Floor Talk, June 26, 2019

[marketeye]

At the close:

At the close, the July corn futures finished 4 1/4¢ lower at $4.43 1/2. Dec. corn futures end 3¢ lower at $4.54 1/4.

July soybean futures settled 9 1/2¢ lower at $8.94 1/4. November soybean futures closed 8 1/4¢ lower at $9.18 3/4.

Sep. wheat futures closed 8¢ higher at $5.43 3/4.



July soymeal futures ended $2.30 per short ton lower at $313.40.

 July soy oil futures settled $0.19 lower at 27.81¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.63 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 48 points higher.

Mike

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At midsession:

At midsession, the July corn futures are 3¢ lower at $4.44 1/2. Dec. corn futures are 1 1/2¢ lower at $4.56 1/4.

July soybean futures are 4 1/2¢ lower at $8.99. November soybean futures are 4 1/4¢ lower at $9.22 3/4.

Sep. wheat futures trade 6 1/2¢ higher at $5.42.



July soymeal futures are $2.00 per short ton lower at $313.70.

 July soy oil futures are $0.02 lower at 27.98¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.66 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 70 points higher.

Mike

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At 9:07am:

More Details To Come:

Perdue says USDA is close to releasing MFP details after a period of being purposely opaque. He says there is more freedom to talk now that final prevented planting dates are past. But he didn’t give us much, if anything new. County payment, a minimal MFP payment on cover crops planted on PP land, a bump up of unknown size in the PP payment based on money from the disaster bill.

In early trading, the July corn futures are 5¢ lower at $4.42 1/2. Dec. corn futures are 4 3/4¢ lower at $4.52 1/4.

July soybean futures are 6 1/4¢ lower at $8.97 1/2. November soybean futures are 6 3/4¢ lower at $9.19 3/4.

Sep. wheat futures trade even at $5.35 3/4.



July soymeal futures are $1.90 per short ton lower at $313.80.

 July soy oil futures are $0.05 lower at 27.95¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.45 higer, the U.S. dollar is higher, and the Dow Jones Industrials are 95 points higher.

Al Kluis, Kluis Advisors, says that investors are positioning themselves ahead of Friday’s USDA Reports.

“The encouraging aspect to the softer close in the grains was that volatility ended the day lower as well. This is good if you are in the market to buy options. However, volatility levels are still nearly triple what they were seven weeks ago. It is likely safe to say we will see these elevated levels for a better part of this growing season,” Kluis told customers in a daily note.

Kluis added, “All eyes are on the USDA report to be released at 11:00 AM on Friday. Volatility is high. Traders and analysts are still trying to determine what the report will say. This report could easily be one of the most volatile we have seen since 2012.”

Private exporters reported to the U.S. Department of Agriculture export sales of 145,000 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.

The marketing year for soybeans began Sept. 1.

Mike

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At 9:05am:

In early trading, the July corn futures are 5¢ lower at $4.42 1/2. Dec. corn futures are 4 3/4¢ lower at $4.52 1/4.

July soybean futures are 6 1/4¢ lower at $8.97 1/2. November soybean futures are 6 3/4¢ lower at $9.19 3/4.

Sep. wheat futures trade even at $5.35 3/4.

July soymeal futures are $1.90 per short ton lower at $313.80.

July soy oil futures are $0.05 lower at 27.95¢ per pound.

In the outside markets, the NYMEX crude oil market is $1.45 higer, the U.S. dollar is higher, and the Dow Jones Industrials are 95 points higher.

Al Kluis, Kluis Advisors, says that investors are positioning themselves ahead of Friday’s USDA Reports.

“The encouraging aspect to the softer close in the grains was that volatility ended the day lower as well. This is good if you are in the market to buy options. However, volatility levels are still nearly triple what they were seven weeks ago. It is likely safe to say we will see these elevated levels for a better part of this growing season,” Kluis told customers in a daily note.

Kluis added, “All eyes are on the USDA report to be released at 11:00 AM on Friday. Volatility is high. Traders and analysts are still trying to determine what the report will say. This report could easily be one of the most volatile we have seen since 2012.”

Private exporters reported to the U.S. Department of Agriculture export sales of 145,000 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.

The marketing year for soybeans began Sept. 1.

Mike