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Veteran Contributor
Posts: 705
Registered: ‎09-09-2014
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Floor Talk June 11

[ Edited ]

At mid-session:

At mid-session, the July corn futures are 7 3/4¢ lower at $3.70. December futures 7 1/4¢ lower at $3.90 3/4. July soybean futures are 11 1/4¢ lower at $9.58.  November soybean futures are 12¢ lower at $9.77. July wheat futures are 3 3/4¢ lower at $5.16. July soy meal futures are $6.50 per short ton lower at $351.30. July soy oil futures are 0.12 higher at 30.64¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.50 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 46 points higher.

 

Mike

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At the open:

In early trading, the July corn futures are 2 1/4¢ lower at $3.75. December futures 2¢ lower at $3.75. July soybean futures are 4 1/2¢ lower at $9.64.  November soybean futures are 4 1/4¢ lower at $9.85. July wheat futures are 3¢ lower at $5.17. July soy meal futures are $2.90 per short ton lower at $354.90. July soy oil futures are 0.02 higher at 30.54¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.62 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 41 points higher.

 

Mike

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Corn and soybean futures were slightly lower in overnight trading on mostly favorable weather in the Corn Belt, though the excessive rainfall in central Iowa and south-central Illinois likely will lower ratings when they're released today. About three-fourths of both the corn and soybean crops in the US were in good or excellent condition last week. Money managers also seem to be watching crop conditions as they drastically cut their net-long positions in both crops. Flooding, however, may continue in Iowa as another several inches of rain are expected in several counties in the center of the state. Flooding is imminent in parts of central Illinois where too much rain has fallen in the past seven days, according to the National Weather Service. Check out all the details in today's 3 Big Things

 

West Texas Intermediate = down 1.1%.

Brent Crude = down 0.9%

Dollar = up 0.1%.

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

World Markets = Global stocks higher overnight.

Esteemed Advisor
Posts: 2,721
Registered: ‎04-29-2011
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Re: Floor Talk June 11

Sorry, but excessive rainfall anywhere will not lower ratings.   Rain makes grain.Smiley Wink

 

That being said, who really cares about the ratings anyways?

Honored Advisor
Posts: 5,606
Registered: ‎01-10-2012
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Re: Floor Talk June 11

2.57" here, upwards of 4" just up river that is not here yet. River all but full and rising.

 

Insignificant # if all river bottoms were wiped off. (Except to us that farm them)

 

Largest single rain event in more than two years in my gauge.

 

Can now remove my area from the moderate drought map.

 

Average by extremes.

Senior Contributor
Posts: 380
Registered: ‎08-02-2012
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Re: Floor Talk June 11

Crooks
Advisor
Posts: 588
Registered: ‎08-31-2012
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Re: Floor Talk June 11

Just under 2.5" here but came over 3 days so no ponds in the fields.

We had missed most of the spotty showers around us so don't have to go

   more than a couple miles in any direction to see ponds.

MN River at St. Peter jumped up more than 10 feet from Friday to Monday.

Certainly worse across northern IA in BA Deere country.

 

Senior Contributor
Posts: 600
Registered: ‎05-13-2010
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Re: Floor Talk June 11

1.59" last 24 hours.  Over 3" for June.  Still licking our wounds from the hail storm.  Corn looking much better, beans still not sure if we need to replant.  

The "market makers" are very caution with all this rain falling on this "bullet proof" record growing crop.  We shall see.

Contributor
Posts: 16
Registered: ‎07-15-2010
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Re: Floor Talk June 11

Six to eight inches the last three days in northern illinois took a ride sunday hundreds of acres under water roads closed due to high water culverts plugged with cornstalks corn on the river down 8 today more rain forecasted every day all week, still happy to be able to do this everyday though!

Honored Advisor
Posts: 8,409
Registered: ‎07-18-2011
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Re: Floor Talk June 11

Thats too bad famfarmer,   Extremes are difficult to deal with......  we could help you with that but it is along way to lay pipe and too many politicians between us.

 

It is the best job I ever tried.  It is really the problem solving challenges that are most interesting and provide the most confidence building.

 

Tell us how this works out.

 

 

Senior Contributor
Posts: 294
Registered: ‎04-28-2018
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Re: Floor Talk June 11

I read an article today that stated trade estimating a possible 183 bushel an acre corn yield average with the current crop rating. With only 94% emerged I'd like to be able to estimate my crop accurately at that stage. Maybe they will give lessons! Ha!
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Senior Contributor
Posts: 294
Registered: ‎04-28-2018

Re: Floor Talk June 11

Less acres so higher yield estimate rumors are needed to keep current trading ranges perhaps? Also one news media made it a point to let everyone know that hedge funds where closing long positions again today. I thought commitment of traders only came out on Friday's. The only reason it was told is because they want it known! Good possibility of a reversal! News is to bad!