Floor Talk June 4, 2021
At the close:
At the close, the July corn futures settled 20 3/4¢ higher at $6.82 1/4. New crop September futures finished 24 1/4¢ higher at $6.06 1/4. December corn futures ended 25¢ higher at $5.91 1/2.
July soybean futures finished 34¢ higher at $15.83. August soybean futures closed 33 1/4¢ higher at $15.37. New crop November soybean futures ended 32¢ higher at $14.35 1/2.
July wheat futures closed 11¢ higher at $6.87 3/4.
July soymeal futures finished $4.60 per short ton higher at $396.20.
July soy oil futures closed $2.49 higher at 71.34¢ per pound.
In the outside markets, the NYMEX crude oil market is +0.69 higher (+1.00%) at $69.50. The U.S. dollar is lower, and the Dow Jones Industrials are 158 points higher (+0.46%) at 34,735 points.
At midsession, the July corn futures are 16¢ higher at $6.78 1/4. New crop September futures are 17¢ higher at $6.00. December corn futures are 17 1/2¢ higher at $5.83 1/2.
July soybean futures are 29¢ higher at $15.79. August soybean futures are 27¢ higher at $15.31 1/4. New crop November soybean futures are 27 1/4¢ higher at $14.30 1/2.
July wheat futures are 11¢ higher at $6.87 3/4.
July soymeal futures are $1.30 per short ton lower at $392.90.
July soy oil futures are $2.51 higher at 71.36¢ per pound.
In the outside markets, the NYMEX crude oil market is +0.45 higher (+0.65%) at $69.263. The U.S. dollar is lower, and the Dow Jones Industrials are 82 points higher (+0.24%) at 34,659 points.
At the open:
Separately, the USDA’s Weekly Export Sales Report Thursday shows strong demand figures for corn.
Corn= 970,600 metric tons (mt.) vs. the trade expectations of 300,000-1.0 mmt.
Soybeans= 198,100 mt. vs. the trade's expectation of 100,000-600,000 mt.
Wheat= 433,600 mt. vs. the trade's expectations of 200,000-600,000 mt.
Soybean meal= 218,200 mt. vs. the trade's expectations of 100,000-300,000 mt.
Also, yesterday, the EIA released strong ethanol numbers. Corn use for ethanol is larger than expected.
Its report showed that U.S. ethanol production, a week ago, reached 1.034 million barrels per day. That total makes a post-pandemic high. For the past four weeks, output has averaged over 1.0 million barrels per day.
With this kind of output, combined with this week's stronger than expected old-crop exports, corn use is rising.
What say you?
Re: Floor Talk June 4, 2021
local train loader still has one white caped mountain of corn and an eight hundred thousand bu white capped bunker of beans.
Never seen them keep the bunker of beans this long.
Eplant I deliever to has their vertical storage full (3.5 million bu).
They have had me shut off from delivery till next week.
Gonna be glad the air conditioner in the truck works.
I Don't have a decent looking field of corn.
Dsm brought me 70 units of replant beans, hope it's enough.
Burying them is today's job...
Re: Floor Talk June 4, 2021
Our local terminal has closed to about a buck for distant July 2022 vs current price. That helps cause I am afraid I may end up short a few bushels on sold bushels and have to cover with new crop.
I can live with $5.60 new crop, less the buck charge, if that is what ends up happening. Still will give me $4.60.
Crops actually look pretty decent but we have been blessed with a few timely rains. Hope we get the rain event next Tuesday that they are predicting.