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marketeye
Veteran Advisor

Floor Talk, June 2, 2020

At the close:

At the close, the July corn futures finished 1¢ higher at $3.24. Dec. corn futures ended 2 1/2¢ higher at $3.38.

July soybean futures closed 10¢ higher at $8.50. November soybean futures ended 8 1/4¢ higher at $8.60 1/4.

July wheat futures closed 7 1/4¢ lower at $5.08.

July soymeal futures settled $0.60 per short ton higher at $283.70.

July soy oil futures finished 0.34 cent higher at 27.94¢ per pound.

In the outside markets, the NYMEX crude oil market is $1.32 per barrel higher at $36.76 per barrel, multi-month high as OPEC is expected to extend production cuts this week, combined with increased demand from China. The U.S. dollar is lower, and the Dow Jones Industrials are 117 points higher.

Jack Scoville, PRICE Futures Group, says that today's trade saw good volume, but not much from farmers.

“The buying was coming from speculators. Soybeans are up on confirmation that China bought yesterday, after it supposedly told state owned enterprises not to buy. It needs the beans and have to come to the U.S. to get them," Scoville says.
Scoville added, "Corn is up on chart action, after holding support yesterday. Wheat is down on prospects for better EU weather and weaker prices paid for Ukrainian wheat by Egypt at its tender this morning."

Mike

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At midsession:

At midsession, the July corn futures are 3/4¢ higher at $3.24. Dec. corn futures are 1 1/2¢ higher at $3.37.

July soybean futures are 8 1/2¢ higher at $8.49 1/4. November soybean futures are 7 1/4¢ higher at $8.59 1/4.

July wheat futures are 4 3/4¢ lower at $5.10 3/4.

July soymeal futures are $0.20 per short ton higher at $283.30.

 July soy oil futures are 0.31 cent higher at 27.91¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.80 per barrel higher at $36.24 per barrel, multi-month high as OPEC is expected to extend production cuts this week, combined with increased demand from China. The U.S. dollar is lower, and the Dow Jones Industrials are 140 points higher.

 

Mike

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At 8:45am:

In early trading, the July corn futures are 3/4¢ higher at $3.24. Dec. corn futures are 1/2¢ higher at $3.36 3/4.

July soybean futures are 4¢ higher at $8.44 1/4. November soybean futures are 4¢ higher at $8.56 1/4.

July wheat futures are 1 3/4¢ lower at $5.13 3/4.


July soymeal futures are $0.60 per short ton higher at $283.70.

July soy oil futures are 0.23 cent higher at 27.83¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.18 per barrel higher at $35.62 per barrel, multi-month high as OPEC is expected to extend production cuts this week, combined with increased demand from China. The U.S. dollar is lower, and the Dow Jones Industrials are 127 points higher.

On Tuesday, private exporters reported to the USDA export sales of 132,000 metric tons of soybeans for delivery to China during the 2020/2021 marketing year.

The marketing year for soybeans began Sept. 1.

The USDA reported on Monday that corn conditions were up 4% (at 74%) good to excellent, soybean conditions came out in the first report at 70% good/excellent and spring wheat was at 80% good/excellent.

Al Kluis, Kluis Advisors, says that investors are watching outside money and upcoming USDA yield data.

"The USDA may increase the projected corn yield in the Crop Production report next week because of the high corn crop ratings," Kluis told customers in a daily note.

Kluis added, "Will the funds change their position in corn? Funds are now short an estimated 266,000 contracts of corn, the largest short position since May 2019. That large fund position was in place right before the corn market turned higher last year."

 

Mike

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1 Reply
illinifarmer
Advisor

Re: Floor Talk, June 2, 2020

Guys still planting corn over here first time and a whole lot of replanting going on locally.  Between Kankakee, will, cook, Grundy counties less than 50% planted. Mike ask Al

please and thank you is this just isolated to all of Illinois or actually occurring throughout the entire corn belt.?. Seems like all your posts state the complete opposite.?.  Very few soybeans in the ground let alone emerged.  Curious why the weather has been a non-issue again? More rain than last year in the majority of the state only without any payments?  Less pp acres because everyone realized that doesn’t cover bills.  Everyone just mudding seeds in for the second and third time in areas.  These will not be anywhere close to even avg. yields for a normal year and this is far from a normal weather year.  Thanks

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