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Veteran Advisor

Floor Talk, June 12, 2019

At the close:

At the close, the July corn futures settled 2 1/4¢ higher at $4.30. Dec. corn futures ended 1 1/2¢ higher at $4.48.

July soybean futures closed 18 3/4¢ higher at $8.78. November soybean futures finished 18 1/2¢ higher at $9.05 1/4.

July wheat futures closed 8 1/4¢ higher at $5.26 1/4.



July soymeal futures closed $5.10 per short ton higher at $319.50.

 July soy oil futures finished $0.34 higher at 27.56¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.88 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 64 points lower.

 

Mike

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At midsession:

At midsession, the July corn futures are 4 3/4¢ higher at $4.32. Dec. corn futures are 3 1/4¢ higher at $4.50 1/4.

July soybean futures are 21 3/4¢ higher at $8.81. November soybean futures are 21 1/4¢ higher at $9.08 1/4.

July wheat futures are 5 3/4¢ higher at $5.23 1/4.



July soymeal futures are $7.90 per short ton higher at $322.30.

 July soy oil futures are $0.35 higher at 27.57¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.63 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 74 points lower.

Darin Fessler, Lakefront Futures and Options says that the USDA’s Chief Economist announcing that changes to the soybean acreage and yield to be made next month has underpinned soybean prices.

“With those changes coming, it’s moving the beans higher. The soybeans that are being planted in June will force the USDA to drop its current U.S. average yield of 49.5 bu./acre,” Fessler says. And acreage will have to be lowered too.”

Fessler adds, “The two things investors will be watching are the weather forecasts and the techincal factor of a bull flag test of last week’s highs.”

 

Mike

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At 8:55am:

In early trading, the July corn futures are 1 3/4¢ higher at $4.29 3/4. Dec. corn futures are 1 1/4¢ higher at $4.48 1/4.

July soybean futures are 7 3/4¢ higher at $8.67. November soybean futures are 7 1/4¢ higher at $8.94 1/4.

July wheat futures are 3 1/4¢ higher at $5.21 1/4.



July soymeal futures are $4.30 per short ton higher at $318.70.

 July soy oil futures are $0.13 lower at 27.09¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.02 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 4 points higher.

Al Kluis, Kluis Advisors, says that Tuesday’s USDA Supply/Demand Report could have a longtail.

“The big news from Tuesday’s USDA crop report was the three-million-acre decline in corn acres combined with a 10 bushel per acre reduction in yield. Corn futures had over a 20-cent range for the day. Now traders need to decide how many more acres will be cut from the corn total and where the yield goes from here. What do we see for a prevent plant total this year? Weekly crop ratings will be watched closely going forward. Soybean prices were mostly quiet after the report. The corn numbers stole the show,” Kluis told customers in a daily note.

Kluis added, “Can corn futures surpass the brick wall of resistance at $4.54 on the December contract? A close over this level should trigger further buying from momentum traders.”

 

Mike

 

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4 Replies
Senior Contributor

Re: Floor Talk, June 12, 2019

I know it is only a drop in the pond but Ontario is not going to add any extra corn to the harvest 

I expect there are still fields to plant and way too many that have been planted into poor conditions earlier and not much better in the last week or so. All reducing potential yield.

Dairy farm was still planting this week and figured they would buy grain corn as needed to replace what they will not produce themselves this year, especially if they have to chop everything for silage from poor yield and early frost.

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Senior Contributor

Re: Curious, what makes ...

Kunis says that $4.54 is  resistance.  I'm curious, what makes $4.54 so important? Is it just because it was the recent high?

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Senior Contributor

Re: Curious, what makes ...

A lot of resistance at 5$ 6$ and 7$, 4.54$ sounds good for today though.

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Honored Advisor

Re: Curious, what makes ...

For awhile I thought we`d have 2.83, then it blew through 3.05, 3.27 and 3.50, 3.83.  Recently 4.27...so yeah I can see 4.54 as resistance, but then it`s a wide open gap at the top of the track to be filled at 5.72 with massive resistance at 6.32.