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Veteran Contributor

Floor Talk June 4

At the close:

At the close, the July corn futures finished 10 3/4¢ lower at $3.80 3/4. December futures ended 10 1/2¢ lower at $4.01 1/4¢.

July soybean futures closed 19 1/2¢ lower at $10.01 3/4. November soybean futures finished 18 1/4¢ lower at $10.19.

July wheat futures closed 18¢ lower at $5.05 1/4.

July soy meal futures finished $5.10 per short ton lower at $370.30. July soy oil futures closed 0.26¢ lower at 30.93¢ per pound. 

In the outside markets, the NYMEX crude oil market is $1.15 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 151 points higher.

 

Mike North, President Commodity Risk Management Group, weakness began in the overnight session as a seeming lack of progress was made during the trade negotiations in Beijing over the weekend.  
“Just as fast as the US team could leave China on Sunday, a negative tone was expressed in all of the agricultural markets,” North says.  
North added, “The US negotiation team left on Sunday without making any public statement and with no Chinese comment concerning any new agreements.  While the Chinese Foreign Ministry commented that their door is still open for any future talks, it warned that any deals made under the framework agreed to at the last set of meetings would be null and void should the US impose the threatened mid-June $50 billion in tariffs.”  

 

The weight of this news was more than the market could bear, North says.  

 

“Corn violated a 5-month trend line.  Soybeans are now resting at a trendline that began last summer.  Technically, markets are in critical territory,” North says.

 

Mike

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At mid-session:

At mid-session, the July corn futures are 9¢ lower at $3.82. December futures 8 1/4¢ lower at $4.03 1/2. July soybean futures are 14 1/4¢ lower at $10.07.  November soybean futures are 13 1/4¢ lower at $10.24. July wheat futures are 14¢ lower at $5.09. July soy meal futures are $2.00 per short ton lower at $372.20. July soy oil futures are 0.38 lower at 30.81¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.80 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 188 points higher.

 

Mike

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At 10:15am:

 

The USDA's Export Inspection Report Monday shows strong corn and soybean orders were inspected for shipment, last week.

 

Corn= 1.55 million tons.

 

Soybeans=  560,000 metric tons.

 

Both reportedly in-line with trade expectations.

 

 

Al Kluis, Kluis Advisors, says the week’s grain trading is starting out on the weaker side.

 

“In the overnight trade, prices are lower on improved weather forecasts, and disappointment on no announcements out of China,” Kluis noted in a daily lettter to customers.

 

He added, “The USDA Crop Progress report, today, will show corn planting right at 95% complete. The USDA crop conditions report for corn should show a good rating at 79 to 80% good to excellent. Soybean planting should be 80% or a little higher. The initial ratings should be about 75% good to excellent.”

 

Mike

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At 9:40am:

On Monday, private exporters reported to the U.S. Department of Agriculture export sales of 114,300 metric tons of soybeans for delivery to Mexico during the 2018/2019 marketing year.

 

The marketing year for soybeans began Sept. 1.

 

Mike

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At 9:00am:

In early trading, the July corn futures are 5 1/2¢ lower at $3.86. December futures 5 1/2¢ lower at $4.06. July soybean futures are 10 1/2¢ lower at $10.10.  November soybean futures are 10¢ lower at $10.27. July wheat futures are 13 1/4¢ lower at $5.10. July soy meal futures are $3.20 per short ton lower at $371.00. July soy oil futures are 0.15 lower at 31.04¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.04 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 219 points higher.

 

Mike

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Soybeans and corn fell overnight amid favorable weather in the Midwest. Temperatures are expected to be high this week but rainfall is also in the forecast. Beans lost a dime, corn was down 4 cents and wheat lost 8-10 cents overnight. Money managers last week increased their bullish bets on soybeans while reducing net-long positions in corn. They also increased their net longs in soft-red and hard-red winter wheat, according to the CFTC. In weather news, some thunderstorms may form over eastern Iowa and western Illinois after midnight tonight, while severe weather may also hit the eastern half of the Oklahoma and Texas panhandles today, according to the National Weather Service. Get all the details in today's 3 Big Things

 

West Texas Intermediate = down 0.3%.

Brent Crude = down 1.2%

Dollar = down 0.5%.

Wall Street = U.S. stock higher pre-market.

World Markets = Global stocks higher overnight.

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10 Replies
Veteran Advisor

Re: Floor Talk June 4

My bet, if we're betting, is we'll get at least one more chance to sell without accepting these levels.  

 

If we get a chance will we take it?

 

What is your target?  $4.50 dec corn?  $10.75 nov soybeans?

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Advisor

Re: Floor Talk June 4

Crooks
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Veteran Advisor

Re: Floor Talk June 4

Yeah, we have volcano gods and myths and rumors and lots of ways to deal with things we don't understand or where we don't feel in control.  Calling faceless people crooks is one way.  Whatever makes you feel good.

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Honored Advisor

Re: Floor Talk June 4

Might want to remember that these are the same "Crooks" who bought 2 bil bu of

corn driving its price 75 cents higher since harvest. A 22% increase in 5 months.

The crooks can and are useful once in a while. :-)

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Contributor

Re: Floor Talk June 4

Mike McGinnis  article says prices dropped because of favorable rains over the weekend. Where was that at.  I've had a total of 7/10' s   rain in the last month. Last good rain was about 1.5 inches on May 4th and 5th.  That didn't even stand water in the mud holes. 

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Honored Advisor

Re: Floor Talk June 4

1.42" sw of lorimor ia also had wrong hybrid in my Three largest fields, 20 to 50% green snap of knee high corn. Yea let's sell it before it's in the bin...

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Veteran Contributor

Re: Floor Talk June 4

Way to start the week off right you traders rock
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Veteran Advisor

Re: Floor Talk June 4

Hobby, we told you to quit planting Pioneer.

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Honored Advisor

Re: Floor Talk June 4

Chinese

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