Floor Talk April 26, 2021

[marketeye]

At the close:

At the close, the May corn futures hit its daily limit high of 25¢ higher at $6.80 1/2.

July corn futures closed on its daily limit high of 25¢ higher at $6.57 1/4. New crop December corn futures are 17 1/4¢ lower at $5.68 3/4.

May soybean futures closed 29 1/2¢ higher at $15.69 1/4. July soybean futures finished 23 3/4¢ higher at $15.39 1/2. New crop November soybean futures ended 20 1/4¢ higher at $13.62 1/4.

July wheat futures settled 27 1/4¢ higher at $7.39 1/4.



July soymeal futures ended $5.70 short ton higher at $431.50.


July soy oil futures closed +2.11 higher at 60.89¢ per pound.

In the outside markets, the NYMEX crude oil market is -0.10 lower (-0.16%) at $62.04. The U.S. dollar is higher, and the Dow Jones Industrials are 22 points lower (-0.07%) at 34,020 points.

Mike

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At midsession:

Corn hits limit up!.

At midsession, the May corn futures hit its daily limit high of 25¢ higher at $6.80 1/2.

July corn futures are 23 1/4¢ higher at $6.55 1/4. New crop December corn futures are 14 1/4¢ lower at $5.65 3/4.

May soybean futures are 26 1/2¢ higher at $15.66 1/4. July soybean futures are 20 3/4¢ higher at $15.36 1/2. New crop November soybean futures are 17 1/4¢ higher at $13.59 1/4.

July wheat futures are 28¢ higher at $7.40 1/4.



July soymeal futures are $4.30 short ton higher at $430.10.


July soy oil futures are +1.70 higher at 60.48¢ per pound.

In the outside markets, the NYMEX crude oil market is -0.22 lower (-0.35%) at $61.92. The U.S. dollar is higher, and the Dow Jones Industrials are 5 points lower (-0.02%) at 34,038 points.

Mike

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At 8:55am:

Corn rockets toward $7, soybean futures push to $16 Monday.

Mike

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At 8:30am:

Overnight, corn and soybean prices were up double-digits. Also, this morning, USDA announced a fresh sale of U.S. soybeans to an unknown buyer. Below are pictures that an Iowa farmer shared with me, over the weekend. This year's crop is coming up.

Soybeans planted in sandy soil have emerged, already, in central Iowa. Take a look. photos taken over the weekend. 

Sandy Soybeans

Iowa soybeans emerged on April 23, 2021

[Hobbyfarmer]

6 pennies away from $16 cash beans on the close May delivery here at the train loader and specialty bean plant.

There is still two train Loads of beans there under tarp.

Better posted price than the bean crush in des Moines.

18¢ at the e plant away from $7.

How many will not sell because they shy away from income tax?

Hope tomorrow is not a "turn around Tuesday".

Already have one knee brace on the weakest knee, May have to get one on the other knee just to stand the weight of these wonderful prices.

[Hobbyfarmer]

https://mobile.twitter.com/agturbobrazil/status/1386636354617020416?ref_src=twsrc%5Egoogle%7Ctwcamp%...

Read posts and scroll down to crop pictures

https://m.youtube.com/watch?v=-xqURFPK_QA&ab_channel=JorgeMarcatti

[Whitesand_Farms]

I like how that  girl said the USDA sandbagged us for 18 months and lied about stocks to keep the price down. Let’s face it they stole the grain from us for the last 2 years and almost nobody in Canada collected on this rally because they sold when prices just started to rise. I like most sold for $11-12 canola because that was a 2-3 year high and today it’s over $20/bu. We were getting emails when it hit $13 saying computer glitches and electronic trading was causing the price increases. Everyone knew the world was out of grain except the farmers.

[sw363535]

Most enjoyed Angies comment-----  I think what makes me the maddest with this rally is the fact that the USDA sandbagged us for 18 months before absolutely destroying any farmer who was prudently trying to manage risk

A grain buyer who cares?  Or just seeing their "promotion that works" go down the drain.   Maybe she only cares about her ability to persuade farmers to sell more than their opportunity at higher prices.

But mostly remember that increasing limits is designed to give funds ultimate profit taking for their position and knock them to the other side of the market for another quick profit.  Feds look like their regulating the market when in fact they are facilitating the abuse of it.----    So we can all remember the 10 days in may when the old crop was gone and the new crop was five months away and try to remember why we missed that great opportunity.

One thing about it......... and try to remember that the gas mileage from here will be a lot better.

[Whitesand_Farms]

I don’t think it will be downhill from here. Let’s face it the world ran out of physical grain. The USDA can lie about stocks and use and seeded acres and yields. You know they will always say record crop coming but if Brazil is as dry as the northern plains of US and Canada. There’s a big increase coming.