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Veteran Advisor

Floor Talk, June 3, 2019

At the close:

 

At the close, the July corn futures finished 2 3/4¢ lower at $4.24 1/4. Dec. corn futures closed 2¢ lower at $4.41 3/4.

July soybean futures ended 1 1/4¢ higher at $8.79. November soybean futures ended 1 1/2¢ higher at $9.06 1/2.

July wheat futures closed 16 3/4¢ higher at $5.19 3/4.



July soymeal futures settled $0.80 per short ton lower at $320.50.

 July soy oil futures ended $0.25 cent lower at 27.34¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.70 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 4 points higher.

 

Mike

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At midday:

At midday, the July corn futures are 5¢ lower at $4.22. Dec. corn futures are 5¢ lower at $4.38.

July soybean futures are 3/4¢ lower at $8.77. November soybean futures are 1/4¢ lower at $9.04 1/2.

July wheat futures are 12¢ higher at $5.15.

 

July soymeal futures are $1.30 per short ton higher at $322.60.

 July soy oil futures are $0.41 cent lower at 27.18¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.16 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 39 points lower.

 

Mike

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At 9:12am:

In early trading, the July corn futures are 3 1/2¢ higher at $4.30 1/2. Dec. corn futures are 2 3/4¢ higher at $4.46 3/4.

July soybean futures are 5 1/2¢ higher at $8.83 3/4. November soybean futures are 5 1/2¢ higher at $9.10 3/4.

July wheat futures are 15¢ higher at $5.18.

July soymeal futures are $3.60 per short ton higher at $324.90.

July soy oil futures are $0.14 cent lower at 27.45¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.61 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 44 points lower.

Al Kluis, Kluis Advisors, says that investors are eager to see this afternoon’s USDA Crop Progress Report at 3:00pm CT.

“The USDA Crop Progress report today will show nationwide corn planting at about 70% complete. This would suggest 27 million acres of corn will be planted the first time in the month of June, and possibly 1-2 million acres of corn will need to be replanted in June,” Kluis told customers in a daily note.

Kluis added, “I am watching the wheat corn spread. With nearby KC wheat futures trading at $4.78 per bushel, it is difficult for me to believe the $5.00 corn projections. Yes, corn has traded above wheat. However, it does not stay above the price of wheat for very long.”

 

Mike

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Honored Advisor

Re: Floor Talk, June 3, 2019

Al was wrong last time and is too high again this week, IMO.  We will see ... if usda is still smoking the hemp crop.

IMO the difference from last report to this one may be a negative change....... saying.... there may have been more planted crop destroyed since last report than new acres planted.

Another 30 days and the planted acres may have adjusted up some.  This much water didn't go away that fast and that hazy smokey sky from those fires is not a good omen.

 

Okie report.......... wheat may be ready before the ground is..

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