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Veteran Advisor

Floor Talk, June 6, 2019

At the close:

At the close, the July corn futures finished 5 3/4¢ higher at $4.20 1/2. Dec. corn futures ended 5¢ higher at $4.38 1/2.

July soybean futures settled 1¢ lower at $8.68 3/4. November soybean futures ended 2¢ lower at $8.95 1/2.

July wheat futures closed 19 1/4¢ higher at $5.10.



July soymeal futures closed $1.80 per short ton lower at $315.90.

 July soy oil futures settled $0.54 cent higher at 27.76¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.41 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 86 points higher.

Jason Roose, U.S. Commodities, agrees that investors are digesting weather news.

“After a two day downward correction, corn and beans are finding support. The uncertainties are bringing volatility such as better planting weather, poor exports, and trade talks monitored on a daily basis. But, the weather will still be the dominant issue the next few weeks with acre and yield adjustments for corn and soybeans,” Roose says.

Mike

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At midsession:

At midsession, the July corn futures are 5 1/2¢ higher at $4.20. Dec. corn futures are 4 3/4¢ higher at $4.38 1/2.

July soybean futures are 1 1/4¢ lower at $8.68 3/4. November soybean futures are 2¢ lower at $8.95 1/2.

July wheat futures are 17 1/4¢ higher at $5.08.



July soymeal futures are $2.00 per short ton lower at $315.70.

 July soy oil futures are $0.39 cent higher at 27.61¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.24 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 37 points higher.

 

Mike

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At 9:30am:

In case you missed it, the USDA released its Weekly Export Sales Report, on Thursday.

On Thursday, the USDA’s Weekly Export Sales Report favorable soybean, wheat figures.

Corn= 32,300 metric tons vs. the trade’s expectations of between 550,000-1.30 mmt.

Soybeans= 583,700 mt. vs. the trade’s expectations of between 250,000 mt.-500,000 mt.

Wheat= 527,900 mt. the trade’s expectations of between 100,000-450,000 mt.

Soybean meal= 112,900 mt. the trade’s expectations of between 100,000-350,000 mt.

 

What say you?

 

Mike

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At 9:08am:

In early trading, the July corn futures are 1 1/2¢ lower at $4.13. Dec. corn futures are 2 1/4¢ lower at $4.31 1/2.

July soybean futures are 5¢ lower at $8.64 3/4. November soybean futures are 5 3/4¢ lower at $8.91 1/2.

July wheat futures are 6 1/2¢ higher at $4.97 3/4.



July soymeal futures are $2.30 per short ton lower at $315.40.

 July soy oil futures are $0.07 cent higher at 27.29¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.09 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 11 points higher.

Al Kluis, Kluis Advisors, says that the pressure on U.S. grain prices continues.

“The wheat market has been the main culprit of the sell-off in the corn market. Weather has definitely turned to the drier and warmer side and that is allowing corn to get planted. However, the late-planted corn will keep the grain markets volatile throughout the growing season,” Kluis told customers in a daily note.

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4 Replies
Esteemed Advisor

Re: Floor Talk, June 6, 2019

Just a sidebar, this new format is incredibly user unfriendly. I am not going to spend time scrolling down the screen just so you can have wide open blank space. It used to be that I could quickly glance at 10 or more threads and know if there was a new posting just by glancing at the screen. Now I can see 3 and if I click on one of them, you have to scroll down to see even one posting. Just a site killer software program I guess, hope you paid a bundle for it.

Honored Advisor

Re: Floor Talk, June 6, 2019

Well, what's really important is that I can't find the "kudo" counter.......Smiley Wink

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Highlighted
Veteran Advisor

Re: Floor Talk, June 6, 2019

timetippingpt,

 

Thanks for your reply. Let me ask you, are you on a Mac? Whatever you are working on, try to make your screen smaller and you will see more threads. For instance, if I hit the "command" key and then push the "minus" key, my screenwindow reduces. This allows me to see more threads at once, not just three.

 

Let me know if that works.

 

Thanks,

 

Mike

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Senior Contributor

Re: It looks like traders are going to make us prove how much crop there might be.....

It looks like traders are going to make us prove just how much crop there might be but it's important to remember that just 25 days ago, July corn traded at $3.51, 70 cents less.

As for the export sales report, it's interesting to note that for the past several weeks, China has bought one or two boatloads and taken delivery of about 3 boatloads.  The rumor is that those beans have gone into China's government reserve.  Whatever the Chinese government's feelings about the trump's trade war, it hasn't stopped them from buying a few loads of low priced beans,  not so many so as to attract attention but some anyhow.  The problem is, they've still got about 85 loads to take delivery on in the next three months and 3 load per week isn't going to get the job done.

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