Floor Talk March 25, 2021

[marketeye]

At the close:

At the close, the May corn futures settled 6 3/4¢ lower at $5.46 1/2. July corn futures ended 4 3/4¢ lower at $5.32 1/2. New crop December corn futures closed 3 1/2¢ lower at $4.65 1/2.

May soybean futures settled 18 1/2¢ lower at $14.14. July soybean futures finished 16 1/2¢ lower at $14.04 1/2. New crop November soybean futures closed 13 1/2¢ lower at $12.14.

May wheat futures finished 12 1/2¢ lower at $6.12 1/4.



May soymeal futures ended $3.60 short term higher at $404.60.


May soy oil futures closed 2.50¢ lower at 54.98¢ per pound.

In the outside markets, the NYMEX crude oil market is -2.60 lower (-4.25%) at $58.58. The U.S. dollar is higher, and the Dow Jones Industrials are 75 points higher (+0.23%) at 32,495 points.

Mike

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At midsession:

At midsession, the May corn futures are 5 1/4¢ lower at $5.48. July corn futures are 4 1/4¢ lower at $5.33. New crop December corn futures are 2 1/2¢ lower at $4.66.

May soybean futures are 15¢ lower at $14.17 3/4. July soybean futures are 14 1/2¢ lower at $14.06. New crop November soybean futures are 10 1/2¢ lower at $12.17 1/4.

May wheat futures are 12 1/2¢ lower at $6.12 1/4.



May soymeal futures are $2.20 short term higher at $403.20.


May soy oil futures are 2.50¢ lower at 54.98¢ per pound.

In the outside markets, the NYMEX crude oil market is -3.18 lower (-5.20%) at $58.00. The U.S. dollar is higher, and the Dow Jones Industrials are 96 points lower (-0.30%) at 32,323 points.

Mike

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At 8:45am:

Ag markets are content with falling, analyst says.

Mike

[Riverlandfrmr]

They are violently shaking the bushes is what it really amounts to. They are good at it. Basis levels keep gaining strength as we get closer to spring making me think there is a very limited supply of grain that is unsold though. They can keep shaking but it is a long long time before next harvest.

[roarintiger1]

Just wondering who is responsible for the “trade expectations “ every week on the export sales reports. It seems to me that they, whoever they are, would have a smaller range of numbers every week, meaning they would be more accurate. 

Their estimates should not carry much weight in the market place.

[lsc76cat]

rt = they must have a "meteorologist" doing the trade ranges - they are worth a chuckle.

What's even funnier is when an "analyst" mentions a cargo ship getting blown sideways in the Suez Canal as a reason for the market to react one way or the other.  Maybe 15% of the world's cargo traffic moves thru there but I'll bet the amount of ag commodities that due is minimal.

[illinifarmer]

Vilsack through the Biden administration has allocated around 6 billion in a new overall pandemic assistance program which I believe CFAP falls into.  Program designed to help support medium to small Ag producers effected from the pandemic.  Check it out fellas, it benefits most of us that qualify.

[sw363535]

Brings to mind a comment I saw this morning that delivered a smile to my face........ 

How is this for a serious fundamental comment''''''''

• "Mexico’s corn farmer associations expect 2021 corn production to miss the government’s 27 MMT estimate, seeing output closer to 24 MMT due to lack of government subsidies and policies; corn output was 27.5 MMT in 2020."

Just what is the rate of application per acre for government policies.........?   And more important were those subsidies and policies composted?????

all three of us at this desk had a grin over that one.