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Veteran Advisor

Floor Talk, June 7, 2019

At 1:45pm:

At the close, the July corn futures finished 4 3/4¢ lower at $4.15 3/4. Dec. corn futures finished 4 3/4¢ lower at $4.33 3/4.

July soybean futures settled 12 1/2¢ lower at $8.56 1/2. November soybean futures ended 12 3/4¢ lower at $8.83.

July wheat futures closed 5 1/2¢ lower at $5.04 1/2.



July soymeal futures closed $3.60 per short ton lower at $312.30.

 July soy oil futures settled $0.38 cent lower at 27.38¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.56 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 311 points higher.

 

Mike

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At 11:40am:

At midsession, the July corn futures are 3¢ lower at $4.17. Dec. corn futures are 3 1/2¢ lower at $4.35.

July soybean futures are 12¢ lower at $8.56 1/2. November soybean futures are 11 3/4¢ lower at $8.83 3/4.

July wheat futures are 3¢ lower at $5.07.



July soymeal futures are $4.60 per short ton lower at $311.30.

 July soy oil futures are $0.33 cent lower at 27.43¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.71 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 252 points higher.

Peter J. Meyer, S&P Global Platt’s Head of Grain and Oilseed Analytics, says that soybeans have certainly benefitted from the corn story the past few weeks, but there remains very little of a demand story.

“I suspect that some weak longs are exiting both markets, while concern is growing that old crop demand in corn and beans could be measurably cut in the June WASDE next week,” Meyer says.

Specifically to beans, even though corn planting is done for many, bean planting is still ongoing with the real possibility that bean acreage will be higher than the Prospective Plantings report once all is said and done, Meyer says.

“Both markets feel a bit tired without any fresh, bullish data points. So, it feels like liquidation, today, before the WASDE on Tuesday. Quite frankly, no matter how much analysis you read, no one knows with any certainty how these crops will end up, but we all know that demand is somewhat suspect as evident in the ongoing 2018/’19 Marketing Year when supplies were/are plentiful and demand still lagged,” Meyer says.

 

At 11am:

 

Hey gang, Al Kluis is coming to a location near you. Stop by and tell him hi.

Tuesday, June 25th
Willmar, MN
Willmar Conference Center

Tuesday, July 2nd
Marshall, MN
Ramada Marshall

Tuesday, July 9th
Mankato, MN
Courtyard by Marriott

 

Mike

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At 9am:

In early trading, the July corn futures are 2 1/4¢ lower at $4.18. Dec. corn futures are 2 1/4¢ lower at $4.36 1/2.

July soybean futures are 5 1/4¢ lower at $8.63 1/2. November soybean futures are 5 1/2¢ lower at $8.89 3/4.

July wheat futures are 4 3/4¢ lower at $5.05.



July soymeal futures are $1.70 per short ton lower at $314.20.

 July soy oil futures are $0.23 cent lower at 27.53¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.11 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 166 points higher.

On Friday, private exporters reported to the U.S. Department of Agriculture export sales of 110,000 metric tons of soybeans for delivery to Egypt. Of the total, 55,000 metric tons is for delivery during the 2018/2019 marketing year and 55,000 metric tons is for delivery during the 2019/2020 marketing year.

The marketing year for soybeans began Sept. 1.

Al Kluis, Kluis Advisors, says that investors are coming to the reality that there will be less U.S. corn acres this year.

“This week, corn was under pressure after weekly export sales showed a net loss due to some cancelations. The tariff talks between the U.S. and Mexico also seem to be escalating. We shook off weakness and turned our focus to the reality that the U.S. corn crop just will not be there,” Kluis told customers in a daily note.

Kluis added, “Next week, the USDA will lower the planted acres on both corn and soybeans, and the national corn yield. However, I don’t think they will lower them as much as the traders will be expecting. They will monitor the crop size each month and make appropriate adjustments.”

 

 

 

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3 Replies
Veteran Advisor

Re: Floor Talk, June 7, 2019

Guess we'll eventually see how this all plays out.  Historically, it seems that USDA lags in reducing crop acres and/or anticipated yields, yet leads when boosting crop acres and/or anticipated yields.

Senior Contributor

Re: Floor Talk, June 7, 2019

Why MN,?  Come 40 miles south of CBOT nothing planted.  Nobody in fields today more rain in forecast and go figure markets down again.  Soybeans double digits wow.  I wonder if he’s scouting two states away for a reason? Nothing in between here and there.

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Veteran Contributor

Re: Floor Talk, June 7, 2019

I feel the will make few if any changes to acres or yields or demand in the 19/20 year but will raise ending carryout of corn and soybeans for 18/19 on less exports. 

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