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Veteran Advisor

Floor Talk, April 3, 2020

At the close:

At the close, the May corn futures finished 2 3/4¢ lower at $3.30 3/4. July corn futures finished 1 3/4¢ lower at $3.36 3/4.

May soybean futures settled 4 1/2¢ lower at $8.54 1/2. July soybean futures ended 4 1/2¢ lower at $8.59 1/2.

May wheat futures closed 7 1/2¢ higher at $5.49 1/2.

May soymeal futures closed $5.90 per short ton lower at $303.20.

May soy oil futures finished $0.19 cents higher at 26.42¢ per pound.



In the outside markets, the NYMEX crude oil market is $2.97 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 449 points lower.

Mike

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At midday:

At midsession, the May corn futures are 4 1/4¢ lower at $3.29 1/2. July corn futures are 3 1/4¢ lower at $3.35 1/4.

May soybean futures are 7 1/4¢ lower at $8.51 1/2. July soybean futures are 6 3/4¢ lower at $8.57 3/4.

May wheat futures are 9 1/4¢ higher at $5.51.

May soymeal futures are $7.40 per short ton lower at $301.70.

May soy oil futures are $0.18 cents higher at 26.42¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.62 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 348 points lower.

Mike

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At 8:45am:

In early trading, the May corn futures are 3¢ higher at $3.36 1/2. July corn futures are 3 1/4¢ higher at $3.41 1/4.

May soybean futures are 1/4¢ higher at $8.59. July soybean futures are 3/4¢ higher at $8.64 3/4.

May wheat futures are 10 1/2¢ higher at $5.52 1/4.

May soymeal futures are $0.60 per short ton lower at $308.50.

May soy oil futures are $0.07 cents higher at 26.31¢ per pound.



In the outside markets, the NYMEX crude oil market is $2.04 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 40 points lower.

On Friday, private exporters reported to the USDA export sales of 567,000 metric tons of corn for delivery to China. Of the total, 63,000 metric tons is for delivery during the 2019/2020 marketing year and 504,000 metric tons is for delivery during the 2020/2021 marketing year.

The marketing year for corn began Sept. 1.

Al Kluis, Kluis Advisors, says that traders are poised to sell rallies.

"Energy prices rallied and that pulled grain prices higher. However, by the end of the day, prices slipped again as traders continued to take their money to the sidelines. Talks of Russia and Saudi Arabia cutting oil production gave the markets a boost, but so far those are just rumors. Rallies will be tough to hold in this environment. Traders will be there to sell any strength," Kluis told customers in a daily note.

Kluis added, "More and more ports are shut down in South America due to coronavirus. Will this lead to more demand for corn and soybeans from the U.S.?"

 

What say you?

 

Mike

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11 Replies
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Veteran Contributor

Re: Floor Talk, April 3, 2020

Farmers can't make it on these prices idiots!!!

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Honored Advisor

Re: Floor Talk, April 3, 2020

Freezing rain here in southern Iowa

Icicles hanging on edge of roof and trees.

Oh joy...

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Honored Advisor

Re: Floor Talk, April 3, 2020

You can yell at the parasite all you want but we are in this mess because we sleep with the socialist sespool that votes on the bill before they write it.  Because we decided to raise all boats.  Your expenses are inflexible because of congress cares more about the "environment" than their voters.  Lies to you about pseudo science.  Psyco nutrition.  Downgrading education(raising all boats by sinking ours)-------  In short  is run by political gangs thugs.

Closer to home ........ every farm bill since the 1980's has been passed as a rough outline and procedure is written later.  Ofter changing the application of the law from the initial outline voted on.  Both parties--- every congresswoman in both parties has turned a blind eye to what is simply breaking the law of procedure.  We are China West...... stop pretending it isn't so.  Our economy has been crumbling for 40 years..... International corporations are all that is left and they don't live here.  Financially or physically.

China is your retailer,  not by invasion....... but by our choice to have someone poorer than us do our bidding.  Make our clothes,  build our things,  work for scraps,  Smart slaves are good slaves....... Part and parcel to this is our hatred for work,  the way we look down on having a job,  and can't wait to quit this one for a better one.  Spend more time looking down on our employer and less time making their business fork.

We been nancyed.  Worse yet we been sleeping with the visions the sirens bring..... Socialism is good, capitalism is bad, we have to listen to the poor animals of the world.  We need to protect the world from humans, churches, the overly educated,   medical doctors, God knows they can't provide health care like a congresswoman can............. whatever it takes to scam the people who don't think enough to understand or protect what they had.

It is all a red herring....... in the process of goring your ox to provide meat for the "Party"  And you just got gored another 2 trillion, because the president couldn't say no.  

 

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Veteran Advisor

Re:How many ships are still waiting to unload in China?

How many ships are still waiting to unload in China?  They may not need grain all that soon, anyhow.

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Honored Advisor

Re: Re:How many ships are still waiting to unload in China?

I think that the U.S. should now cancel the deal and simply say that the price you are paying is not nearly enough. You can either have your people go hungry, or pay our price. 

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Veteran Advisor

Re: Floor Talk, April 3, 2020

Damn, SW....that's the best summation I have heard in a long, long time.

***STANDING OVATION!!!***

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Advisor

Re: Floor Talk, April 3, 2020

I just pulled my pump off my sprayer in 28* weather at noon.  I was planing to do that this afternoon in 35* weather.  The cold came about 14 hours earlier than predicted.  

PS I finally got this old computer to work.

 

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Senior Contributor

Re: Re:How many ships are still waiting to unload in China?

Well said👍

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Veteran Advisor

Re: Floor Talk, April 3, 2020

Hobby,

 

I've been asked by our technical dept. to ask you to try and post more pictures now. We think that we have fixed the problem. Let me know if you find otherwise.

 

Thanks,

 

Mike