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Veteran Advisor
Posts: 4,137
Registered: ‎05-03-2010
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Floor Talk, April 5, 2019

[ Edited ]

At the close:

 

At the close, the May futures finished 2 3/4¢ lower at $3.62. July futures are 3 1/4¢ lower at $3.71.

May soybean futures closed 7 1/2¢ lower at $8.99. July soybean futures finished 7 1/4¢ lower at $9.12.

May wheat futures finished 3 3/4¢ lower at $4.67 3/4.



 

May soymeal futures settled $3.90 short ton lower at $308.00.

May soy oil futures closed 0.05 lower at 29.15¢ per pound.



 

In the outside markets, the NYMEX crude oil market is $0.95 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 18 points higher.

 

Mike

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At midday:

 

At midday, the May futures are 2 3/4¢ lower at $3.62. July futures are 3¢ lower at $3.71.

May soybean futures are 9 1/2¢ lower at $8.97. July soybean futures are 9 1/4¢ lower at $9.10 1/4.


 

May wheat futures are 3 3/4¢ lower at $4.67.



 

May soymeal futures are $4.30 short ton lower at $307.60.

 May soy oil futures are 0.08 lower at 29.12¢ per pound.

 



In the outside markets, the NYMEX crude oil market is $0.55 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 9 points higher.

 

 

Mike

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At 9:40am:

 

 

In early trading, the May futures are 2 3/4¢ lower at $3.62. July futures are 3¢ lower at $3.71.

May soybean futures are 6 3/4¢ lower at $8.99 3/4. July soybean futures are 6 3/4¢ lower at $9.12 1/2.


 

May wheat futures are 4 1/4¢ lower at $4.66 1/2.



 

May soymeal futures are $3.30 short ton lower at $308.60.

 May soy oil futures are 0.03 higher at 29.23¢ per pound.



 

In the outside markets, the NYMEX crude oil market is $0.50 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 49 points higher.

 

Al Kluis, Kluis Advisors, says that investors still know that supplies are large.

 

“We will have a tough time rallying soybeans above $9.10 against May futures, and corn above $3.70 against May corn futures. We still have huge supplies. The market will be reluctant to rally too much,” Kluis told customers in a daily note.

 

He added, “Talks of a potential summit between President Trump and President Xi got the market to pop a little on Thursday. Once the news came out that a date would not be announced, the grains pulled back a little but ended up having a nice day. The bull spreads are working. If we get some announcement of a trade deal between the US and China, then we could see the funds start to buy back some of their huge short position in corn and soybeans.”

 

What say you?

 

Mike

Veteran Advisor
Posts: 1,559
Registered: ‎10-18-2016
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Re: Floor Talk, April 5, 2019

Mike,

 

My thinking is that we have so much global competition that the trade talks between the US and China are only good for small, short-term rallies.  They are not part of my marketing plan, at all.

 

In fact, I assume that if we get a little pop this spring it may be the last in a long while as China works the marketplace as the big buyer who can really almost dictate terms.