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marketeye
Veteran Advisor

Floor Talk April 24

At the close:

The July corn futures settle 4 1/2 cents lower at $6.08. While the May contract hit a 3 1/2 year high, the July soybean contract finished 24 cents higher  $14.65. The July wheat futures settled unchanged at $6.32 1/2. The July soymeal futures closed $12.30 per short ton higher at $415.70, and sloyoil futures ended up $0.20 at $55.69. 
In the outside markets, the NYMEX crude oil is $0.19 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 74 points.

 

Mike

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At 12:30pm:

Beans are nearing a 30 cent higher trade. This train is a running loose.

 

Mike

 

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At the open:

The July corn futures trade 7 cents higher at $6.19 1/2. The July soybean contract is trading 15 cents higher  $14.56. The July wheat futures are trading 10 cents higher at $6.42 1/2. The July soymeal futures opened $6.40 per short ton higher and sloyoil futures up $0.33 at $55.80. 
In the outside markets, the NYMEX crude oil is $0.79 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 95 points.

 

Mike

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At 8am:

USDA announces Tuesday that an 'unknown' buyer purchased 480,000 mt of U.S. corn for 2011-12.

 

Old crop stocks keep getting tighter. Do you think the 'unknown' buyer is China?

 

Mike

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At 7:50am:

STATS Canada Releases Acreage Update:

--All Wheat=24.32 million acres

--Canola  20.37 million

 

Mike

-------

At 7:30am:

--Taiwan buys 60,000 mt of Brazilian corn Tuesday.

--Japan seeks 106,200 mt of milling wheat.

 

Mike

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At 7:20 am:

Early calls: Corn 2-4 cents higher, soybeans 10-12 cents higher, and wheat 5-7 cents higher.

 

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.19 per barrel higher.
Dollar=Lower.
Wall Street=Seen trading higher after steep losses yesterday. Europe's debt crisis concerns will limit gains.

World Markets=Higher.

 

 

More in a minute,

 

Mike

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21 Replies
roarintiger1
Honored Advisor

Re: Floor Talk April 24

If it is indeed China, there goes johndoeQ's theory of China waiting for corn to be in the 3's before they would buy.  It would seem that China needs to continue to buy to keep their people fed.  Of course they would like the price to be lower, but right now, they can buy our corn for less than they can buy their own.     

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p-oed Farmer
Senior Contributor

Re: Floor Talk April 24

Who else would buy that much at one time?........p-oed

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Farmerjoe79
Senior Contributor

Re: Floor Talk April 24

If you would have used john doe's marketing your neighbor would be farming your landSmiley Happy
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oncearound
Veteran Contributor

Re: Floor Talk April 24

don't know the poster in question.........but Farmerjoe79>>>that was funny! 

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giolucas
Veteran Advisor

Re: Floor Talk April 24

WHEW, again!!!! Blink once the market is against you, blink twice it is in your favor.  I think I need to start trading smaller so I don't have to pray so much.

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Hobbyfarmer
Honored Advisor

It has been hard

the last few weeks to remember that the Fudamentals of two short crops in a row (North America last summer then South America right now) should lead to better prices due to the fact toward the end, money will chase the dwindling supplies.

 

$6+ corn and $14 beans are a good sale .. more is better but don't bet the farm on them due to the possibility of a Black Swan event.

Remember there a Funnymentlas out there too.

 

If beans are up this morning I may load out a trailer load of + $14 beans this afternoon. . The corn can wait just a little longer.

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Mizzou_Tiger
Senior Advisor

Re: Floor Talk April 24

Guys, fundamentals are still intact......volitility is created and craved by the ambulance chasers.....have to sort the noise......define your risk......define your marketing period.......

Case in point 90 day corn by July........or 1B out of I'll in August......

Looks like a bunch of corn planted in IA yesterday thru this week is going to get a cold drink of water at the end of the week........

Its called the 164 or 14 challange.......
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giolucas
Veteran Advisor

Re: Floor Talk April 24

When are fundamentals out of whack???? Fundamentals are fundamentals.   Doesn't mean the trade will trade that.

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SWMICH
Frequent Contributor

Re: Floor Talk April 24

Cleaned out the soybean bin last Friday at $14.20 bu.  It sure makes farming fun to sell at these prices.  Still got some old corn in lthe bin but waiting for higher price.  Haven't sold any new crop soybean  or corn yet.  With these low temps at night something has to give. MT- I  look forward to reading your posts.  Keep on posting and don't let the bear people get your spirits down.        

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