Floor Talk, April 24, 2019 (Planting Photo)

[marketeye]

At the close:

At the close, the May corn futures finished 4 1/2¢ lower at $3.46 3/4. July corn futures are 4 1/4¢ lower at $3.56.

May soybean futures ended 6 3/4¢ lower at $8.55 1/4. July soybean futures are 6 3/4¢ lower at $8.68 3/4.

July wheat futures closed 6 1/2¢ lower at $4.38.



July soymeal futures finished $0.60 short ton lower at $300.40.

 July soy oil futures closed $0.15 cent lower at 28.22¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.45 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 42 points lower.

Jason Roose, U.S. Commodities, says that the market is facing a whole slew of bearish fundamentals.

“Record supplies and lack of a trade deal with China continues to pressure the grain markets , planting progress is slightly behind the 5 year average, but no concern at this stage with the corn market in contract lows and fund trade positions at record short levels, the dollar will need to weaken to make the us grain more competitive in the world market” Roose says.

At midsession:

At midsession, the May corn futures are 2 3/4¢ lower at $3.48 3/4. July corn futures are 2 1/4¢ lower at $3.57.

May soybean futures are 3 3/4¢ lower at $8.58 1/4. July soybean futures are 3 3/4¢ lower at $8.71 3/4.

July wheat futures are 7¢ lower at $4.38.



July soymeal futures are $0.30 short ton lower at $304.20.

 July soy oil futures are even at 28.37¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.47 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 15 points lower.

Mike

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At 10am:

In early trading, the May corn futures are 2 1/2¢ lower at $3.48 3/4. July corn futures are 2 1/4¢ lower at $3.58.

May soybean futures are1 3/4¢ lower at $8.60. July soybean futures are 1 3/4¢ lower at $9.01 3/4.

July wheat futures are 6 1/2¢ lower at $4.38.



May soymeal futures are $0.30 short ton higher at $304.80. 

May soy oil futures are even at 28.37¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.10 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 8 points higher.

Mike

[illinifarmer]

Mike where have you been? Since your last post soybeans are down -50 and corn down -20. I need some marketing advice and financial help. If this yearly trend continues to next year how do I make money knowing the market will go down on avg. 15% like the last 2 1/2 years?

[marketeye]

illinifarmer,

I had to get away from all of this madness. Sure didn't think the markets would fall out of bed, like they did. But, man, this market is testing farmers' will. It's sad to hear some of the stories that I'm hearing. I keep praying this thing gets turned around soon.

This morning, I did some road-hunting. Here's what I saw. It's nice to see this scene, after such a tough winter. A farmer in southern Iowa is working with a clean slate, ready to go.

Thanks,

Mike

[roarintiger1]

I'm not sure that he is working with a clean slate.   How do you know if he has borrowed any money or not?   

This year is going to put a lot of young farmers out of business.  While those who are past retirement age and were having fun still farming are going to get out by the truckload........because there is just no fun losing money.    Just a hint here.......don't be the last guy to have a farm sale.  

[Farmerjoe79]

I think your right roarintiger it looks like this thing is getting ugly by the day. Lots of land sales are starting and it looks like that is going to be the next thing to fall out of bed😢