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Veteran Contributor

Floor Talk April 8

At the close:

At the close, the May corn futures settled 3/4 of a cent higher at $3.62 1/4. May soybean futures are 12 cents higher at $9.16. May wheat futures settled 3 1/4 cents higher at $4.60. May soymeal futures ended $6.90 short ton higher at $273.70. May soyoil futures closed $0.16 lower at $33.94.  In the outside markets, the Brent crude oil market is $2.12 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 48 points higher.

 

Mike

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At mid-session:

At mid-session, the May corn futures are trading 1/4 of a cent lower at $3.61. May soybean futures are 10 cents higher at $9.14. May wheat futures are 3 cents higher at $4.60. May soymeal futures trade $6.70 short ton higher at $273.50. May soyoil futures are $0.29 lower at $33.81.  In the outside markets, the Brent crude oil market is $2.46 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 61 points higher.

 

Jack Scoville, The PRICE Futures Group senior grain analyst, says that the soybean market is up due to a falling dollar and firming real currency in Brazil.  
"The dollar is lower and the real has turned higher and is back above 27 cents May.  So much for a short term down trend.  No idea why that is happening but it is and it is supporting the beans as much as anything here," Scoville says.
Corn is quiet, up against resistance and maybe finding some farm sales, he says.  "Trying to get a hold of some farmers, but I would not be surprised.  Wheat is back to weather with somewhat drier forecasts appearing for the western plains where it has been too dry, plus holding some support levels on the May and July charts.  Specs buying commercials mostly quiet from what I can see."

 

Mike

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At the open:

At the open, the May corn futures are trading even at $3.61. May soybean futures are 5 cents higher at $9.09. May wheat futures are 4 cents higher at $4.61. May soymeal futures trade $3.20 short ton higher at $270.00. May soyoil futures are $0.15 lower at $33.95.  In the outside markets, the Brent crude oil market is $1.79 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 135 points higher.

 

Mike

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Weather, weather, weather. 

That's the topic of the day as freezing weather spread across the Midwest overnight, threatening all sorts of gardens, flowers and, of course, soft-red winter wheat. 
The good news, however, is that it may rain in the southern Plains this weekend. The National Weather Service has given the Oklahoma and Texas panhandles a 30% to 50% chance of rain on Sunday. While that may not mean much to someone in Iowa, in arid southern Kansas that's like getting one-in-two odds of winning the lotto, especially this year considering there hasn't been a soaking rain in the region in 2016. 

 

Here's what happened overnight:

 

Brent Crude Oil = 3.4% higher. 

West Texas Intermediate Crude Oil = 2.9% higher.

Dollar = up 0.1%.

Wall Street = U.S. stock futures higher in pre-market trading. 
World Markets = Global stocks increase as oil rallies, yen declines. 

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11 Replies
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Advisor

Re: Floor Talk April 8

29* here this morning with 24* forecast for tonight. Yes, that is well below normal but not new for central Iowa.  I'm sure many "older"   farmers on here can remember the April 9, 1973 snow storm.  That day we were socked in with 15" of snow with 40 to 60 MPH winds while it was snowing!!  Got down to 20* that night and the next day with bright sunshine, we got sunburned while pushing snow.  Dad had bought some old cows and they where calving at that time.  We lost a few cows and calves in that one.   Hwy 44 was closed for three days. That was the snow storm to remember and it came in April.  We did get the corn planted and it was a good harvest.  The next year 1974 after a wet Spring and a dry hot summer I harvested 100bu. corn and 30bu. beans-- sold them for $3.60 corn and $8.60 for the beans. The beginning of the boom that busted in the 80's.  Wonder what I paid for my seed corn that year?   Looks like corn is slowly creeping back.   

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Honored Advisor

Re: Floor Talk April 8

You might get the chance to sell your corn for $3.60 again....42 years later.    What other business could make it with prices they recieved 42 years ago?    The answer.......is........NONE!       Gotta love this profession.   Smiley Wink

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Honored Advisor

Re: Floor Talk April 8

RT.... only if the price go's up...we here in South Podunk Country are only at $3.37 right now.

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Honored Advisor

Re: Floor Talk April 8

Hobby, I did use the word "might" in my sentence.   Smiley Happy    The local E-plant here is offering $3.58 currently!

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Veteran Contributor

Re: Floor Talk April 8

Check the price on a 27" TV over the last fifteen years........  there are many businesses that sell products much cheaper than a decade ago.

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Veteran Contributor

Re: Floor Talk April 8

I grew up just outside of Glenwood, Iowa, in the 70s and 80s and remember very well walking uphill both ways to school in a foot of snow well after Christmas break. 

And that's not a joke. We lived in a valley by a small lake and had to walk over two hills to get to the bus stop.

So what about the SRW in Illinois and Missouri, anybody hearing anything about conditions over that way? 

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Honored Advisor

Re: Floor Talk April 8

Maybe a weaker dollar will bail us out, being an election year and all.  A recession would swing the doors open for a certain billionaire, reality star to become president.   Janet`s bringing in the watered down punchbowl to keep this party going a little longer and maybe keep the status quo in the whitehouse another 4 years.

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Honored Advisor

Re: Floor Talk April 8

Kstater85.........My reference was 42 years ago.......not 10 or 15.   However, you might pay less today for a package of some sort of food,  but the package is much smaller.  

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Honored Advisor

Re: Floor Talk April 8

similar products in TV's weren't available 42 years ago...

 

My tv antenna 42 years ago was $24 once and lasted several years for all three channels......  Want to compare my annual payments to direct TV....   The idea that any part of living is cheaper now than 40 years ago is going to be swinnimg upstream........  spark plugs are cheaper since I don't have to change them twice a year,,,, but that is hardly comparable when you compare the price of the vehicle 

What we do have is more options to spend money on...... many of which are way beyond necessary...

 

Just the monthly cost of making this note and reading the wisdom here takes a monthly fee and pricey equipment that would bave been considered too pricy  before government deemed it necessary....

 

But it has great intertainment value  Smiley Happy

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