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marketeye
Veteran Advisor

Floor Talk, June 4, 2020

At the close:

At the close, the July corn futures settled 5¢ higher at $3.29. Dec. corn futures closed 4 1/2¢ higher at $3.42 1/4.

July soybean futures closed 10 1/4¢ higher at $8.67 1/2. November soybean futures ended 10 1/2¢ higher at $8.76 1/4.

July wheat futures closed 11 3/4¢ higher at $5.23 3/4.

July soymeal futures finished $3.50 per short ton higher at $289.80.

July soy oil futures settled 0.04 cent lower at 27.82¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.07 per barrel lower at $36.74 per barrel. The U.S. dollar is lower, and the Dow Jones Industrials are 89 points lower.

Mike

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At midsession:

At midsession, the July corn futures are 4 3/4¢ higher at $3.28 1/2. Dec. corn futures are 4¢ higher at $3.42 1/4.

July soybean futures are 12 1/4¢ higher at $8.69 1/2. November soybean futures are 11 1/2¢ higher at $8.77 1/4.

July wheat futures are 16¢ higher at $5.28.

July soymeal futures are $4.50 per short ton higher at $291.80.

 July soy oil futures are 0.08 cent lower at 27.78¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.55 per barrel lower at $36.74 per barrel. The U.S. dollar is lower, and the Dow Jones Industrials are 1 points higher.

 

Mike

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At 8:45am:

In early trading, the July corn futures are 2 1/2¢ higher at $3.26 1/2. Dec. corn futures are 1 1/2¢ higher at $3.39 1/4.

July soybean futures are 5¢ higher at $8.62 1/2. November soybean futures are 5 3/4¢ higher at $8.71 1/4.

July wheat futures are 8¢ higher at $5.20.


July soymeal futures are $2.10 per short ton higher at $288.40.

July soy oil futures are 0.26 cent lower at 27.60¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.53 per barrel lower at $36.76 per barrel. The U.S. dollar is lower, and the Dow Jones Industrials are 86 points lower.

On Thursday, private exporters reported to the USDA export sales of 120,000 metric tons of soybeans for delivery to unknown destinations. Of the total, 60,000 metric tons is for delivery during the 2019/2020 marketing year and 60,000 metric tons is for delivery during the 2020/2021 marketing year.

The marketing year for soybeans began Sept. 1.

Separately, the USDA’s Weekly Export Sales Report Thursday shows strong demand figures.

Corn= 665,000 metric tons vs. the trade’s expectations of between 450,000-1.2 mmt.

Soybeans= 1.102 million metric tons. vs. trade’s expectations of 600,000-1.5mmt.

Wheat= 616,800 mt.

Soybean meal= 583,900 mt.

Al Kluis, Kluis Advisors, says that U.S. soybeans remain competitive on the world market.

"Traders see that the decline in the U.S. dollar and the increase in the Brazilian Real has made U.S.-sourced soybeans a cheaper option on the global export stage. On Wednesday, corn settled nearly unchanged as the charts remain neutral and it is too early for any real damaging weather in the U.S.," Kluis told customers in a daily note.

Kluis added, "A few of the soybean spreads just made new four-month lows on Monday. Since then, we have posted back-to-back higher highs and higher lows on the chart. A strong close on the weekly chart could be the start of a bigger story in soybeans."

Mike

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1 Reply
BA Deere
Honored Advisor

Re: Floor Talk, June 4, 2020

Frank Sinatra - okay boys  lay off on soybeans they`ve had enough

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