Floor Talk, June 16, 2020
At the close:
Jack Scoville, PRICE Futures Group, says that the corn market has the most support.
“The surprise was the drop in the condition ratings for corn, but the market was only able to challenge recent highs and then backed off. Pretty disappointing for the bulls. Wheat down hard on the harvest and a lack of biz. Beans down a bit too I think mostly on the weaker Real. Overall, the market pretty underwhelming,” Scoville says.
At the close, the July corn futures finished 1/4¢ lower at $3.29. Dec. corn futures ended 1/2¢ higher at $3.34.
July soybean futures closed 2¢ lower at $8.67. November soybean futures ended 3¢ lower at $8.73.
July wheat futures closed 8 3/4¢ lower at $4.96.
July soymeal futures settled $0.50 per short ton lower at $287.90. July soy oil futures closed 0.25 cent higher at 27.99¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.26 per barrel higher at $38.38. The U.S. dollar is higher, and the Dow Jones Industrials are 623 points higher.
At midsession, the July corn futures are 3/4¢ higher at $3.30. Dec. corn futures are 1 1/2¢ higher at $3.43.
July soybean futures are 2 1/2¢ lower at $8.66 1/2. November soybean futures are 2¢ lower at $8.74.
July wheat futures are 7 3/4¢ lower at $4.97.
July soymeal futures are $0.30 per short ton lower at $288.10. July soy oil futures are 0.29 cent higher at 28.03¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.19 per barrel higher at $37.31. The U.S. dollar is higher, and the Dow Jones Industrials are 477 points higher.
In early trading, the July corn futures are 3 1/4¢ higher at $3.32 1/4. Dec. corn futures are 3 1/2¢ higher at $3.45.
July soybean futures are 1/4¢ higher at $8.69. November soybean futures are 1/2¢ higher at $8.76.
July wheat futures are 4¢ lower at $5.00 3/4.
July soymeal futures are $0.30 per short ton lower at $288.10. July soy oil futures are 0.45 cent higher at 28.19¢ per pound. In the outside markets, the NYMEX crude oil market is $1.60 per barrel higher at $34.89. The U.S. dollar is higher, and the Dow Jones Industrials are 753 points higher.
Al Kluis, Kluis Advisors, says that investors see yesterday's crop ratings as market-friendly.
"The USDA Crop Progress report showed conditions lower than expected," Kluis told customers in a daily note. "The USDA Crop Progress report will show lower conditions again next week as the heat takes a toll on crops across the U.S. The ratings last week may be the highest for the year.
Kluis added, "Watch the stock market. Another higher day of trade will signal an important short-term low. This should also be positive for the meat and grain markets."
Re: Floor Talk, June 16, 2020
Underwhelming, yea that’s an understatement! Their estimates as well as yours was corn conditions going higher whoops wrong again. Lack of soybean exports whoops wrong again. Following outside money and markets all up grains still lower. Let’s see what other BS you guys can pull out of a hat to keep grains lower. Underwhelming hell that sums up the grains for the last 3 years. Wake Up Please