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Veteran Advisor

Floor Talk April 30

At the close:

At the close, the July corn futures settled 1 1/2 cents lower at $3.66 per bushel. The Dec corn futures finished 2 cents lower at $3.83 1/2 per bushel.
July soybean futures finished 12 cents lower at $9.76. Nov. soybean futures settled 9 1/2 cents lower at $9.52.

July wheat futures ended 9 1/2 cents lower at $4.74.

July soymeal futures closed $6.30 per short ton lower at $316.10. 

In the outside markets, the Brent Crude oil market is $1.15 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 224 points lower.

Mike

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At mid-session:

At mid-session, the July corn futures are trading 3 cents lower at $3.64 per bushel. The Dec corn futures are 3 1/2 cents lower at $3.82 per bushel.
July soybean futures are trading 12 3/4 cents lower at $9.75. Nov. soybean futures are trading 10 1/2 cents lower at $9.51.

July wheat futures are trading 10 1/2 cents lower at $4.73.

July soymeal futures are trading $5.30 per short ton lower at $317.10. 

In the outside markets, the Brent Crude oil market is $0.54 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 91 points lower.

Jason Ward, Northstar Commodities grain analyst, says the soybean market is a mystery. "We walked in this morning thinking the maket would be higher, based upon the Argentine strike chatter. Plus, the weekly exports were better than expectations," Ward says.

Perhaps, the market is considering more of a technical story, for the soybean market, Ward says. "Soybeans are pushing to their best prices since March 9th, aprety impressive move. The run-up is 45 cents higher than the low posted two weeks ago. So, maybe the market is a little tired, after the short-covering burst that we have seen the last 2 1/2 weeks."

Corn is down on ideal planting weather, he says. And wheat had a large weekly cancellation in export sales, continuing an overall bearish trend in that market.

Mike

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At 7:35am:

USDA Weekly Export Sales announced Thursday:

 

Corn=945,800 metric tons

 

Soybeans= 551,900 mt

 

Wheat= 1.302 million mt

 

Soymeal 142,300 mt

 

Mike

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At 7:30am:

Pablo Fraga, the market analyst in Argentina, just skyped me. He says, "The strike is very serious. Yesterday evening, 800 trucks waited 12 hours outside one terminal without any movement. So, truckers got crazy and started breaking things, set on fire 8 cars, etc. All of the terminals decided to strike, so they will not receive any trucks this weekend. We don't know if next  week things will get any better."

 

Mike

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At 7:00am:

 

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

 

Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $0.24 higher.
Dollar =Lower. 
Wall Street = Seen lower, with the market digesting major moves in the U.S. Dollar.

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

 

 

 

More in a minute,

 

Mike

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2 Replies
Senior Contributor

Re: Floor Talk April 30

Hi Mike: Those seem like some big export numbers but apparently everyone thought they should be bigger?

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Veteran Advisor

Re: Floor Talk April 30

The soybean market is a mystery?  Never.

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