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Veteran Contributor

Floor Talk April 24

At the close:

At the close, the July corn futures finished 2 1/2¢ higher at $3.90. December futures closed 2 1/4¢ higher at $4.06 1/2. July soybean futures settled 1 3/4¢ higher at $10.34.  November soybean futures ended 1/2¢ higher at $10.28 3/4. July wheat futures finished 9 3/4¢ higher at $4.84 1/4. July soy meal futures closed $0.10 higher at $376.30. July soy oil futures closed 0.03 lower at 31.27¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.87 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 570 points lower.

 

Mike

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At mid-session:

At mid-session, the July corn futures are 1/4¢ lower at $3.87. December futures unchanged at $4.04. July soybean futures are 1/2¢ higher at $10.32.  November soybean futures are 1¢ higher at $10.29. July wheat futures are 2 1/4¢ lower at $4.72. July soy meal futures are $0.60 lower at $375.60. July soy oil futures are 0.07 higher at 31.37¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.08 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 167 points lower.

 

Mike

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At 9am:

In early trading, the July corn futures are 1/2¢ higher at $3.88. December futures unchanged at $4.04. July soybean futures are 1 3/4¢ higher at $10.34.  November soybean futures are 1 1/2¢ higher at $10.29. July wheat futures are 3¢ lower at $4.71. July soy meal futures are unchanged at $376.20. July soy oil futures are 0.02 lower at 31.28¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.17 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 85 points higher.

 

Mike

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Wheat futures declined overnight as speculators booked profits amid rising global stockpiles and production and reduced year-over-year demand. Wheat lost 4-6 cents, while corn and beans were both down about a penny. Not much has changed from a fundamental standpoint. Despite rising inventories and output, US hard-red winter production is facing continued dry weather. In the northern Midwest, meanwhile, flooding is still an issue amid a spring snow melt off. Parts of South Dakota, Minnesota and Iowa are seeing more flooding today with more rain in the forecast. That may further delay planting that's already well behind the average pace for this time of year. Check out all the details in today's 3 Big Things

 

Brent Crude Oil = up 0.1%.

West Texas Intermediate = up 0.1%.

Dollar = down 0.1%

Wall Street = U.S. stock markets higher pre-market.

World Markets = Global stocks higher overnight.

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12 Replies
Highlighted
Esteemed Advisor

Re: Floor Talk April 24

"Wheat declined overnight as speculators booked profits amid rising global stockpiles and production and reduced demand"

 

We seem to have the return of "Karmac" the all knowing in the form of Tony D...

a) most of the spec funds do not trade overnight due to lack of liquidity...so not sure they were the sellers...and even if they were there is no way to know this at 7:07 am...

b) booked profits...based upon when the specs purchased according to the COT data...extremely unlikely they booked profits...more likely they would be booking losses...

c) rising global stockpiles...what happened recently to support this claim? They increased overnight? Again...what data supports it...

d) rising global supplies...where and by how much...sounds like something to just fill up a sentence...no data to support it...(despite no one harvests wheat anywhere in the world in late April)

e) reduced demand...and miraculously demand was reduced...again, no data to support such a thing...

but I guess it makes for good journalism.....sigh

 

 

If the initial line were factual wheat would likely be down 35 not down 3....

 

Yes, way to cold and wet to do anything in Indiana today, so might as well have some fun taking a shot at Tony....who was just doing his job...

 

Highlighted
Honored Advisor

Re: Floor Talk April 24

Doing his "job" include spreading fake news/information?

 

Plenty of real  agricultural news and data out there.

Highlighted
Honored Advisor

Re: Floor Talk April 24

If his job is misleading his readers ....... he is doing it....

 

I saw pictures on twitter yesterday of freeze damage to wheat heads still low in the stem.  The damage was obvious and should not be until later.... whole heads were white just a couple of weeks after the freeze.....  These are from McPherson county and the Newton area..... Not the fringe west, but the heart of the wheat crop north of wichita...

 

just follow folks who deal in the subject ...... that is all it takes 

 

Attachmen 4.jpg44.jpg43.jpg

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Highlighted
Honored Advisor

Re: Floor Talk April 24

They should be a nice green color ....... the white heads are aborted.

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Highlighted
Honored Advisor

Re: Floor Talk April 24

It is becoming a good buying opportunity for the traders.

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Highlighted
Veteran Advisor

Re: Floor Talk April 24

Wait a minute

A while back I outlined all the problems hrww had
Wheat went down
Then I am told too much wheat in the world (but was it hrww ?)
Then I read, they have found even more wheat, wheat consumptive
Down we see wheat going down over night

Now up 11¢ ???

Which way is up ?
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Highlighted
Esteemed Advisor

Re: Floor Talk April 24

El cheapo

At about 1:30 today, wheat demand increased, wheat supply decreased, which caused a rapid decline in the overall global stockpile, ...this caused the short speculators to buy and take profits thus pushing prices to a new high for the week!

 

See anyone can write this stuff :-)))

 

Highlighted
Honored Advisor

Re: Floor Talk April 24

I thought it was my declaration of a good buying opportunity for traders  at 12:45 am.........   Smiley Happy

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Highlighted
Honored Advisor

Re: Floor Talk April 24

Wheat could rally for a week and it still should be a good buying opportunity.