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Veteran Contributor

Floor Talk July 6

At the close:

At the close, the Sep. corn futures finished 8¢ higher at $3.60 1/4. Dec. futures are 8 1/2¢ higher at $3.73.

 

Aug. soybean futures finished 38 1/4¢ higher at $8.77 1/2.  Nov. soybean futures closed 38 3/4¢ higher at $8.94 1/2.

 

Sep. wheat futures finished 9 3/4¢ higher at $5.15 1/4.

 

Aug. soymeal futures closed $11.70 per short ton higher at $338.10. August soyoil futures ended 0.45 cent higher at 29.02.

 

In the outside markets, the NYMEX crude oil market is $0.81 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 115 points higher.

 

Jack Scoville, The PRICE Futures Group’s senior market analyst, says that it is a sell the rumor and buy the fact kind of day. 

 

“We all knew the tariffs were coming and now they are here.  Those that sold are now getting out.  Even a 50% retracement could mean a $1.00 rally in beans and 35 cent rally in corn. So, this could extend awhile.  It does not have to but it could.  We will see the weather going forward. 

 

Scoville adds, “At the end of the day the US has now positioned itself not as the export source of choice for grains and oilseeds but the exporter of last resort.  This is not good.  But, today is all sell the rumor and buy the fact and will not really last I don’t think.”

 

Mike

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At mid-session:

At mid-session, the Sep. corn futures are 3 1/4¢ higher at $3.55. Dec. futures are 4¢ higher at $3.68.

 

Aug. soybean futures are 26 3/4¢ higher at $8.66.  Nov. soybean futures are 27 1/2¢ higher at $8.83.

 

Sep. wheat futures are 1¢ higher at $5.06.

 

Aug. soymeal futures are $7.50 per short ton higher at $333.90. August soyoil futures are 0.36 cent higher at 28.93.

 

In the outside markets, the NYMEX crude oil market is $0.81 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 154 points higher.

 

Mike

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At 9:26am:

If you missed it, the USDA Weekly Export Sales Report was released Friday.

 

Corn= 672,800 metric tons vs. the trade’s expectations of between 750,000-1.400 mmt.

Soybeans= 1.020 mmt. vs. the trade’s expectations of between 400-1.000 mmt.

Wheat= 440,000 mt vs. the trade’s expectations of between 250-500,000 mt.

 

Note: If you dig into the sales report, you see some switching of soybean sales from China to other countries. Between the labeled switches from China and the switches from an 'unknown' buyer (believed to be China), the total amount of sales switched, for both current and next marketing years equals 558,500 mt.

 

So, you're starting to see some impact from the trade tariffs.

 

 

Mike

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At 9:06am:

In early trading, the Sep. corn futures are 2 1/2¢ higher at $3.54. Dec. futures are 3¢ higher at $3.67.

 

Aug. soybean futures are 9 3/4¢ higher at $8.49.  Nov. soybean futures are 10¢ higher at $8.65.

 

Sep. wheat futures are 2 1/2¢ lower at $5.03.

 

Aug. soymeal futures are $5.60 per short ton at $332.00. August soyoil futures are 0.05 cent higher at 28.62.

 

In the outside markets, the NYMEX crude oil market is $0.32 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 117 points higher.

 

Mike

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Soybeans were slightly higher overnight as bargain hunters try to jump in and end-users attempt to fill needs amid the lowest prices in almost a decade. The US-China trade spat escalated overnight with each country imposing tariffs on $34 billion worth of the others' goods. Beans were up less than a penny, corn was down less than a penny and wheat fell 1-2 cents overnight. In other news, ethanol production fell week-to-week, but more importantly EPA Administrator Scott Pruitt resigned on Thursday, a move celebrated by the ethanol industry and lawmakers in Corn Belt states. It's going to be relatively quiet weather-wise across much of the Midwest heading into the weekend, though some rivers and streams in Iowa and Minnesota are still flooding. Check out today's 3 Big Things to get all the details. 

 

West Texas Intermediate = down 0.6%.

Brent Crude = down 1.2%

Dollar = down 0.2%.

Wall Street = U.S. stock lower pre-market.

World Markets = Global stocks higher overnight.

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2 Replies
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Honored Advisor

Re: Floor Talk July 6

"So, you're starting to see some impacts from the trade tariffs."     

 

 

What trade tariffs?   This is just normal business from a country that has taken advantage of the U.S. for far too long.

 

It's interesting that no one has mentioned that soybeans might close higher today.  Smiley Wink

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Senior Advisor

Re: Floor Talk July 6

Wondering  if   cash   beans  would  take  a  .20  up  overnight  protection  -  like   the  .20  down  protection  in  market  reversal's  ?  ?

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