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Tony_Dreibus
Veteran Contributor

Floor Talk June 14

At the close:

At the close, the July corn futures finished 13¢ lower at $3.63. December futures settled 12 1/2¢ lower at $3.84 1/2. July soybean futures closed 8 3/4¢ lower at $9.27 1/4. November soybean futures ended 8 3/4¢ lower at $9.50. July wheat futures closed 15¢ lower at $5.01 1/2. July soy meal futures finished $4.50 per short ton lower at $343.20. July soy oil futures closed  0.06 higher at 30.14¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.34 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 32 points lower.

 

Mike

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At mid-day:

At mid-day, the July corn futures are 9¢ lower at $3.67. December futures 9¢ lower at $3.88. July soybean futures are 7 1/2¢ lower at $9.28. November soybean futures are 7 1/2¢ lower at $9.51. July wheat futures are 9 3/4¢ lower at $5.06. July soy meal futures are $3.10 per short ton lower at $344.60. July soy oil futures are 0.04 lower at 30.04¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.01 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 28 points lower.

 

Mike

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At 9:18am:

In early trading, the July corn futures are 9 3/4¢ lower at $3.66. December futures 10¢ lower at $3.87. July soybean futures are 9¢ lower at $9.27. November soybean futures are 9¢ lower at $9.49. July wheat futures are 15 1/2¢ lower at $5.17. July soy meal futures are $2.90 per short ton lower at $344.80. July soy oil futures are 0.22 lower at 29.86¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.29 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 109 points higher.

 

On Thursday, the USDA released its Weekly Export Sales Report showing corn sales at the high end of expectations and soybean exports that beat the trade.

  • Corn= 1.176 million metric tons vs. the trade’s expectations of between 800,000-1,300,000 metric tons.
  • Soybeans= 810,600 mt. vs. the trade’s expectations of between    250,000-750,000 mt.
  • Wheat= 302,300 mt. vs. the trade’s expectations of between 150,000-400,000 mt.
  • Soybean meal= 97,900 mt. vs. the trade’s expectations of between 50,000-400,000 metric tons.

On Thursday, Informa, a private analyst firm, reportedly raised its estimate for 2018 corn acres to 88.7 million vs. the USDA’s March outlook for 88 million, while the firm sees soybean acres at 89.9 million, up from the USDA’s 89-million-acre forecast.

 

Mike

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Corn and beans were lower after Informa raised its acreage estimates, while wheat declined as speculative investors reportedly sold contracts. Corn fell 4 cents, beans were down 3 cents and wheat was off by 8 cents. Ethanol production last week rose to the highest level in four weeks, while inventories jumped to the highest since the end of March, according to the Energy Department. In weather news, there's still some flooding in central Illinois, but that's now accompanied by extremely hot weather. A few counties along the Missouri-Illinois border are facing a heat warning today. Get all the details in today's 3 Big Things

 

West Texas Intermediate = up 0.3%.

Brent Crude = down 0.2%

Dollar = up 0.3%.

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

World Markets = Global stocks mixed overnight.

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11 Replies
bkadds
Advisor

Re: Floor Talk June 14

Has informa ever released any report that wasn’t bearish? Just curious.
cborman11
Senior Contributor

Re: Floor Talk June 14

Maybe one of you so called experts could write a report on how farmers are expected to make it yr after yr on these horrible prices all the while the traders make on average 111k a yr and thats every weekend off every holiday off and paid plus paid vacation.
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roarintiger1
Honored Advisor

Re: Floor Talk June 14

Well aren't these markets today grand?    Grains are on sale.   Demand is going higher.

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JimMeade
Veteran Advisor

Re: Floor Talk June 14

I have no idea how much traders make.  Where did you get the information?

 

Do you mean traders, as in people who buy and sell on the CBOT on their own account?

 

Or do you mean buyers who work for Cargill, ADM, Kellogs, General Mills and so forth?

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JimMeade
Veteran Advisor

Re: Floor Talk June 14

BK, since no one believes the USDA numbers and Informa has higher numbers, how can one say the info is bearish?  No one believed the USDA number, right?  Maybe one should say USDA is bullish.

 

Or is maybe everything relative?

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futurestrader92
Veteran Contributor

Re: Floor Talk June 14

If you think individual traders or firms have the ability to manipulate the market you are full of it. Buyers and Merchandisers want higher prices to help farmers out, PLUS it makes our jobs easier! If you want to get upset about market manipulation look at the big mutual funds and hedge funds that can influence volume enough to drag a market down or up. 

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cborman11
Senior Contributor

Re: Floor Talk June 14

Look it up
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bkadds
Advisor

Re: Floor Talk June 14

Jim, good points. I put very little faith in these reports whether from the USDA or private firms. They all seem to be guesses from folks with suits and ties who wouldn’t know a field of corn from beans.
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FARM4FOOD
Veteran Contributor

Re: Floor Talk June 14

why don't we all quit farming and just trade paper lets see how that works ...leaches

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