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marketeye
Veteran Advisor

Floor Talk June 11

At the close:

At the close, the July corn futures settled 3/4 of a cent lower at $3.56 1/2 per bushel. The Dec corn futures finished 1 cent lower at $3.74 1/4 per bushel.
July soybean futures finished 9 1/2 cents lower at $9.40. Nov. soybean futures finished 13 cents lower at $9.08 3/4.

July wheat futures closed 9 1/4 cents lower at $5.04 1/4.

July soymeal futures ended $1.00 per short ton lower at $313.40. July soyoil futures closed $0.58 lower at $33.29. 

In the outside markets, the NYMEX Crude oil market is $0.74 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 67 points higher.

Mike

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At mid-session:

At mid-session, the July corn futures are trading 1 1/2 cents lower at $3.55 per bushel. The Dec corn futures are 2 cents lower at $3.73 per bushel.
July soybean futures are trading 8 1/2 cents lower at $9.41. Nov. soybean futures are trading 12 cents lower at $9.09.

July wheat futures 8 3/4 cents lower at $5.04.

July soymeal futures are trading $0.70 per short ton lower at $313.70. July soyoil futures are trading $0.61 lower at $33.26. 

In the outside markets, the NYMEX Crude oil market is $1.04 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 60 points higher.

Mike

 

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At the open:

At the open, the July corn futures are trading 1 1/4 cents lower at $3.55 per bushel. The Dec corn futures are 1 3/4 cents lower at $3.73 per bushel.
July soybean futures are trading 3 1/4 cents lower at $9.46. Nov. soybean futures are trading 4 1/2 cents lower at $9.17.

July wheat futures 6 1/2 cents lower at $5.07.

July soymeal futures are trading $0.20 per short ton lower at $314.20. July soyoil futures are trading $0.02 lower at $33.85. 

In the outside markets, the Brent Crude oil market is $0.63 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 59 points higher.

Mike

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At 7:30am:

USDA Weekly Export Sales Released Thursday:

 

Wheat= 376,700 metric tons vs. the trade's expectations of 100,000)-400,000 metric tons.

 

Corn= 611,100 mt vs. the trade's expectations of between 450,000-850,000 mt.

 

Soybeans= 553,300 mt. vs. the trade's expectations of 175,000-600,000 mt.

 

Soybean meal =179,600 mt vs. the trade's expectations of 25,000-150,000 metric tons.

 

Mike

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At 7:14am:

 

Early calls: Corn 1-2 cents higher, soybeans 2-4 cents lower, and wheat 2-4 cents lower.

 

Trackers:
Overnight grain, soybean markets = Trading mostly lower.
Brent Crude Oil = $0.81 lower.
Dollar =Higher. 
Wall Street = Seen higher.

World Markets = Europe stocks were higher, Asia/Pacific stocks were higher.

 

 

 

More in a minute,

 

Mike

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10 Replies
giolucas
Veteran Advisor

Re: Floor Talk June 11

With yesterday's report and todays sales numbers, Beans have had good numbers but struggling to stay above 950.  What do we need more rain in the forecast?  

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roarintiger1
Honored Advisor

Re: Floor Talk June 11

gio, The water is getting higher behind the dam...........................Smiley Wink

sw363535
Honored Advisor

Re: Floor Talk June 11

morning Giolucas,

 

Always makes me smile those 150,000 to 600,000 expectations.

 

"We don't have a clue", would be a more respectable statement.......

farmer46
Senior Contributor

Re: Floor Talk June 11

Marketeye, have you read anything about how the new trade bill will effect markets?  I have a belief the  import market of meats and other high value endproducts with move to overseas production.  

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giolucas
Veteran Advisor

Re: Floor Talk June 11

Sw,

 

You are completely right and out of the million, positive (outcomes) expectations we hope for, can't we just get ONE?  

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daniel looker
Frequent Contributor

Re: Floor Talk June 11

Farmer46,

 

I work with Marketeye at Agriculture.com.  Last week I visited with an economist at the  World Pork Expo about the Trans-Pacific Partnership and how it might affect pork exports. Two of our competitors in pork exporting, Canada and Mexico, are in on the same trade talks. His feeling is that Canada will try to take advantage of the TPP, too, to boost its exports. Mexico is less competitive in pork production for the export market, he said. 

 

Most livestock groups strongly support the TPP because we now export so much--roughly a fourth of the nation's pork and poultry and a little less beef. I don't think TPP is a panacea. These trade agreements are usually phased in over several years and TPP hasn't even been signed or approved by Congress yet. I wouldn't look for any effect on meat prices this year, except for maybe a short-term psychological boost to the futures market if the deal is approved. Long term, it should be helpful. 

 

Smithfield Foods is now owned by a Chinese company, but most people think that's to have a source for meat and technology imports into China, not from China into the U.S. 

 

If you're skeptical, I don't blame you. These trade deals never seem to be much of a windfall at the farm level, but without them grain and livestock prices would likely be lower. These days, we need all the help we can get. 

 

For the general economy, the benefits are less clear. National Farmers Union is the only major farm group opposed to TPP, mainly because of their doubts about the overall U.S. trade deficit, which is a big drag on our economy. NFU is a respected group with thoughtful leadership. But if you look at this issue more narrowly, from a production agriculture point of view, agriculture has a trade surplus and should gain from TPP, which would  be one of the biggest trade agreements ever negotiated.

 

--Dan

 

 

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farmer46
Senior Contributor

Re: Floor Talk June 11

Thanks for your input.  I am really in the blind world on this subject.  Some trade agreements have hurt the US Ag producers such as NAFTA, when the fruit and veg growers took it in the chin.  

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wglassfo
Veteran Contributor

Re: Floor Talk June 11

The comment about NAFTA being bad for the USA???

Makes me sort of shrug my shoulderrs as to what you folks want and what you think is fair

In Canada we could look to your COOL program as a tariff in disguise, aimed at canadian beef

we all got stuff we don't like or think is fair. And we do buy a lot of Ca. and Florida product

I remember the talk about NAFTA very clearly

In Canada we  talked about it so much, before signing the agreement, that it was a major issue when we had our Federal election

At the same time, you did not have an election, but not one person in 100 had any idea what the NAFTA thing was all about

I was on the road, in the USA at the time and asked a lot of people that thought I was crazy, talking about something to do with canada. canada just was not on the radar at that time and nobody cared about canada or our little trade agreements

I remember your NAFTA negotiator saying after the signing of the deal that we had "no clue" what we had signed

Meaning we had signed a bad deal for Canada

Now you say what?? That you should have had a different negitiator??? Second thoughts??

I was on the road at the time and when I brought up the subject of NAFTA,[ when both countries were negotiating the deal]

people looked at me like I had 2 heads or was from Mars or something

Folks from the USA simply did not care about any such thing as NAFTA, nor were they about to learn

Maybe if folks became aware of what is happening before the fact, then we would all be a bit more informed

Does anybody in the USA remember talking about NAFTA, before it was signed

Did you make yourself heard

We sure did in canada. It was a big deal to us, and we worked hard on the issues. Letters to the local paper etc.

 

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wglassfo
Veteran Contributor

Re: Floor Talk June 11

Sorry abbout the double sentences

Need to look at my own work before talking about somebody else

Hope to do a better job in the future

My bad

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