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Floor Talk - June 12

Good morning!

 

Mike is out for some summer vacation, so you'll be hanging out with me for the day!

 

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At the close:

The July corn futures are trading 3 1/2 cents lower at $3.53 per bushel. The Dec corn futures are 4 3/4 cents lower at $3.69 1/2 per bushel.
July soybean futures are unchanged at $9.40.

July wheat futures 1/2 of a cent lower at $5.03 3/4.

July soymeal futures are trading $4.00 per short ton higher at $317.40. July soyoil futures are trading $0.15 lower at $33.14.

In the outside markets, the Brent Crude oil market is $0.93 lower per barrel to $64.12, the U.S. dollar is lower, and the Dow Jones Industrials are 161 points lower at 17,877.

"Next week, some analysts are expected to release their estimates for the end of month Quarterly Stocks and Seeding Reports," says market analyst Helen Pound "Analysts expect to see much higher stocks than in recent years; particularly in corn and beans. Some analysts expect to see bean seeding estimates up 1-2 million acres as farmers may plant acres that they were prevented from planting last year due to weather issues."

 

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At the open:

 

At the open, the July corn futures are trading 1 1/4 cents lower at $3.55 1/4 per bushel. The Dec corn futures are 1 1/2 cents lower at $3.72 3/4 per bushel.
July soybean futures are trading 1/2 of a cent lower at $9.39 1/2.

 

July wheat futures 1/4 of a cent higher at $5.04 1/2.

 

July soymeal futures are trading $0.30 per short ton higher at $313.50. July soyoil futures are trading $0.14 higher at $33.25.

 

In the outside markets, the Brent Crude oil market is $0.65 lower per barrel to $64.46, the U.S. dollar is higher, and the Dow Jones Industrials are 120 points lower at 17,918.

 

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At 7:18 am:

Early calls: Corn 1-2 cents lower, soybeans 2-4 cents lower, and wheat 0-2 cents higher.

Trackers:
Overnight grain, soybean markets = Trading mostly lower.
Brent Crude Oil = $0.73 lower to $64.38.
Dollar = Higher.
Wall Street = Lower.
World Markets = Europe stocks were lower, Asia/Pacific stocks were higher.

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8 Replies
Advisor

Re: Floor Talk - June 12

This is America there're are no summer vacations
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Honored Advisor

Re: Floor Talk - June 12

Apparently no grammer or proof reading either.........Smiley Happy

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Advisor

Re: Floor Talk - June 12

The DJIA is sure bouncing around lately.  Someone is sure making some money if they're on the right side of the fence.

So far June rain totals from three shots of rain-3.57"-no ponding.Smiley Wink

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Honored Advisor

Re: Floor Talk - June 12

Wheat trying to finish.  Corn a month late and 3-5 inches tall curling in the heat while stand in wet soil.  Chemicals diluted out. 

Had 4 hard inches last night...swks

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Advisor

Re: Floor Talk - June 12

Shhh.

 

The beatings will continue until morale improves.

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Honored Advisor

Re: Floor Talk - June 12

nox  it is a problem--- and the production will be down here.........

And even with our longer growing season,  This corn will be lucky to be out of the field by December.  And then not dry....

 

But it still beats wondering if those waterholes I farmed around as a kid were just my imagination... 

Problem is, when the young guys ask about options,,,,,, I struggle for an answer.  Farming was a lot different that far back....

Not sure the same options are there and you can't do things as cheaply as we did back then......

Old guys are supposed to be wise, but I am not.......  But I am......    Am not and it shows........

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Advisor

Re: Floor Talk - June 12

Your in a land of extremes.  Dry for years and now wet.  I was told that the mountains to your West somehow jet the moisture away from your area and channel it towards the Midwest.  So why are you getting so much rain now, the mountains didn't move?  Jet stream change? Anyway, you and others SW of here are experiencing a very wet Spring.  The heaviest rain I can remember here was 5" in an hours time in May.  That one moved a little dirt down stream.

Wind 

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Honored Advisor

Re: Floor Talk - June 12

The last few years the northern plains states have had the wet pattern.  We will have it for a few years now possibly....

 

The difference between high plains and the River valleys to the east is noted in average rainfall as wetter as you go east.  But that is not a complete picture... it is better to see it as the consistancy that you gain going east.  The high plains never gets its average you produce on either 12 inches of moisture or 30+ inches of moisture...

 

 

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