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Veteran Advisor

Floor Talk April 23

At the close:

The July corn futures contract closed 7 1/2 cents higher at $5.09. The Dec. corn futures finished 8 cents higher at $5.04. The July soybean futures contract finished 5 cents lower at $14.65. The Nov. soybean futures settled 13 cents higher at $12.28. July wheat futures settled 3 cents higher at $6.82 per bushel. The July soymeal futures contract settled $1.30 per short ton lower at $469.00. The July soyoil futures closed $0.20 lower at $42.78. 


In the outside markets, the NYMEX crude oil is $0.13 per barrel lower, the dollar is lower and the Dow Jones Industrials are 24 points lower.

 

Mike

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At mid-session:

The July corn futures contract is trading 4 1/2 cents higher at $5.06. The Dec. corn futures are trading 5 cents higher at $5.01. The July soybean futures contract is 1/2 of a cent lower at $14.70. The Nov. soybean futures are trading 5 3/4 cents higher at $12.21. July wheat futures are 4 3/4 cents higher at $6.84 per bushel. The July soymeal futures contract is trading $0.40 per short ton higher at $470.70. The July soyoil futures are trading $0.19 lower at $42.79. 
In the outside markets, the Brent crude oil is $0.04 per barrel lower, the dollar is lower and the Dow Jones Industrials are 24 points lower.

 

Tim Hannagan, Walsh Trading Inc. senior grain analyst, says wheat's strength comes off talk of snow hitting Kansas early next week. "They (Kansas) is the number one producer of wheat. Corn rally comes as heavey rain and cold is called for Sunday to Wednesday in the Midwest delaying planting and field work."

 

Mike

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At 10:25am:

The Renewable Fuels Association reports: "According to EIA data, ethanol production averaged 910,000 barrels per day (b/d)—or 38.22 million gallons daily. That is down 29,000 b/d from last week’s year-to-date high. The four-week average for ethanol production stood at 917,000 b/d for an annualized rate of 14.06 billion gallons.

Stocks of ethanol stood at 16.5 million barrels. That is a 3.5% increase from last week and a seven-week high.

Imports of ethanol were 11,000 b/d, up from zero last week.

Gasoline demand for the week averaged 354.1 million gallons daily, a seven-week low."

 

Mike

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At the open:

At the open, the July corn futures contract is trading 1/2 of a cent higher at $5.02. The Dec. corn futures are trading 2 cents higher at $4.97. The July soybean futures contract is 5 cents lower at $14.65. The Nov. soybean futures are trading 3 cents higher at $12.18. July wheat futures are 2 cents lower at $6.76 per bushel. The July soymeal futures contract is trading $1.40 per short ton lower at $468.90. The July soyoil futures are trading $0.14 lower at $42.84. 
In the outside markets, the Brent crude oil is $0.06 per barrel higher, the dollar is lower and the Dow Jones Industrials are 10 points lower.

 

Mike

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At 8am:

Barclay's, the investment bank, has announced that it will leave the commodities business. The consulting firm Coalition reportedly estimated that revenues for the top 10 banks in commodities fell to $4.5 billion last year from $14.1 billion in 2008, according to Fierce FinancialT newsletter Wednesday.

 

For a full story on what this means for the ag markets see Scott Shellady's story:

 

Here's the link: Why Investment Banks Are Leaving Commodities

 

Mike

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At 7:45am:

Early calls: Corn is seen 1-2 cents lower, soybeans 5-7 cents lower, and wheat 3-5 cents lower.

Trackers:
Overnight grain, soybean markets=Trading lower.

Brent Crude Oil=$0.13 per barrel higher.
Dollar= Lower.

Wall Street=Seen higher, with more company earnings reports.

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

 


More in a minute,

 

Mike

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Advisor

Re: Floor Talk April 23

Headed higher in corn you think? I'm too busy in the shop/field to find the answer.
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