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marketeye
Veteran Advisor

Floor Talk April 2

At the close:

The July corn futures settled 7 3/4 cents higher at $6.51. The July soybean contract closed 19 cents higher at $14.27 1/4. The July wheat futures settled 4 1/2 cents lower at $6.69 1/2. The July soymeal futures ended $3.20 per short ton higher at $392.90. The July soyoil futures closed $1.06 higher at $56.57. 
In the outside markets, the NYMEX crude oil is $2.32 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 76 points.

 

Mike

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At 11:25am:

Craig Solberg, Freese-Notis Weather told Agriculture.com Monday that the crop-weather for the southern Plains wheat is looking favorable. " The biggest worry that I have for the crop in the southern Plains is still its advanced state of maturity, thanks to our very warm conditions this past winter and in March. The crop is probably more mature here in early April than during any other growing season in history. That makes the crop very vulnerable if we were to see freezing temperatures later this month. If we can escape that though, then the door is wide open to a very, very good U.S. hard-red winter wheat crop this year."

 

Mike

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At mid-session:

The July corn futures trade 7 1/2 cents higher at $6.50 3/4. The July soybean contract is trading 24 1/4 cents higher at $14.32 1/2. The July wheat futures are trading 10 cents lower at $6.64. The July soymeal futures are trading $3.30 per short ton higher at $393.00. The July soyoil futures are trading $1.23 higher at $56.74. 
In the outside markets, the NYMEX crude oil is $1.40 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 62 points.

 

Mike

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At 10am:

Soybeans are rocketing higher again. July is 27 cents higher, Nov beans are 32 cents higher. Wow! Are we headed to $15 soybeans?

 

Reminder: It's a short trading week. Due to Good Friday, the CME Group globex and floor trading will be closed. Also, USDA will release its first Crop Progress Report today. And then the market will wait until WASDE's April 11th Report. In the meantime, it looks like weather monitioring will be key.

 

Mike

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At the open:

The July corn futures trade 4 3/4 cents higher at $6.48. The July soybean contract is trading 10 cents higher at $14.18 1/4. The July wheat futures are trading 6 cents lower at $6.68. The July soymeal futures are trading $2.70 per short ton higher at $392.40. The July soyoil futures are trading $0.30 higher at $55.83. 
In the outside markets, the NYMEX crude oil is $0.34 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 1 point.

 

Mike

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At 8:11am:

--USDA announces Monday that an 'unknown' buyer purchased 120,000 mt of soybean cake and meal at 2012-13.

--USDA announces Monday that China bought 120,000 mt of U.S. soybeans for 2011-12 delivery.

--The Goldman Roll starts in a week.

 

Mike

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At 6:35am:

This is a bit of a technical perspective this morning on the corn market.

Tom White, FutureRoad.net and CME Group corn pit trader says, "The market broke hard into Thursday, after breaking a trend-line and forming a pitchfork pattern which had a bearish angle. The market traded to the mid-line on Thursday which also met the main target on the trend-line break.  The bullish crop report prevented the market from hitting a secondary trend-line break pattern, as we rebounded back to the area where the market broke the trend-line.  The market closed limit up which, as we have discussed before, can occur when what would have been a lap extension target is above (in the bullish case) the lock limit area.  Several potential patterns for this week include trade back to $6.34 (reversion to the weekly mean) at some point. But, if we get follow-through buying, consider that we have an open gap up to the $6.62 1/2 area."

 

Mike

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At 6:30am:

Early calls: Corn 4-6 cents higher, soybeans 12-13 cents higher, and wheat 2-4 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$0.51 per barrel lower.
Dollar=Lower.
Wall Street=Seen trading higher.

World Markets=Asia/Pacific stocks trade mostly higher, while Europe' s stocks fall.

 

 

More in a minute,

 

Mike

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11 Replies
giolucas
Veteran Advisor

Re: Floor Talk April 2

Mike,

 

The Dollar is a bit stronger, Crude oil is down and the Euro is down.  I feel that a lot of people got stuck on the short side on Thursday going into the Friday report.  Do you think that we test 1380 for May Soybeans or do think that we test 1450 sometime this week? 

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marketeye
Veteran Advisor

Re: Floor Talk April 2

Regarding your question, I'm checking with the Super Friends. I'm working out of the Hall of Justice today. 🙂

 

Mike

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Hobbyfarmer
Honored Advisor

Re: Floor Talk April 2

120,000 mt of meal and cake... doesn't that translate into about 5,440,000 bu of soybeans to get that much meal?

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marketeye
Veteran Advisor

Re: Floor Talk April 2

giolucas,

 

One floor trader says, "Only because of the expected roll out of May, I favor a bearish stance. Look for May-Nov to be the biggest mover this week."

 

I hope this helps.

 

Mike

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kraft-t
Senior Advisor

Re: Floor Talk April 2

Local coop is basing cash bids on the july futures (-13) quote and may won't be here for another month. Beans are still based on the May futures. (- 56)

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giolucas
Veteran Advisor

Re: Floor Talk April 2

Mike,

 

Thank you for the insight and a different perspective.

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Nebrfarmr
Veteran Advisor

Re: Floor Talk April 2

Yes, thank you.


I can get the market moves almost anywhere, but your straightorward way of describing WHY the markets seem to be going one way or another, helps the poor uninformed shlubs like myself do a better job of marketing.

 

Thanks again

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marketeye
Veteran Advisor

Re: Floor Talk April 2

Nebrfarmr,

 

Thanks. I appreciate the compliment. I do realize there are a thousand places you can get the markets. It's nice to know you can get something different here. Let me know what I can do that I'm not already to serve you. That's really what I'm trying to do.

 

Thanks again,

 

Mike

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marketeye
Veteran Advisor

Re: Floor Talk April 2

giolucas,

 

You bet. No problem.

 

Mike

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