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Veteran Advisor

Floor Talk April 24

At the close:

At the close, the May corn futures settled 6 1/4 cents lower at $3.64 1/2 per bushel. The Dec corn futures settled 6 1/4 cents lower at $3.88 1/4 per bushel.
May soybean futures sold 8 1/2 cents lower at $9.69 3/4. Nov. soybean futures closed 9 cents lower at $9.52 1/2.

May wheat futures finished 11 3/4cents lower at $4.86.

May soymeal futures finished $2.00 per short ton lower at $314.60. The May soyoil futures ended $0.35 lower at $31.67.

In the outside markets, the Brent Crude oil market is $0.53 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 6 points higher.

Mike

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Brazil Trucker Strike Note: Luis Vieira, Agriculture.com freelance writer from Brazil reports: "In Mato Grosso, all the blockades are at the routes that they just load soybeans or corn. The same can be said about Rio Grande do Sul or Paraná. So far, the ports of Paranaguá and Rio Grande have not been blocked. But some transportation companies are avoiding loading the trucks with beans because they know some stretches will be blocked. For instance, the company Batista Duarte uses to release 35 trailers per day to go from Mato Grosso to the ports of Santarém and Mirituba (Pará). Since Thursday, they did not send any truck."

Mike

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At mid-session, the May corn futures are trading 5 1/2 cents lower at $3.65 per bushel. The Dec corn futures are 5 3/4 cents lower at $3.88 per bushel.
May soybean futures are trading 8 1/4 cents lower at $9.70. Nov. soybean futures are trading 8 cents lower at $9.53.

May wheat futures are trading 9 cents lower at $4.88.

May soymeal futures are trading $3.30 per short ton lower at $313.30. The May soyoil futures are trading $0.12 lower at $31.90.

In the outside markets, the Brent Crude oil market is $0.95 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 19 points higher.

Pete Meyer, PIRA Energy senior grain analyst, says that the markets are fighting a normal planting season.
“I’ve traveled through Iowa, Illinois and Indiana this week,” Meyer says. The problem for the markets is that there is no problem. Yeah, you see some cold temperatures or some mild rain events. But, for the most part, everything is ok. Farmers tell me they will be planting the crop that they had planned to. And, this weekend rain is no scare.”
In addition, some trading firm initiated a big sell program, yesterday, in the corn market, he says. “And, it looks like that selling is continuing today.”

Mike

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At 9am:

CME News: The CME will raise grain daily limits effective May 1, with corn moving from 25 cents to 30 and Chicago wheat from 35 cents to 40; beans and KC wheat will remain unchanged at 70 and 40 cents.

 

Mike

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At the open:

At the open, the May corn futures are trading 3 cents lower at $3.67 per bushel. The Dec corn futures are 3 cents lower at $3.91 per bushel.
May soybean futures are trading 4 1/2 cents lower at $9.73. Nov. soybean futures are trading 3 cents lower at $9.58.

May wheat futures are trading 4 1/4 cents lower at $4.93.

May soymeal futures are trading $1.60 per short ton lower at $315.00. The May soyoil futures are trading $0.02 lower at $32.00.

In the outside markets, the Brent Crude oil market is $0.85 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 28 points higher.

 

Mike

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At 8am:

On Friday, the USDA announced export sales of 121,400 metric tons of corn for delivery to unknown destinations during the 2014/2015 marketing year. 

The marketing year for corn began Sept. 1.

 

--On Monday's USDA Crop Progress Report, do you think we will see 25% of the corn crop planted? That seems a little aggressive with a wetter, cooler forecast. What say you about your area?

 

Mike

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At 7:30am:

 

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

 

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.45 higher.
Dollar =Lower. 
Wall Street = Seen higher, with investors eyeing record close by NASDAQ.

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

 

 

 

More in a minute,

 

Mike

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7 Replies
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Veteran Advisor

Re: Floor Talk April 24

I found this interesting, this morning. I thought I would share it with all of you. So, Chuck Abbott, a freelance writer for Successful Farming, also kicks out a daily piece called Ag Insider. Today's version summarizes the latest numbers from the International Grains Council Report. Here it is. It's the U.S. corn ending stocks projection that I find very intriguing. Do you see this big of a drop in the ending stocks category?

 

World grain production will fall by 61 million tonnes in 2015/16 but still be 3-percent larger than the five-year average, said the International Grains Council in its Grain Market Report. IGC forecast world production at 1.947 billion tonnes, "reflecting mostly favorable prospects in key growing areas." Wheat production globally was forecast to fall by 2 percent from last season "owing to reduced prospects in Argentina, China and India," said IGC. While the outlook for corn improved in the past month, world production still would be 4-percent smaller than in 2014/15, "led by a contraction in the United States."

The IGC projected a U.S. corn crop of 331 million tonnes, or slightly more than 13 billion bushels - 8 percent below the record 14.216 billion bushels harvested last fall. With the smaller crop, U.S. ending stocks would be cut sharply, to 1.45 billion bushels in 2015/16, a drop of nearly 400 million bushels from the forecast for 2014/15. The USDA will make its first projections of the 2015 crops on May 12.

 

Thanks, Chuck.

 

Mike

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Advisor

Re: Floor Talk April 24

Appreciate it and I am trying to de-cypher the info but it drives me crazy. Who is the "International Grains council"? Are they trying to get us to sell or hold and sell at lower prices? Do they know if my planting tractor will throw a rod?   Sorry, I  just had to vent a little.

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Veteran Advisor

Re: Floor Talk April 24

rawhide,

 

Yes, the IGC does know if your tractor will operate properly or not. How do they know this? Your tractor's electronics have monitors that are tracked by manufacturers. You actually don't own your tractor, like you thought you did. The data from yield monitors is small potatoes, in the data gathering game. When you experience downtime with your tractor, the IGC can adjust downward your yield potential. I thought you knew all of this. Smiley Happy

 

Mike

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Advisor

Re: Floor Talk April 24

Must be Friday greedy traders have a good weekend I know U.S. farmers will not planting again this weekend so just keep trading lower and eventually we won't have to plant at all this grain market is a joke
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Honored Advisor

Re: Floor Talk April 24

There are no monitors or tracking devices in my 35 year old tractors............

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Veteran Advisor

Re: Floor Talk April 24

well when even eagle eye starts to comment on the basis of the markets......you think there isn't something wrong.

 

hmmmm not many takers on my question, is agriculture relevant to cme......or the angle of the charts and everyones opinions

and the usda, international grains, and anyone else that can grab a mic or get printed

 

of interesting not, a person at a trading firm when thru 3 states and thinks there is no problems.

 

need i say more ?

 

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Senior Contributor

Re: Floor Talk April 24

My corn in NC Iowa is in the ground. Just got a text from my farmer. So I guess we are off to a good start.

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