Floor Talk April 22, 2021

[marketeye]

At the close:

At the close, the May corn futures finished at its daily limit up of 25¢ higher at $6.50 1/2.

July corn futures closed limit up 25¢ higher at $6.31 1/4. New crop December corn futures closed 16 3/4¢ higher at $5.53 1/2. December prices have rallied $1.86 off the contract low of $3.57 to the contract high hit overnight at $5.43.

May soybean futures settled 36¢ higher at $15.33 1/4. July soybean futures ended 34 1/2¢ higher at $15.14 3/4. New crop November soybean futures closed 28 3/4¢ higher at $13.38 1/4.

July wheat futures finished 35 1/2¢ higher at $7.10 1/4.



July soymeal futures settled $9.20 short ton higher at $425.30.

July soy oil futures finished +2.01 higher at 58.95¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.27 higher (+0.44%) at $61.62. The U.S. dollar is higher, and the Dow Jones Industrials are 259 points lower (-0.76%) at 33,878 points.

Mike

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At midsession:

At midsession, the May corn futures are 25¢ higher at $6.50 1/2.

July corn futures are 25¢ higher at $6.31 1/4. New crop December corn futures are 13¢ higher at $5.49 1/2. December prices have rallied $1.86 off the contract low of $3.57 to the contract high hit overnight at $5.43.

May soybean futures are 35¢ higher at $15.32. July soybean futures are 33 1/2¢ higher at $15.12 3/4, and traded as high as $15.04 overnight. New crop November soybean futures are 24 3/4¢ higher at $13.35.

July wheat futures are 23 1/2¢ higher at $6.98 1/4.



July soymeal futures are $5.90 short ton higher at $422.00.


July soy oil futures are +2.32 higher at 59.26¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.17 higher (+0.28%) at $61.52. The U.S. dollar is higher, and the Dow Jones Industrials are 49 points lower (-0.15%) at 34,087 points.

Mike

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At 8:45am:

Moon markets. Wow! 

$15 soybeans, $6 corn markets Thursday.

Mike

[roarintiger1]

You do know that those folks who posted pictures of a bull, strapped to a rocket are finally correct. 

I did read something about at the end of the month, there will be a full moon that aligns somehow to the planet of Uranus........ I’ll just let everyone figure this out on their own. 

Hey Mike, any guesses from the marketing gurus that you speak to, on how high these markets are going?

[illinifarmer]

Keep up the good work fellas, sky is the limit.  Soybean planting insurance date kicks in here in two days.  Here comes the rains hopefully no more snows and freeze.  No corn in locally yet couple guys jumped the gun on beans, wheels will be rolling soon.

[marketeye]

roarintiger1,

The only thing that I'm hearing is that they think the high prices will stretch into 2022.

Mike

[roarintiger1]

Ok Mike, thank you!

My guess is......they would only be guessing, at best. They don’t know either and are especially afraid to make their predictions public after what has transpired in the previous eight months. 😉

[Hobbyfarmer]

Roaring, now that we are here what's the plan?

 I haven't lived up to my plan of $15 or July whichever comes first.

We are 50 to 60 cents over that target way sooner than I guessed it'd happen.

The corn thing is also in rarified air. Not sure should be in hurry to dump last of it either based on post above developments.

[rickgthf]

Kinda' hard not to sell some more new crop corn at these prices, especially since parts of Brazil have been picking up some showers.  You can't help but think that as soon as the planters start rolling, the price will moderate a little.

[roarintiger1]

Hobby, My plan is to simply continue to sell little by little on the old crop.  So far, every sale increases the average price overall. Right or wrong, I think it’s much too soon for a lot of new crop sales. But having some is not a totally bad thing either. 
At some point the price rallies  have to slow down.........don’t they?