that will keep selling pressure off,” Scoville says.
Scoville adds, “The ethanol data is improving to help corn prices, too. I think corn might be a sleeper trade here. Beans, maybe not so much. But, really not much interest in doing much in the futures market, as the U.S. dollar shows plenty of supply which is not a surprise but seems to be keeping buyers away,” Scoville says.
Al Kluis, Kluis Advisors, says that investors will be eyeing the April blizzard.
“How will this impending winter storm impact spring planting and crop rotation for the areas affected? For now, traders are watching to see if the unfavorable forecasts play out as the models suggest,” Kluis told customers in a daily note.
On Wednesday, private exporters reported to the USDA export sales of 133,759 metric tons (491,761 bushels) of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.
The marketing year for soybeans began Sept. 1.
Re: Floor Talk, April 10, 2019
But here we are out in the middle of it...many with
University training in crop science, physiology,
And others with years of experience....we scratch
Our heads, knowing it difficult to determine,
But also when things are bad also....
Yet, the "traders" seem to determine and know
This so much faster than us.