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Veteran Advisor

Floor Talk June 18

At the close:

At the close, the July corn futures settled 1 1/4 cents lower at $3.58 per bushel. The Dec corn futures finished 1 3/4 cents lower at $3.73 per bushel.
July soybean futures ended 8 cents higher at $9.77 3/4. Nov. soybean futures finished 2 1/2 cents higher at $9.42 1/4.

July wheat futures closed 3 1/4 cents lower at $4.88.

July soymeal futures closed $2.90 per short ton higher at $326.60. July soyoil futures settled $0.60 lower at $32.25. 

In the outside markets, the Brent Crude oil market is $0.65 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 185 points higher.

Mike

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At mid-session:

At mid-session, the July corn futures are trading 1/4 of a cent lower at $3.58 per bushel. The Dec corn futures are 1 cent lower at $3.74 per bushel.
July soybean futures are trading 5 3/4 cents higher at $9.74. Nov. soybean futures are trading 1 1/4 cents higher at $9.41.

July wheat futures 2 cents higher at $4.93.

July soymeal futures are trading $2.00 per short ton higher at $325.70. July soyoil futures are trading $0.49 lower at $32.36. 

In the outside markets, the Brent Crude oil market is $0.52 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 200 points higher.

Jack Scoville, The PRICE Futures Group senior market analyst, says that it’s still a weather market. “I am kind of surprised corn is not doing better.  Export sales were as expected to stronger than expected which is creating some of the buying interest, especially in soybeans, but mostly we are still weather.  The system will bring big rains to the southern US and hurt SRW harvest and planting of double crop beans.  Corn needs it drier as well.”
The U.S. Dollar is showing some weakness supporting futures a bit, but still thinking this is primarily weather related.  “My trade business is off to a very quiet start, today. But, some of my guys are buying calls and the I got selling interest above the market.”

Mike

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In early trading:

At 9am, the July corn futures are trading 1/4 of a cent higher at $3.59 per bushel. The Dec corn futures are 1/2 of a cent higher at $3.75 per bushel.
July soybean futures are trading 1 1/4 cents lower at $9.67. Nov. soybean futures are trading 2 1/4 cents lower at $9.37.

July wheat futures 3 cents higher at $4.94.

July soymeal futures are trading $0.70 per short ton lower at $323.00. July soyoil futures are trading $0.24 lower at $32.61. 

In the outside markets, the Brent Crude oil market is $0.54 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 129 points higher.

Mike

 

At 7:55am:

USDA Weekly Export Sales Thursday show:

 

Wheat= 315,700 metric tons vs. the trade's expectations of 200,000-400,000 metric tons.

 

Corn= 827,600 mt vs. the trade's expectations of between 350,000-850,000 mt.

 

Soybeans= 664,900 mt. vs. the trade's expectations of 250,000-600,000 mt.

 

Soybean meal= 176,300 mt vs. the trade's expectations of 25,000-200,000 metric tons. .

 

Mike

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At 7:15am:

 

Early calls: Corn 1-2 cents lower, soybeans 5-7 cents lower, and wheat 1-2 cents higher.

 

Trackers:
Overnight grain, soybean markets = Trading mostly lower.
Brent Crude Oil = $0.92 higher.
Dollar =Lower.  
Wall Street = Seen higher, investors bet on Greece's bailout talks.

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

 

 

 

More in a minute,

 

Mike

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6 Replies
Veteran Advisor

Re: Floor Talk June 18

Just FYI, info from Oliver Sloup of iiTrader . SOYBEANS (July) Soybeans are trading lower this morning after a failed break out above key resistance yesterday (970 ½, the 100 day moving average). That resistance will remain intact until we get a close above. A close above could encourage additional buying and short covering to 985 ½- 989 ¾. First resistance is sitting at 955 ¼- 956 ¼, below that we have 940 ¾. The market continues to keep a close eye on weather as some farmers try to finish up planting, weather will not only affect planting but also emergence and development. There are concerns that there has been too much rain in areas which is really not debatable (there has been a lot of rain). Keep in mind, that we generally only see and hear the bad news (much like hearing about bad customer service over good customer service). We have to stick to the crop progress that the USDA releases because that is the line in the sand for the market. Fundamental news is near non-existent outside of weather, so continue to play the technical levels and keep a close eye on the fundamentals. Resistance –970 ½***, 985 ½ -989 ¾ ***, 995 - 1005 *** Support –955 ¼ -956 ¼ ***, 937 ¾-940 ¾ , 930 ¾ ***,920 ½ -925***, 904-910****

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Senior Advisor

Re: Floor Talk June 18

Hey GIO

You get all your crops planted or are you going to have to PP some?

How many bushels you got left in storage? Corn/beans. Both? Priced or unpriced?

How's your crops looking. Good I assume?
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Honored Advisor

Re: Floor Talk June 18

Well Mr. Sloup............https://www.youtube.com/watch?v=DO2Y2sGZ1dk&list=RDDO2Y2sGZ1dk#t=0

 

 

It still appears that the soybeans are still "on sale" for the export market.

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Senior Advisor

Re: Floor Talk June 18

Boy there's a lot of truth in that statement - like -  We have to stick to the crop progress that the USDA releases because that is the line in the sand for the market  

 

Yep - We could not plant one seed - and as long as the USDA says that everything is - A-OK then thats what they would trade - lol     So with that above statement - then why would anybody listen to any of the Guess-ers put out there - like Imforma and the others - there info is is useless - for that is not the numbers they trade - right ? so why pay for a guess - heck I would just as soon read posts on here from 'Time - Misery Tiger and the others -  They guess is as good as anybodies and it free - and sometimes - pretty dang funny - Smiley Happy

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Veteran Advisor

Re: Floor Talk June 18

MT,

 

You be the judge. Smiley Happy

6-6-11_Growing_Corn.jpg
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Senior Contributor

Re: Floor Talk June 18

That resistance will remain intact until we get a close above. Sort of like being in a drought and saying it will be dry till it rains.

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