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Veteran Advisor

Floor Talk, March 27, 2020

At the close:

At the close, the May corn futures finished 2 3/4¢ lower at $3.46 3/4. July corn futures ended 2 1/2¢ lower at $3.51 3/4.

May soybean futures closed 1 1/4¢ higher at $8.81 1/4. July soybean futures closed 1/2¢ higher at $8.85 1/4.

May wheat futures ended 2 1/4¢ higher at $5.71 1/2.

May soymeal futures closed $0.20 per short ton higher at $323.10.

 May soy oil futures finished $0.35 cents higher at 26.85¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.80 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 649 points lower.

Mike

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At midsession:

At midsession, the May corn futures are 2 1/4¢ lower at $3.46 3/4. July corn futures are 1 1/4¢ lower at $3.52.

May soybean futures are 4 1/4¢ lower at $8.76 1/4. July soybean futures are 4 1/4¢ higher at $8.80 3/4.

May wheat futures are 6 1/2¢ lower at $5.75 1/2.

May soymeal futures are $1.20 per short ton higher at $321.70.

May soy oil futures are $0.02 cents lower at 26.48¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.18 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 746 points lower.

What say you?

 

Mike

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At 8:45am:

In early trading, the May corn futures are 2¢ lower at $3.46 3/4. July corn futures are 1 1/4¢ lower at $3.53.

May soybean futures are 3 1/4¢ higher at $8.83 1/4. July soybean futures are 3 1/4¢ higher at $8.88.

May wheat futures are 14 1/2¢ lower at $5.83 1/2.


May soymeal futures are $4.40 per short ton higher at $327.30.

May soy oil futures are $0.02 cents lower at 26.48¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.03 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 851 points lower.

On Friday, private exporters reported to the USDA the following activity:

private exporters reported to the USDA the following activity:

--Export sales of 163,290 metric tons of soybeans for delivery to Mexico during the 2019/2020 marketing year and;

--Export sales of 114,048 metric tons of corn for delivery to unknown destinations during the 2019/2020 marketing year.

The marketing year for corn and soybeans began Sept. 1.


Al Kluis, Kluis Advisors, says that investors will be watching ethanol plants' pullback to determine corn market impact.

“The recent plunge in the ethanol market--and ethanol plants cutting back--could have an effect on planted corn acres this spring," Kluis told customers in a daily note. Keep a close eye on the new cases of COVID-19 over the weekend. If we see a surge of new cases and deaths, then this could cause pressure in the stock market, which would likely spill over into the grain markets."

Kluis added, "Thursday was a "back and fill" day for corn and soybeans. We have been seeing an uptick in export demand for the past few weeks.Strong weekly export sales yesterday helped support prices. However, the U.S. dollar got hit hard Thursday when Congress passed the $2 trillion stimulus package. That will eventually lead to an influx of cash in the US, causing the US dollar to be under pressure. Long-term, this is beneficial for U.S. commodities."

 

Mike

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8 Replies
Veteran Contributor

Re: Floor Talk, March 27, 2020

Great exports this week and yet you idiots knock the prices down. Farmers can't make it on these prices!!!!

Advisor

Re: Floor Talk, March 27, 2020

Curious Al does know that no bill has been signed right?  Supposed to vote today doesn’t sound like a done deal at all.  Even though the Dow has rallied 3-4 times already on speculation.  We have noticed it sure didn’t pull the grains up, however has no problem sinking them on down days.  If and hopefully when it is a done deal people may see checks by mid to late April.  How many people have lost far more right now up to date not working then 1200$? My goodness by mid to late April better be around 5k$ I would imagine.  IMO would expect a lot of delayed and unplanted acres.  Can’t speak for anyone else, but my other job which I currently no longer have was covering and funding my farming.  Gl out there stay safe and isolated.

Veteran Advisor

Re: Floor Talk, March 27, 2020

What's curious-er, and most ironic, is the fact that the fools in D.C. are arguing over giving the American people back their own money as if it was actually coming out of congressional pockets. 

I keep hearing that Congress added in some major-gravy raises for themselves into the "Return-Our-Tax-Money" bill....oops, the Stimulus Bill. 

And I know I darn well didn't vote to allow them to add $350 Million into the bill for migrants or add millions more for more abortions (which boggles the mind how on one hand, they shout "we gotta save the people by quarantining the whole freakin' country," but are funding more abortions with the same stimulus bill). 

Veteran Advisor

Re: Floor Talk, March 27, 2020

They spent our money a long time ago.

Now they're raiding piggy banks 2 and 3 generations into the future.

Party affiliation doesn't matter - it's us against the swamp.

 

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Honored Advisor

Re: Floor Talk, March 27, 2020

The incentive to plant all the acres is being diminished financially, physically, & psychologically.

This being said, the safest place for all of us might just be in our own tractor cabs........alone.   

Honored Advisor

Re: Floor Talk, March 27, 2020

A more reasoned thought on acreage is simple. Based upon a pretty simple survey around the midwest, everyone is going to plant every acre they intended to plant in January. Why not? PLC + Ins gives you a floor that no other industry has in place.  Not one person I have discussed it with intends to plant less acres. Not plant them to what? 

Sure, if it gets wet and late again, many will just PP again, but the odds of another bad spring are extremely low.

Planted acres going down....hilarious.

Senior Advisor

Re: Floor Talk, March 27, 2020

Yes.

While there may be individual solutions to do something else,

in the aggregate, no.

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Veteran Advisor

With Prayer, Luck


@sdholloway56 wrote:

Yes.

While there may be individual solutions to do something else,

in the aggregate, no.


And a tincture of time,  Everything will work for mankind's benefit. 

Granted it may take leadership thus talent changes and the tincture of time could another year or 3.

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