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marketeye
Veteran Advisor

Floor Talk, June 1, 2020

At the close:

At the close, the July corn futures finished 2 1/2¢ lower at $3.23 1/4. Dec. corn futures ended 3¢ lower at $3.35 3/4.

July soybean futures settled 1/4¢ lower at $8.40 1/4. November soybean futures closed 1/2¢ higher at $8.52 1/4.

July wheat futures ended 5 1/2¢ lower at $5.15 3/4.

July soymeal futures closed $0.20 per short ton higher at $283.40.

July soy oil futures ended 0.22 cent higher at 27.60¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.14 per barrel higher at $34.74 per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 109 points higher.

 

Mike

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At midsession:

At midsession, the July corn futures are 1 1/2¢ lower at $3.24. Dec. corn futures are 1 1/2¢ lower at $3.37.

July soybean futures are 3 1/2¢ higher at $8.44 1/4. November soybean futures are 3 1/4¢ higher at $8.55.

July wheat futures are 2 1/2¢ lower at $5.18.


July soymeal futures are $0.80 per short ton higher at $284.00.

 July soy oil futures are 0.22 cent higher at 27.60¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.75 per barrel lower at $34.74 per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 63 points higher.

 

Mike

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At 8:45am:

In early trading, the July corn futures are 5¢ lower at $3.20 3/4. Dec. corn futures are 4 1/2¢ lower at $3.34 1/2.

July soybean futures are 3/4¢ lower at $8.40. November soybean futures are 1/4¢ lower at $8.51 1/2.

July wheat futures are 6 1/2¢ lower at $5.14 1/4.

July soymeal futures are $0.90 per short ton higher at $284.10.

July soy oil futures are 0.04 cent lower at 27.34¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.04 per barrel lower at $34.45 per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 70 points lower.

Al Kluis, Kluis Advisors, says that investors will have their eyes on the skies.

"Trade attention now is on the extended weather forecasts: how long it is going to stay hot," Kluis told customers in a daily note. Watch the extended weather forecasts. The warm--even hot--dry conditions in the forecast for later this week are viewed as beneficial for the US corn and soybean crops. The key is that the hot dry conditions do not stay locked in for more than 3 to 4 days.

Kluis added, "The USDA Crop Progress report today will show corn conditions steady to up 1% (at 70 to 71%) good to excellent. The initial soybean rating is likely to show the nation’s soybean crop rated about 65 to 68% good to excellent."

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