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Veteran Contributor

Floor Talk June 26

At the close:

At the close, the July corn futures finished 1 1/4¢ higher at $3.59, while December futures finished 1 3/4¢ higher at $3.77. July soybean futures settled 2 1/4¢ higher at $9.06 3/4, November soybean futures ended 2 3/4¢ higher at $9.13 3/4. September wheat futures settled 8¢ lower at $4.65 1/2. July soy meal futures finished $0.50 per short ton higher at $294.10. July soy oil futures settled $0.09 lower at 31.52¢ per pound.  In the outside markets, the Brent crude oil market is $0.35 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 48 points higher.

 

Mike North, President Commodity Risk Management Group analyst, says the markets may not show much bias until Friday
“A quiet trade on the heels of July option expiration.  The market awaits Friday's reports while resting at the bottom of their multi-month range,” North says.

 

Mike

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At mid-session:

At mid-session, the July corn futures are 1/4¢ higher at $3.58, while December futures are 3/4¢ higher at $3.76. July soybean futures are 1¢ higher at $9.05, November soybean futures are 1/4¢ higher at $9.11. September wheat futures are 7¢ lower at $4.66. July soy meal futures are $0.30 per short ton lower at $293.30. July soy oil futures are $0.02 lower at 31.59¢ per pound.  In the outside markets, the Brent crude oil market is $0.37 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 42 points higher.

 

Mike

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At 10:40am:

If you missed it, the USDA announced fresh soybean sales, Monday.

 

Private exporters reported to the U.S. Department of Agriculture export sales of 110,000 metric tons of soybeans for delivery to Bangladesh during the 2016/2017 marketing year.

The marketing year for soybeans began Sept. 1.

 

Mike

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In early trading:

At 9:00am, the July corn futures are 1/4¢ lower at $3.57, while December futures are 1/4¢ higher at $3.75. July soybean futures are 2¢ higher at $9.06, November soybean futures are 3¢ higher at $9.14. September wheat futures are 8 3/4¢ lower at $4.64. July soy meal futures are $0.10 per short ton higher at $293.70. July soy oil futures are $0.02 higher at 31.63¢ per pound.  In the outside markets, the Brent crude oil market is $0.15 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 102 points higher.

 

Mike

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Soybeans and corn turned higher this morning while wheat took a beating overnight. There were reports of some rainfall in parts of the northern Plains but the weather maps only showed a trace and that was in limited areas. Beans were up about 4 cents, corn was up about 2 cents and wheat lost 5-7 cents in overnight trading. Money managers extended their bearish bets in corn but raised bullish bets in hard-red winter wheat last week. In weather news, it looks pretty quiet today with only slight chances of isolated rain in the Midwest today. Check out the details in today's 3 Big Things at http://www.agriculture.com/news/crops/3-big-things-today-june-26

Here's what happened overnight:

Brent Crude Oil = up 0.1%.
West Texas Intermediate Crude Oil = up 0.2%.
Dollar = up 0.1%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher amid strong economic data. 

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3 Replies
Veteran Advisor

Re: Floor Talk June 26

I think the market is just thrashing around trying to figure out how low to go and when to start the journey.

 

I've already left a lot of money on the table if I'm right about market direction.  Often, I sell too early.  Maybe this time I'm selling too late.  

 

I usually don't hold out for the best price - this time I missed selling nov beans at 10.36 by holding out for three pennies.  

 

I seem to manage getting greed and fear working against me at the same time.  Good think I don't market for a living.  Smiley Happy

(that's a joke - not a good one, though)

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Honored Advisor

Re: Floor Talk June 26

  • South Korea’s NOFI bought around 207k tonnes of optional-origin corn last week, for November arrival; the country’s MFG purchased 418k tonnes of optional-origin corn for Oct-Nov at just under $180/tonne C&F, while Ko- rea’s FLC took 68k tonnes of corn for Nov 30 arrival at $178/tonne C&F.

  •   Ukraine’s state weather forecasters said today that 2017 grain production is expected to fall just over 10% year-over-year to 59.0 MMT, with wheat seen down from 26.0 to 23.1 MMT and corn falling from 28.0 to 25.6 MMT.

  •   Friday’s USDA Cattle on Feed Report showed all U.S. Cattle on Feed as of June 1 at 11.096 mln head, or 102.7% of last year; that was above the average estimate at 102.4%. May placements came in at 112.2% of LY, above the 110.4% estimate, with marketings at 108.8% of LY, versus the 108.5% guess.

  •   Friday afternoon’s Disaggregated CFTC Report showed managed money funds giving back 46.3k net corn contracts on the week ending last Tuesday (6/20), taking the overall net back down to over –50k; daily trade estimates had been indicating just a –13k move on the week. Beans lost 5.6k net there while oil rose 22k, KC wheat rose 11.5k net, and Chi wheat added a whop- ping 74k net contracts (versus estimates for just a +23k move on the week). Producers and merchants added 41.4k net corn and 12k net beans on the week, while oil lost 21.6k net, KC wheat –15.1k, and Chi –41.7k net contracts

  •   South Africa’s CEC is expected to peg the country’s 2017 corn crop at a rec- ord 15.8 MMT in their fifth production estimate for the crop Wednesday, up from their previous 15.6 MMT estimate and more than double 7.78 MMT LY.

  •   Statistics Canada is expected to estimate all-wheat plantings for 2017 at 22.7 million acres, down from 23.2 mln ac both in April and last season, in their June acreage estimates on Thursday; canola seedings are seen at 22.2 mln acres, down from 22.4 mln in April but above 20.4 mln ac last year.

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Honored Advisor

Re: Floor Talk June 26

Mexico buys 13.5 million bushels last week.........of Corn.........near double the next buyer for the week

The liberal minority political voice in Mexico didn't seem to be able to deliver much more than press clippings for his buddies in the press of NY.

 

 

 

 

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