cancel
Showing results for 
Search instead for 
Did you mean: 
marketeye
Veteran Advisor

Floor Talk March 19

At the close:

At the close, the May corn futures finished 7 3/4¢ lower at $3.75. July futures ended 7 3/4¢ lower at $3.83 1/4. May soybean futures finished 27¢ lower at $10.22.  July soybean futures ended 26 3/4¢ lower at $10.33 1/2. May wheat futures closed 17¢ lower at $4.50 3/4. May soy meal futures closed $14.30 per short ton lower at $358.60. January soy oil futures finished 0.08 higher at 32.06¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.27 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 423 points lower.

 

Jack Scoville,The PRICE Futures Group’s Senior Market Analyst, says the bath that the soybean market is taking can be blamed on the rains in Argentina.

“It rained in Argentina over the weekend, including in some of the driest areas.  Probably too late to help corn at all, but it will help stabilize the situation in beans.  Plus, it is rain, and markets do not go up when it rains and we are promoting a drought,” Scoville says.

 

Mike

------------

At mid-session:

At mid-session, the May corn futures are 5 3/4¢ lower at $3.77. July futures are 6¢ lower at $3.85. May soybean futures are 22 1/4¢ lower at $10.27.  July soybean futures are 22 1/4¢ lower at $10.38. May wheat futures are 12¢ lower at $4.55. May soy meal futures are $11.80 per short ton lower at $361.10. January soy oil futures are 0.22 lower at 31.76¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.28 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 309 points lower.

 

Mike

------------

At 9:00am:

In early trading, the May corn futures are 5 3/4¢ lower at $3.77. July futures are 6¢ lower at $3.85. May soybean futures are 19¢ lower at $10.30.  July soybean futures are 19¢ lower at $10.41. May wheat futures are 11¢ lower at $4.56. May soy meal futures are $8.80 per short ton lower at $364.10. January soy oil futures are 0.02 lower at 31.96¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.18 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 188 points lower.

 

Mike

----------

At 6:40am:

 

Early Calls:

Corn= 4-6 cents lower

Soybeans=11-15 cents lower

Wheat=6-8 cents lower

 

This week’s grain market could be a reflection of weather and or the funds’ position highlighted in. Friday’s Commitments of Traders report. The funds bought a lot more contracts in the corn and soybean markets and approach a record bullish betting position in soybeans.
The COT report noted that funds are now long the corn market with 233,000 contracts. The funds are holding 208,000 long contracts in soybeans. And, for wheat, the funds are short that market by 6,000 contracts.
The question for this week is whether the outside investors continue to get long the corn market. Keep in mind, the USDA March Prospective Plantings Report will be released in less than 10 days. Funds are expected to be positioning themselves ahead of that report. See the 3 Big Things article for March 19, 2018.

 

 

Thanks,

 

Mike

0 Kudos
3 Replies
cborman11
Senior Contributor

Re: Floor Talk March 19

Wow you traders are idiots
0 Kudos
roarintiger1
Honored Advisor

Re: Floor Talk March 19

Looks like a buying opportunity to me.  Smiley Wink

0 Kudos
rsbs
Veteran Advisor

if this was the spring rally

there are going to be a lot of lumps of coal in the Christmas stockings this year.

 

I was pessimistic and dumped all my old crop corn and soybeans and took the highest level of revenue protection on soybeans I could on March 15th, but it doesn't make my P and L exactly jump off the page and smile at me.

 

Its a hard period to market smart in.