Floor Talk June 27
At the close:
The July futures corn contract settled 3 cents higher at $6.67. New-crop Dec. corn futures finished 5 cents lower at $5.38. The July soybean futures contract closed 14 cents higher at $15.48., new-crop Nov. soybeans settled 1 cent lower at $12.75. July wheat futures closed 4 cents lower at $6.63 per bushel. The July soymeal futures ended $16.30 short ton higher at $479.60. The July soyoil futures ended $0.23 lower at $46.40.
In the outside markets, the NYMEX crude oil is $1.55 per barrel higher, the dollar is lower and the Dow Jones Industrials are 115points higher.
The July futures corn contract is 2 cents higher at $6.66. New-crop Dec. corn futures are trading 6 cents lower at $5.37. The July soybean futures contract is trading 10 cents higher at $15.43., new-crop Nov. soybeans are trading 2 cents lower at $12.74. July wheat futures are trading 2 cents lower at $6.65 per bushel. The July soymeal futures are trading $9.80 short ton lower at $473.10. The July soyoil futures are trading $0.08 lower at $46.55.
In the outside markets, the NYMEX crude oil is $1.45 per barrel higher, the dollar is lower and the Dow Jones Industrials are 127points higher.
Also, one analyst spelled out Friday's market reaction pretty sucicntly. He says, "The first reaction to the numbers is a sharp move by those who bet wrong getting out, followed by profit taking by those who bet right. Lastly, the close represents the report facts and near term trend. The report comes out during trading hours with electronic and pit trading open, there is an initial knee jerk effect within seconds and over reaction. There is no time for analyst to break down these lengthy and complex reports to get a measured trading plan in place."
What do you think? There seems to be a lot of truth in his explanation of report day.