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marketeye
Veteran Advisor

Floor Talk, June 10, 2020

At midsession:

 

At midsession, the July corn futures are 1 1/4¢ lower at $3.26. Dec. corn futures are 2¢ lower at $3.41 1/4.

July soybean futures are 1 3/4¢ higher at $8.65. November soybean futures are 1/4¢ higher at $8.76.

July wheat futures are 3/4¢ higher at $5.05 1/4.

July soymeal futures are $1.60 per short ton higher at $288.70.

 July soy oil futures are 0.30 cent lower at 27.93¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.15 per barrel lower at $38.79. The U.S. dollar is lower, and the Dow Jones Industrials are 138 points lower.

Mike

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At 8:45am:

In early trading, the July corn futures are 2¢ lower at $3.25. Dec. corn futures are 1 1/2¢ lower at $3.41 1/4.

July soybean futures are 2 1/4¢ lower at $8.66 1/2. November soybean futures are 1 1/4¢ higher at $8.77 3/4.

July wheat futures are 3 3/4¢ higher at $5.08 1/4.


July soymeal futures are $1.60 per short ton higher at $288.70.

 July soy oil futures are 0.02 cent higher at 28.25¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.60 per barrel lower at $38.34. The U.S. dollar is lower, and the Dow Jones Industrials are 77 points lower.

The USDA reported on Monday that corn conditions were up 1% (at 75%) good to excellent, soybean conditions came out up 2% (at 72%) good/excellent and spring wheat was up 2% (at 82%) good/excellent.

Al Kluis, Kluis Advisors, says that friendly corn market information is ahead.

"The Energy Information Agency report will be out today. Expect another week where gasoline and ethanol demand move higher, while crude oil, gasoline, and ethanol inventories move lower. The re-opening of the economy should help stabilize or improve fuel demand, which will help the ethanol and corn markets," Kluis told customers in a daily note.

Kluis added, "The grain markets were pressured Tuesday on improved crop ratings and private projections for record corn and soybeans yields in the U.S. this year."

Meanwhile, Over the last three weeks, Brazil's Real has rallied 22%.

"This has taken soybean prices in Brazil down by about $1 per bushel. This has slowed farmer sales and made U.S. soybeans the lowest-cost soybeans in the world. This has been positive for soybeans, and should be positive for soybean exports going forward," Kluis stated.

 

Mike

 

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6 Replies
timetippingpt
Honored Advisor

Re: Floor Talk, June 10, 2020

I know it doesn't matter, but you guys out west need to have a little compassion towards our friends in OH/parts of IN/parts of IL/parts of MO, the crops look just about as bad as possible on June 10th. Just drove to Cleveland, probably 40% of N-OH planted in the last 4 days, if you think they are going to get away with planting June 8th 2 years in a row.....you are overly optimistic :-)

From what I have driven and flown over, the IN/OH crop ratings are pushing the edge of believability, but it is a number with no basis in fact in the first place. :-)   And frankly, I want the ratings really high right now anyway. 

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illinifarmer
Advisor

Re: Floor Talk, June 10, 2020

Agreed everything I’ve personally seen from Iowa, Illinois, and Indiana even Wisconsin nothing looks that good.  I sure hope this is just another ruse with existing stock piles and some new crop coming in.  Sounds about right to play this great crop card, suppress prices until fall then add a few cents on failed predictions.  GL out there stay safe and time will tell.  With all the additional talk from Al and the Kluis fellas how do you justify following outside money and markets then when they literally skyrocket just ignore that specific detail?  Always one sided at the CBOT and the pattern is flat to lower never higher year after year. Sad 

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timetippingpt
Honored Advisor

Re: Floor Talk, June 10, 2020

And, another thing in the "it don't matter camp", if you look at the 8 to 14, and if it would setup and persist into July 1, this rocket ship will be well into orbit, the latest SpaceX launch...   :-)      Man, I really need to stop the martini lunches.....since they are a COVID induced addiction though, I can get unemployment x2  Smiley Wink

Hobbyfarmer
Honored Advisor

Re: Floor Talk, June 10, 2020

Drove about 200 miles each way yesterday from south west/central iowa to storm lake iowa.

That stretch of Iowa is gonna make use of those big circles of concrete with conveyors to their centers with just a little weather cooperation.

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timetippingpt
Honored Advisor

Re: Floor Talk, June 10, 2020

Yep, the eastern half of IA is out the roof, that is about 10 mil acres out of 95 mil.

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timetippingpt
Honored Advisor

Re: Floor Talk, June 10, 2020

I'm reminded of the "Earl Pitts" character on WLW in the late 1990's....his tag line was:

"Wake up Americur"   certainly would have been a Trump voter...(you know cause were all stupid)

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