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Veteran Advisor

Floor Talk April 22-VIDEO

VIDEO: Brazil Strike Fails Soybeans

 

At the close:

At the close the May corn futures settled 1/2 of a cent lower at $3.72 1/2 per bushel. The Dec corn futures finished unchanged at $3.97 1/2 per bushel.
May soybean futures closed 4 3/4 cents lower at $9.70 1/2. Nov. soybean futures ended 3 cents lower at $9.53 3/4.

May wheat futures closed 2 cents lower at $4.98 3/4.

May soymeal futures ended $0.30 per short ton lower at $315.50. The May soyoil futures closed $0.26 lower at $31.56.

In the outside markets, the NYMEX Crude oil market is $0.30 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 84 points higher.

Mike

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At mid-session:

At mid-session, the May corn futures are trading 1 3/4 cents lower at $3.71 per bushel. The Dec corn futures are 1 3/4 cents lower at $3.95 per bushel.
May soybean futures are trading 6 1/4 cents lower at $9.69. Nov. soybean futures are trading 4 1/2 cents lower at $9.52.

May wheat futures are trading 1 3/4 cents lower at $4.99.

May soymeal futures are trading $1.00 per short ton lower at $314.80. The May soyoil futures are trading $0.31 lower at $31.51.

In the outside markets, the NYMEX Crude oil market is $0.20 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 19 points higher.

Anne Frick, Sr. VP/Futures Research Jefferies Bache LLC, says that bearish news is keeping soybeans lower. “The selloff probably is about waning fears of disruption from Brazilian truckers’ strike, as unions may not be involved.  Also very low U.S export inspections, yesterday, indicating shift to South American origin (and lackluster Chinese demand. And, possibly (although I think it is early) ideas of some acreage switching to soybeans, as Nov SB/Dec Corn ratio has rallied recently.”

 

Mike

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At 10:40am:

Brazil Trucker's Strike Update:

My source in Parana state is reporting that the truckers are meeting with the government today. "The negotations between the truckers and government are going well...but the oil prices will not be reduced," she says.

--Meanwhile, the Renewable Fuels Association press release shows stronger weekly ethanol production vs. a week ago, but slower daily production.

According to EIA data, ethanol production averaged 930,000 barrels per day (b/d)—or 39.06 million gallons daily. That is up 6,000 b/d from the week before, but still well below the year-to-date average of 951,000 b/d. The four-week average for ethanol production stood at 935,000 b/d for an annualized rate of 14.33 billion gallons.

Stocks of ethanol stood at 21.3 million barrels. That is a 3.4% increase from last week and a four-week high.

Imports of ethanol were 53,000 b/d, marking the first recorded import shipments of the year. The import volume was also the highest since the week ended 8/02/2013.

Gasoline demand for the week averaged a robust 385.8 million gallons daily. Refiner/blender input of ethanol averaged 879,000 b/d.

Expressed as a percentage of daily gasoline demand, daily ethanol production was 10.13%, the second-lowest rate of the year," according to the RFA press release.

 

Mike

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At 10:20am:

The markets remain under pressure. Soybeans are getting hit the hardest. Now for the good stuff. This latest 'Your Profit' article, written by Al Kluis for Successful Farming, reminds farmers to sell as you plant. What do you think?

Full Story: Sell, Sell, Sell, As You Plant, Plant, Plant.

 

What do you think of that marketing strategy?

 

Mike

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At the open:

At the open, the May corn futures are trading 1 cent lower at $3.71 per bushel. The Dec corn futures are 1 cent lower at $3.95 per bushel.
May soybean futures are trading 5 cents lower at $9.70. Nov. soybean futures are trading 3 cents lower at $9.53.

May wheat futures are trading 3/4 of a cent higher at $5.01.

May soymeal futures are trading $1.00 per short ton lower at $314.80. The May soyoil futures are trading $0.06 lower at $31.76.

In the outside markets, the Brent Crude oil market is $0.30 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 33 points higher.

 

Mike

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At 7:30am:

 

Early calls: Corn 2-4 cents lower, soybeans 2-4 cents lower, and wheat 1-2 cents higher.

 

Trackers:
Overnight grain, soybean markets = Trading mostly lower.
Brent Crude Oil = $0.25 lower.
Dollar =Higher. 
Wall Street = Seen lower, with a more earnings reports this week.

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

 

 

 

More in a minute,

 

Mike

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4 Replies
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Veteran Advisor

Re: Floor Talk April 22

Where is Luis when you need up to the minute Truckers Strike information?  

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Senior Contributor

Re: Floor Talk April 22

giolucas,

 

Here I am. For now, I can tell that Mato Grosso truckers are already prepared to have less financial loss if they do decide for a strike. The flux of trucks in the top soybean producing state in Brazil has slowed because truckers do not want to be stopped with cargo at some highway, so they are avoiding to load their trucks before a decision is taken in Brasília. The meeting with the government will be held at 2 P.M. (12:00 at US Central Time Zone).

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Veteran Advisor

Re: Floor Talk April 22

Thank you, Luis. 

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Senior Contributor

Re: Floor Talk April 22

trucker_ademirzanesco.jpg

 

 

Here is a photo sent by trucker Ademir Zanesco. The scene is in Lucas do Rio Verde, Mato Grosso. The tires are ready to be burned by midnight if a deal with the federal government is not reached today on freight prices and diesel costs. Let's wait and see...

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