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Veteran Advisor

Floor Talk June 16

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At the close:

At the close, the July corn futures settled 5 3/4 cents higher at $3.54 per bushel. The Dec corn futures finished 6 1/2 cents higher at $3.70 per bushel.
July soybean futures closed 19 3/4 cents higher at $9.57 1/2. Nov. soybean futures finished 23 1/4 cents higher at $9.27 1/2.

July wheat futures settled 1/4 of a cent lower at $4.88 3/4.

July soymeal futures closed $2.70 per short ton higher at $315.90. July soyoil futures are trading $0.09 higher at $32.78. 

In the outside markets, the NYMEX Crude oil market is $0.49 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 81 points higher.

Mike

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At mid-session:

At mid-session, the July corn futures are trading 1 3/4 cents higher at $3.50 per bushel. The Dec corn futures are 3 cents higher at $3.66 per bushel.
July soybean futures are trading 10 1/2 cents higher at $9.48. Nov. soybean futures are trading 12 cents higher at $9.16.

July wheat futures 1/4 of a cent higher at $4.89.

July soymeal futures are trading $2.70 per short ton higher at $315.90. July soyoil futures are trading $0.09 higher at $32.78. 

In the outside markets, the NYMEX Crude oil market is $0.49 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 81 points higher.

Domestic demand and wet weather delaying the finish to soybean plantings are helping the bean market. Also, the corn market is enjoying its second day in a row of fresh demand. On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 100,000 metric tons of corn for delivery to unknown destinations during the 2014/2015 marketing year. The marketing year for corn began Sept. 1.

 

Helen Pound, Vice President of Wedbush Securities Inc., Futures Division, says the market phenomenon of ‘turnaround Tuesday’ is occurring.
“Bargain hunting emerged, after the dramatic pull back from recent highs – near contract lows in corn and new crop beans,” Pound stated in a daily note to customers Tuesday.
In addition, Tropical Storm Bill is beginning to make landfall along the Texas coast, and rains from this storm is expected to impact winter wheat harvesting and bean planting, Pound stated.  “Soaking rains are expected in eastern Texas and Oklahoma through Thursday, and then into Missouri, Iowa and Illinois.  Drier, warmer weather is expected once the storm exits.”
Jack Scoville, The PRICE Futures Group vice-president, agrees that the buying is related to the weather.
“There is just too much rain and enough acres of soybeans left to be planted with no real hope of progress this week.  Condition ratings dropped again, as well.  Plus, we are seeing some chart- based buying, too, as the chart patterns look as if the market is holding support,” Scoville says.
The strength in beans is spilling over to corn and wheat, Scoville says. “Although, I think corn could find the same weather-based support.  Some fixing from Brazil going on, as much related to the date as the price."

 

 

Mike

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At the open:

At the open, the July corn futures are trading 1 cent higher at $3.49 per bushel. The Dec corn futures are 1 cent higher at $3.64 per bushel.
July soybean futures are trading 2 cents higher at $9.40. Nov. soybean futures are trading 5 cents higher at $9.09.

July wheat futures 2 cents higher at $4.92.

July soymeal futures are trading $0.70 per short ton lower at $312.50. July soyoil futures are trading $0.31 higher at $33.01. 

In the outside markets, the Brent Crude oil market is $0.19 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 2 points lower.

Mike

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At 7:15am:

 

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

 

Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.13 lower.
Dollar =Higher.  o  
Wall Street = Seen lower, investors remain cautious ahead of the Fed meeting Wednesday.

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

 

 

 

More in a minute,

 

Mike

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11 Replies
Contributor

Re: Floor Talk June 16

There are fields in southeast nebraska that will not be planted this year.  Its just simply too wet!!!  

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Veteran Advisor

Re: Floor Talk June 16

high yeilds,

 

Can I ask you a favor? Can you take a photo of ponding fields or flooded fields and send them to me, please? Just email the photos to mike.mcginnis@meredith.com.

 

And anyblody else in the Corn Belt, whether it's in Missouri, Iowa, Illinois, Minnesota, Wisconsn, Indiana. I would like to see the flooding from your different areas.

 

Thanks,

 

Mike

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Frequent Contributor

Re: Floor Talk June 16

Here in Missouri you are not going to see flooding, it is just that the ground stays too wet to plant. Maybe not you personally, but I think that is the mentality of the traders in Chicago. They think if it is not raining today that there is no reason we can not be planting. No wonder farmers can not make any progress with trying to educate the general public, heavens sake even people that are involved in ag are clueless. I would think if I was going to call myself a trader of grain then I would at least try and learn how it is produced.
A field does not have to be under water to be too wet. If the field even has dark spots in it showing up it is probably too wet to farm it. So depending on how much soil moisture you have under the surface and ground temperature plus sun and wind and soil type it all determines how fast it will dry out. When it's not raining we are not getting any sun or wind, the ground is so wet that it will take 5-6 days of good sunshine and wind with hot temps before we can even think about running again. Problem is we have heavy rain chances clear thru the weekend. Final plant date for ins. Is Saturday. P. S. Just now starting to rain again
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Honored Advisor

Re: Floor Talk June 16

We will start replanting drowned out low ground for the third time on corn,,, and the second for beans if it doesn't rain this next 7 days....

 

Mike your bias is showing..........  Last winter when usda projected a record crop for the third year in a row before the seed was delivered....  Did you or the any one living by usda's word,  say "we need to see the crop condition, send pictures".

 

 

And if you get the board filled with pictures, won't there always be a reason to doubt the guy actually trying to raise a crop.  Aren't all internet pictures fake?

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Senior Advisor

Re: Floor Talk June 16

I would send a picture - but IS-Hole would just put it in the Forms - so won't waste time

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Senior Advisor

Re: Floor Talk June 16

So, why did this just become an issue for the markets today, as opposed to yesterday, last week, or last month? 

 

Hooked up the disk today, ground barely dry enough to travel, weeds 4' tall, trying to get some ground dried out enough to smooth up and plant, then it rained again.

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Veteran Advisor

Re: Floor Talk June 16

ECIN,

 

Not following you here. What?

 

 

 

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Veteran Contributor

Re: Floor Talk June 16

Market eye

 

Can you please answer me this question?

Just how may moderators exist on this forum that have the power to take down posts that don't meet the standards of the powers that be so to say? Enquiring minds would like to know? As it seems you don't know what ECIN is talking about obviously there are other mods that take stuff down and don't tell the one guy that I would think should have known about it.

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Senior Advisor

Re: Floor Talk June 16

We've got weeds of our own WCMO but I'm calling in the dogs.  I'll hire it out since I'm so close to wheat harvest now I wouldn't be able to get it all done.

 

Better to hire it done and have peace of mind knowing it'll get done right than trying to do everything myself and not get anything accomplished.  After all, the only thing I'm out of is a few custom application $ right?  I mean I'd still need to buy the chemical even if I sprayed it myself.

 

Hoping to get my cover crops hayed later this week in between rains.  I'll try to get a couple of pictures taken before we get them swathed.

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