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marketeye
Veteran Advisor

Floor Talk June 2

At the close:

At the close, the July corn futures settled 6 3/4 cents higher at $3.59 per bushel. The Dec corn futures finishd 7 cents higher at $3.76 per bushel.
July soybean futures closed 14 3/4 cents higher at $9.40 3/4. Nov. soybean futures ended 15 3/4 cents higher at $9.17.

July wheat futures finished 18 3/4 cents higher at $5.12 1/2.

July soymeal futures closed $5.20 per short ton higher at $301.80. 

In the outside markets, the NYMEX Crude oil market is $1.12 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 24 points lower.

Mike

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At mid-session,

At mid-session, the July corn futures are trading 6 cents higher at $3.58 1/4 per bushel. The Dec corn futures are 6 cents higher at $3.75 per bushel.
July soybean futures are trading 16 1/2 cents higher at $9.42. Nov. soybean futures are trading 16 1/4 cents higher at $9.17.

July wheat futures are trading 13 3/4 cents higher at $5.07.

July soymeal futures are trading $5.60 per short ton higher at $302.20. 

In the outside markets, the NYMEX Crude oil market is $0.87 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 25 points higher.

Mike North, President Commodity Risk Management Group, says that a weaker U.S. Dollar is supporting the farm markets.
“Today's rally is quite simple.  The US Dollar is down 160 basis points after a proposed deal was put together to present to Greek Leadership regarding further bailout funding,” North says.
Plus, the weekly USDA Crop Progress Report showed corn and soybean quality ratings dropping by 2%, vs. a week ago. That is also friendly for the markets, according to analysts.

Mike

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News: CME Group tallies up the activity for the month of May. "CME Group agricultural commodities volume averaged 1.2 million contracts per day, up 27 percent from May 2014."

Also, the CFTC has created a nifty tool to illustrate the Committment of Traders Report that is released each Friday. This is much easier to read and get a glimpse of who's long or short the market.

 

Take a look:  COT Report Tool

 

Mike

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At 10:15am:

Soybeans jump 16¢ Tuesday.

 

Mike

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At the open:

At the open, the July corn futures are trading 3 cents higher at $3.55 per bushel. The Dec corn futures are 3 1/4 cents higher at $3.72 per bushel.
July soybean futures are trading 10 1/2 cents higher at $9.36. Nov. soybean futures are trading 11 cents higher at $9.12.

July wheat futures are trading 10 cents higher at $5.03.

July soymeal futures are trading $5.40 per short ton higher at $302.00. 

In the outside markets, the Brent Crude oil market is $0.17 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 90 points lower.

Mike

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At 7:35am:

 

Early calls: Corn 2-4 cents higher, soybeans 7-8 cents higher, and wheat 2-4 cents higher.

 

Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.51 higher.
Dollar =Lower. 
Wall Street = Seen lower, with data in focus, and more Greece financial crisis news.

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

 

 

 

More in a minute,

 

Mike

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1 Reply
wrightcattle
Veteran Advisor

Re: The USD is 15% over Global

Par ( and dropping...folks did not quit eating yesterday ).

 

sooo expect a 15 to 30% UP in Most usa agri products...especially protiens.

 

 

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