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Veteran Advisor

Floor Talk, April 27, 2020

Having a tough day? Think again. This guy can't find a market for thousands of head of hogs.

 

Full story:  The plight of a Nebraska hog farmer.

 

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At midsession:

At midsession, the May corn futures are 9 1/4¢ lower at $3.06 1/2. July corn futures are 8 3/4¢ lower at $3.14 3/4.

May soybean futures are 1/4¢ lower at $8.32. July soybean futures are 1/4¢ lower at $8.32.

July wheat futures are 5¢ lower at $5.25 1/4.

July soymeal futures are $0.40 per short ton higher at $292.20.

July soy oil futures are $0.08 cent lower at 25.42¢ per pound.



In the outside markets, the NYMEX crude oil market is $4.40 per barrel lower at $12.54 per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 286 points higher.

 

Mike

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At 8:45am:

In early trading, the May corn futures are 5 3/4¢ lower at $3.10. July corn futures are 5 1/4¢ lower at $3.17 3/4.

May soybean futures are 1¢ lower at $8.31 1/2. July soybean futures are 1/2¢ lower at $8.39 1/2.

July wheat futures are 5 3/4¢ lower at $5.24 3/4.

July soymeal futures are $0.60 per short ton higher at $293.20.

July soy oil futures are $0.26 cent lower at 25.24¢ per pound.



In the outside markets, the NYMEX crude oil market is $4.22 per barrel lower at $12.72 per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 127 points higher.

Al Kluis, Kluis Advisors, says that investors will be eyeing the ideal planting weather.

"U.S. planting progress advanced rapidly this week in the central and western Corn Belt. I estimate that planting will be right at the five-year average next week (20%). Farmers in the western Corn Belt are getting ahead of normal, and a few farmers will finish planting late this week. The eastern Corn Belt and Delta are running behind normal. Spring wheat producers are making good progress and should be close to the 29% five-year average in the Monday report," Kluis told customers in a daily note.

Kluis added, "The CFTC Commitments of Traders report on Friday showed the funds added to their short position in corn. They went to the short side in soybeans and reduced the long position in wheat. The report showed funds short 161,000 contracts of corn, and short 3,000 contracts of soybeans. For wheat, when you combine all three exchanges, funds are long 17,000 contracts of wheat. Funds are long winter wheat and have a near-record short position in Minneapolis spring wheat."

 

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4 Replies
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Veteran Contributor

Re: Floor Talk, April 27, 2020

Farmer's won't make it on these prices!!!

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Advisor

Re: Floor Talk, April 27, 2020

Oil crashes again the Dow is up and grains are setting new lows must be Monday. Crkks 

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Veteran Advisor

Re: Oil crashes, stock market spikes, that's the difference between.....

Oil crashes while the stock market spikes, that's the difference between a real commodity which has to get produced, stored, distributed and sold, compared to stocks which are just so many pieces of paper (well, not even paper anymore).

Stock certificates can literally be created out of thin air, sold to the next sucker and whose value depends entirely on a whim.

  The value of Oil on the other hand, like corn or soybeans, depends on somebody actually wanting to use it for some purpose, power car, feed your hogs, etc.

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Veteran Advisor

Re: Oil crashes, stock market spikes, that's the difference between.....

And why didnt fert, engine oil,

Other lubricants, and farm fuel

Went down ?

What ever happened to markets.

Word is now, meat shortage...

Retail prices to take off like

Rockets....our prices go down...

Say no market....money now

Available to just kill them...

What a waste....you can cut

Back on feed....or local locker

Plants gear up....just kill, skin,

Cut in half, and have some refer

Trucks handy....or sell to store and

Let their meat cutters break it

Down.

Things are getting crazy.

Fellow can get rid of hogs ?

Locker plant....refer trucks....sell

Half a hog to people....let them

Cut them up themselves.

 

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