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Veteran Advisor

Floor Talk, March 28, 2019

At midsession:

 

At midsession, the May futures are 1/2¢ higher at $3.74. July futures are 1/4¢ higher at $3.83 3/4.

May soybean futures are 3 1/2¢ higher at $8.91. July soybean futures are 3 1/4¢ higher at $9.04 1/4.


 

May wheat futures are 4 3/4¢ lower at $4.64 3/4.



 

May soymeal futures are 1.80 per short ton higher at $306.20. 

May soy oil futures are 0.09 lower at 28.73¢ per pound.

 



In the outside markets, the NYMEX crude oil market is $0.40 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 40 points lower.

 

Mike

--------

At 10am:

 

In early trading, the May futures are 1/2¢ lower at $3.73 1/4. July futures are 3/4¢ lower at $3.83 3/4.

May soybean futures are 2¢ higher at $8.89 1/2. July soybean futures are 2 1/4¢ higher at $9.03 1/4.


 

May wheat futures are 8 3/4¢ lower at $4.60 3/4.

 



May soymeal futures are 0.70 per short ton higher at $305.10. 

May soy oil futures are 0.07 lower at 28.75¢ per pound.



 

In the outside markets, the NYMEX crude oil market is $0.53 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 82 points higher.

 

Private exporters reported to the U.S. Department of Agriculture the following activity:

 

--Export sales of 120,000 metric tons of soft red winter wheat for delivery to Egypt during the 2018/2019 marketing year; and

 

--Export sales of 150,000 metric tons of hard red winter wheat for delivery to Iraq. Of the total 50,000 metric tons is for delivery during the 2018/2019 marketing year and 100,000 metric tons is for delivery during the 2019/2020 marketing year.

The marketing year for wheat began June. 1.

 

Al Kluis, Kluis Advisors, says that investors are positioning themselves ahead of the Friday data.

 

“Trump Administration comments about not lifting any tariffs in the near future got the market to start off on a negative tone. Traders seem to be already pricing in negative results from the USDA reports (Prospective Plantings and Grain Stocks) that will be released Friday. Expect two-sided trade today: The market will get positioned ahead of the report on Friday, and also keep an eye on the weekly export sales,” Kluis told customers in a daily note.

 

 

Mike

 

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6 Replies
Esteemed Advisor

Re: Floor Talk, March 28, 2019

Kind of surprising how dead this site is....everyone gets bored of course after a bit.

Hogs increase in value 50% in 3 weeks and gets no mention.

Corn is poised...poised for something good to happen.

Beans are clinging to the side of a cliff, recommended viewing is a

documentary called "The Dawn Wall", really interesting, but

the bean market and those climbers might have something in common :-)

Big, big, big report tomorrow and already it is being skewed as bearish

by most of the "big Media". I hope it is bearish so we can buy more :-)

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Honored Advisor

Re: Floor Talk, March 28, 2019

It intends to be dead. The listened to voices are as much part of the advertising as the pop ups are. It’s allnarketing the brand. As interesting as a recipe column.
Wonder where Al’s going for lunch.
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Honored Advisor

Re: Floor Talk, March 28, 2019

Time. Cattle on feed numbers are another example. Just being ignored by talkers and usda— yet have changed a lot in last couple of years. E inventory #s grew some because feeder demand was high.
Media reporting opinion above data.
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Honored Advisor

Re: Floor Talk, March 28, 2019

With the price of hogs, we are probably at a low percentage of all time of farmers being not affected by the cash price of hogs.  Even "pork producers" that there are, they take care of the hog barns for a wage, contract feed the hogs, own the barns and lease them out or just receive the manure.  

 

Most of us have been told that 2019 will continue bad grain prices and bear markets last average of 7 years and this is the 7th year of the bear, so we silently hunker down until 2020 (election year).   But with all the Gloom & Doom, farmers sure can bid at farm auctions.  Yes, "the new stuff is way too high priced" but for farmers that are supposedly struggling, the sure can bid at sales.  Combine prices are weak, but there`s a glut of them, over bought during the good times.   In about 3-5 years or sooner there will be a big shortage of harvest machinery and we`ll wonder why we didn`t buy now and store and sell in a few short years. 

 

If we had some fireworks like 2 days of limit up, people would come out of the woodwork to comment.  But we`re stuck in the doldrums, drifting side ways and lower, nothing to write home about.  And it seems there hasn`t been any shortage of free advice to sell below cost of production and protect your position with a call....there`s only so many ways that you can say that   Smiley Happy

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Honored Advisor

Re: Floor Talk, March 28, 2019

We need to sell our grain on the U S market.
And the US buyers get to buy every bushel they need from the world market with free delivery.
That freight from Brazil and China is paid by US grain producers.
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Senior Contributor

Re: Floor Talk, March 28, 2019

If corn falling off a cliff is good ,Time you might better redefine the word poised.
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