Floor Talk April 24
At the close:
At the close, the July corn futures finished 1 3/4¢ higher at $3.65 1/2, while December futures finished 1 1/2¢ higher at $3.83 1/2. July soybean futures closed 10 1/4¢ higher at $9.71, November soybean futures closed 8¢ higher at $9.67 1/2. July wheat futures closed 1 3/4¢ lower at $4.19 1/4. July soy meal futures finished $7.00 per short ton higher at $320.60. July soy oil futures closed $0.23 higher at 31.93¢ per pound. In the outside markets, the Brent crude oil market is $0.42 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 242 points higher.
Jason Roose, U.S. Commodities grain analyst, says that the grains are trading mixed today on a mixed weather outlook.
“Even though the southern states, Illinois & Nebraska will be above average for planting, the other states are behind average which will support the corn short term. Also, the weak dollar and strong exports are giving the corn and beans mild support today,” Roose says.
Marketeye Thoughts: "Soybeans rally as the 11-15 day weather outlook is sure to delay corn planting and maybe causing more soybean acres than the already record-high estimates? Am I missing something? What do you hear? Corn can't find a bid if it's life depended upon it."
Luis Vieira, Successful Farming freelance writer in South America, shares this information Monday:
"I learned that the Paraguayan soybean production would be extraordinary. They'd never harvested over 9.5 million metric tons in previous season. But this time - so far - they harvested already an output 10.2 million metric tons with a lot of acres yet to be worked on. So now some estimate 11 million metric tons. It is quite a change! Do you think a story would be interesting?
Another thing I think is interesting is Argentina`s wheat output projected. I know wheat has not interested so much U.S. farmers recently. But the last crop of Argentina had doubled comparing to the previous season. And now there is expectation for a growth of 7% of the surface."
At mid-session, the July corn futures are unchanged at $3.63, while December futures are unchanged at $3.82. July soybean futures are 6 3/4¢ higher at $9.67, November soybean futures are 6 3/4¢ higher at $9.65. July wheat futures are 2 1/4¢ lower at $4.18. July soy meal futures are $4.00 per short ton higher at $317.60. July soy oil futures are $0.01 higher at 32.17¢ per pound. In the outside markets, the Brent crude oil market is $0.32 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 205 points higher.
Deanna Hawthorne-Lahre, co-founder and trader of StatFutures, says that investors have a lot to consider today.
“There’s chatter, today, about the impending Corn Belt rain event, planting progress, and Friday’s Commitment of Traders Report,” Hawthorne-Lahre says. She adds, “The grain markets are in balance in a trading range. Heavy corn planting done in Illinois, over the weekend, is the titter tatter. Market will swing in this tight range until we get fundamental direction. Keep an eye on bean option volatility.”
In early trading, the July corn futures are 1 1/2¢ higher at $3.65, while December futures are 1 1/4¢ lower at $3.83. July soybean futures are 8¢ higher at $9.68, November soybean futures are 6 3/4¢ higher at $9.66. July wheat futures are 1¢ higher at $4.22. July soy meal futures are $2.00 per short ton higher at $315.60. July soy oil futures are $0.31 higher at 32.47¢ per pound. In the outside markets, the Brent crude oil market is $0.23 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 201 points higher.
Soybeans and the grains were higher in overnight trading after the dollar fell almost 1%. The greenback plunged after Emmanuel Macron beat Marine Le Pen in the first round of the French election, boosting the euro. The two will face off in two weeks to see who takes the presidency, and it's thought that Macron will gain votes from other candidates who didn't advance, while Le Pen, the far-right candidate who's become quite controversial, will lose. Beans rose 7 cents, corn was up 2 cents and wheat gained 3 to 4 cents as a weaker dollar means improved buying power for overseas importers of U.S. goods.
Here's what happened overnight:
Brent Crude Oil = up 0.9%.
West Texas Intermediate Crude Oil = up 0.8%.
Dollar = down 0.9%.
Wall Street = U.S. stock futures higher in pre-belltrading.
World Markets = Global stocks higher after first round of French election.
Re: Floor Talk April 24
Plant, Plant, Plant!!!! Today and maybe tomorrow look to be the best days of the week to get corn planted. Rain that arrives in the western Corn Belt, Tuesday, will work its way to the eastern Corn Belt, Thursday. And the 6-10 day and 11-15 day outlooks are packed with a lot of rain.
Al Kluis, Kluis Commodities says that Monday's USDA Crop Progress Report should show a continued slow pace of corn planting, for last week.
"Nationwide corn planting--which should be at about 18% by now--will be closer to 13% in the USDA Crop Progress report that is released at 3:00 PM today," Kluis says.
Re: Floor Talk April 24
Planters rolling in eastern Iowa, but I still have to get my sprayer working and then get the planter out. I'll be late but I'm down to so few acres it's of no matter.
Here's a great opportunity for the marketing swamis to make a killing.