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Veteran Contributor

Floor Talk June 7

At 9:30am:

If you missed it, the USDA released its Weekly Export Sales Report Thursday. Corn sales beat expectations, soybeans missed and wheat sales fell within expectations.

 

Corn= 1.25 million metric tons vs. the trade’s expectations of between 700,000-1,100,000 metric tons,

Soybeans= 199,500 mt. vs. the trade’s expectations of between 200,000-500,000 mt.

Wheat= 270,300 mt. vs. the trade’s expectations of between 150,000-400,000 mt.

Soybean meal= 135,100 mt. vs. the trade’s expectations of between 125,000-250,000 metric tons.

 

Mike

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At the open:

In early trading, the July corn futures are 2¢ higher at $3.80. December futures 2¢ higher at $4.01. July soybean futures are 3 1/4¢ lower at $9.91.  November soybean futures are 3¢ lower at $10.10. July wheat futures are 15 3/4¢ higher at $5.35. July soy meal futures are $1.40 per short ton lower at $363.30. July soy oil futures are 0.13 higher at 30.78¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.60 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 112 points higher.

 

Mike

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Wheat futures jumped overnight on concerns about weather in Russia and Australia, a weaker dollar and technical factors. Futures were up 10-12 cents overnight, while corn was up 2 cents and soybeans were little changed. Ethanol stockpiles in the seven days through June 1 were slightly higher than the prior week while production of the biofuel was unchanged. In weather news, severe thunderstorms are possible for much of the central Plains through the end of the week, according to the National Weather Service. Get all the details in today's 3 Big Things.

 

West Texas Intermediate = up 1%.

Brent Crude = up 1.4%

Dollar = down 0.2%.

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

World Markets = Global stocks higher overnight.

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14 Replies
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Honored Advisor

Re: Floor Talk June 7

well it is 30 minutes later and beans are up 3

 

 

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Veteran Advisor

Re: Floor Talk June 7

I reversed on dec corn so I'm now long - a position I'm very rarely in on the board.  I bought back a nov bean and let the rest ride.  Obviously, I'm extremely confident that I'll get a chance to sell both again this summer.  I didn't say I'm going to be right, but I said I put my money on that expectation so we'll watch and see.

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Senior Advisor

Re: Floor Talk June 7

Checked prices at 11, corn & beans both down.  It is DRY here, but I realize am not in an area that counts.  Corn leaves curled every day, creek bottom ground is hard as concrete.  Beans planted a little wet for no-till are some thin stands and struggling, just dried out too fast.  Been watching the drought maps, seems drought areas not moving nor growing much, but intensifying in some areas.  Another chance for rain over next couple days, maybe it will happen. Yesterday, looked promising, but showers all petered out before they got here.  Grass in yard looks like mid-late July.  But there's still time.

 

Drought Monitor for conus

 

http://droughtmonitor.unl.edu/CurrentMap.aspx

 

http://droughtmonitorstaging.unl.edu/Maps/CompareTwoWeeks.aspx

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Veteran Contributor

Re: Floor Talk June 7

Thanks traders for a great week so far for our prices,thank you for always looking out for the farmer and putting our needs before yours you people just truly rock and the farmer thanks you for all your hard work while trading our livlihood.
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Advisor

Re: Floor Talk June 7

Wcmo, it saddens me wholeheartedly to here you or anyone for that say that. Your not the little guy that doesn’t matter nor am I. In a broken system such as this the main objective is to break us as well as anyone with the same mindset of hope. Crops here locally look avg. and that’s being generous. I’ve seen and heard other operations in real bad shape in IL. One day at a time, this market is out of control at the moment. Come fall, we little guys in areas that don’t matter, are all that matters. Good luck to ya 👍
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Veteran Contributor

Re: Floor Talk June 7

In a whole farmers do not matter to the idiots of the cbot
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Veteran Advisor

Re: Floor Talk June 7

Of course farmers don't matter to traders, why should they?  Who expect them to?  It would be pretty silly to expect a trader to care one way or the other about the farmer.  The trader's job is to add to price discovery by buying and selling and that depends on volatility.  

 

Anyone who wastes one second thinking the market owes the farmer anything is deluding themselves and is fodder for those who know better.

 

If someone wants a secure paycheck and a good return on their investment, they need to pick a different line of work.

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Veteran Contributor

Re: Floor Talk June 7

The farmer is the reason they have a job oh wait you are one of the idiots who sits behind a desk and writes stupid reports and collects a nice paycheck.
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Veteran Advisor

Re: Floor Talk June 7

""the traders job is to add to price discovery
By buying and selling and that depends on
Volatility.""

Sounds good on paper.

Statement is full of problems
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