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Veteran Contributor

Floor Talk April 9

At the close:

At the close, the May corn futures finished 2 1/4¢ higher at $3.90 3/4. July futures ended 2¢ higher at $3.99. May soybean futures settled 13 1/4¢ higher at $10.47.  July soybean futures closed 12 3/4¢ higher at $10.57 1/2. May wheat futures closed 18 1/2¢ higher at $4.90 3/4. May soy meal futures closed $3.30 per short ton higher at $389.60. January soy oil futures ended 0.01 lower at 31.52¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.33 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 322 points higher.

 

Mike

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At mid-session:

At mid-session, the May corn futures are 3¢ higher at $3.91. July futures are 3¢ higher at $4.00. May soybean futures are 15 1/2¢ higher at $10.49.  July soybean futures are 15¢ higher at $10.59. May wheat futures are 16 1/2¢ higher at $4.88. May soy meal futures are $5.00 per short ton higher at $391.30. January soy oil futures are 0.01 higher at 31.54¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.26 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 346 points higher.

 

Mike

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At 9:20am:

On Monday, the USDA announced fresh soybean sales to 'unknown' buyer, normally believed to be China.

 

Private exporters reported to the U.S. Department of Agriculture export sales of 232,500 metric tons of soybeans for delivery to unknown destinations during the 2017/2018 marketing year.

The marketing year for soybeans began Sept. 1

 

Mike

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At 9:00am:

In early trading, the May corn futures are 2¢ higher at $3.90. July futures are 1 3/4¢ higher at $3.98. May soybean futures are 8 1/4¢ higher at $10.42.  July soybean futures are 8 3/4¢ higher at $10.53. May wheat futures are 11 1/2¢ higher at $4.83. May soy meal futures are $0.08 per short ton lower at $385.50. January soy oil futures are 0.08 lower at 31.45¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.94 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 217 points higher.

 

Al Kluis, Kluis Commodities, says that the farm markets have a lot of trade and weather factors influencing direction.
“The rally back in soybeans on Friday tells me that a lot of negotiations are developing in Washington to help avoid a trade war,” Kluis stated to customers in a daily note Monday.    

He adds, “Will the deferred weather forecasts keep it wet in the central and eastern Corn Belt, and put additional snow Minnesota and the Dakotas... where they need to plant spring wheat by the end of the month.”

 

 

Mike

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Soybeans jumped double digits overnight on signs of demand and optimism that all the talk between the U.S. and China is nothing more than idle threats. Wheat gained as ongoing cold weather in much of Oklahoma and Arkansas threatens winter wheat crops. Beans gained 12 cents, corn was up about a penny and wheat added 6-7 cents. Money managers, before the trade spat ramped up last week, raised their net-long positions in corn while curbing bullish bets on beans and hard-red winter wheat, the Commodity Futures Trading Commission said. In weather news, it's again going to be extremely cold in the southern Plains this morning as temperatures in Oklahoma will fall into the upper-20s tonight after declining to the mid-20s several times last week. Check out all the details in today's 3 Big Things

 

Brent Crude Oil = up 1.1%.

West Texas Intermediate = up 0.8%.

Dollar = up 0.1%

Wall Street = U.S. stock markets higher pre-bell.

World Markets = Global stocks lower overnight.

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Honored Advisor

Re: Floor Talk April 9

........idle threats........whoda thunk it?

 

Seems to me that the traders bought it hook,line, & sinker.   Does anyone think that the Chinese will play any game to get what they need cheaper?    No offense....but.......Gosh, our traders are stupid.

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