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Veteran Advisor
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Registered: ‎05-03-2010
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Floor Talk, March 6, 2019

[ Edited ]

At the close:

At the close, the May futures settled 3 1/4¢ lower at $3.72 1/2. July futures finished 3 1/2¢ lower at $3.81.

May soybean futures finished 11 3/4¢ lower at $9.02. July soybean futures closed 12¢ lower at $9.15 3/4.

May wheat futures ended 12 1/4¢ lower at $4.50.



 

May soymeal futures settled 3.90 per short ton lower at $306.10.

 May soy oil futures finished 0.24 lower at 29.78¢ per pound.



 

In the outside markets, the NYMEX crude oil market is $0.29 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 90 points lower.

 

Mike

--------

At midsession:

 

At midsession, the May futures are 4¢ lower at $3.71. July futures are 4 1/4¢ lower at $3.80.

May soybean futures are 8 1/2¢ lower at $9.05. July soybean futures are 8 3/4¢ lower at $9.19.


 

May wheat futures are 11 1/4¢ lower at $4.51.



 

May soymeal futures are 3.50 per short ton lower at $306.50.

 May soy oil futures are 0.13 lower at 29.89¢ per pound.

 



In the outside markets, the NYMEX crude oil market is $0.46 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 113 points lower.

 

Britt O'Connell, Cash Advisor for Commodity Risk Management Group, says that commodities markets continue to struggle finding positive territory as we move thru the trading day.

“Funds have continued to be sellers of all three commodities carrying an estimated short position of 160,000 contracts on corn, 92,000 contracts on soybeans and 110,000 on wheat,” O’Connell says.

 

O’Connell adds, “With no news to spur this market higher, the unknown around trade and burdensome supplies continue to provide pressure. While corn in itself has a decent story line in regards to supply and demand, wheat and soybeans are dealing with some of the largest supplies in history, pulling corn down with them.”

 

 

Mike

---------

At 9:25am:

 

In early trading, the May futures are 1¢ lower at $3.74. July futures are 1 1/4¢ lower at $3.83.

May soybean futures are 4 1/2¢ lower at $9.09. July soybean futures are 4 3/4¢ lower at $9.23.


 

May wheat futures are 5 3/4¢ lower at $4.57.



 

May soymeal futures are 1.90 per short ton lower at $308.10.

 May soy oil futures are 0.02 lower at 30.00¢ per pound.

 



In the outside markets, the NYMEX crude oil market is $0.46 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 13 points lower.

 

Al Kluis, Kluis Advisors, says that investors are selling the wheat market, putting pressure on the grains.

 

“This Friday, we will receive the regular Commitments of Traders report with the most current information. Will the report show the funds holding very large short positions in all the grains,” Kluis told customers in a daily note.

 

He added, “Corn prices may retrace the recent selloff with more enthusiasm if wheat continues to post higher highs and higher lows on the daily chart.”

 

Mike

 

Veteran Contributor
Posts: 100
Registered: ‎03-26-2015
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Re: Floor Talk, March 6, 2019

With theses prices many farmers will be done after this year which what you people want.
Veteran Contributor
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Registered: ‎06-14-2018
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Re: Floor Talk, March 6, 2019

You are right Cborman. Consolidation and major farm conglomerates will further lower the price of commodities until small family owned farms can't compete. 

 

That's how the system is structured. Time to get out before it gets worse, or just rent your land and hold on tight. 

 

Veteran Contributor
Posts: 100
Registered: ‎03-26-2015
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Re: Floor Talk, March 6, 2019

Wish it was just that damn easy.
Senior Contributor
Posts: 385
Registered: ‎01-12-2012

Re: Floor Talk, March 6, 2019

well I am going to have to go back to my old way of thinking any farmer that votes R is like a chicken voting for Colonel Sanders

Hope I can remain solvent longer than this gov. remains irrational.

got my new assesments hang on looks like we are on a spending spree.

hope inflation saves the day.

Honored Advisor
Posts: 8,920
Registered: ‎07-18-2011

Re: Floor Talk, March 6, 2019

This gov. has been crying for the little guy every election since I been able to read (near 65 years) and then passing legislation and regulation that kills small business across the board.... It has been that way for decades.  A power hungry political machine always goes against small farmers and small business.

Honored Advisor
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Registered: ‎05-13-2010
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Re: Floor Talk, March 6, 2019

As uncomfortable as it is to say, basically the rewards of economics of scale & technology isn`t the friend of the midwesterner that in the past put bread on the table and his wife did volunteer work all on the income of 1500 acres.  I like baselines to show where we are compared to the past and think 25yrs ago no cell phones (reliable ones anyway) no Ez-steer (still was some planting crooked rows) Pursuit was having trouble with that new weed "Waterhemp".

 

Just 25yrs ago you`d go to K-Mart and Sears and Best Buy and rent a video at Blockbuster....all that`s gone now thanks to a company called Amazon, run by a guy personally worth $150 billion.  And in farming a guy can blog on his smart phone or nap while planting straight as string, picket fence stands at 10mph with his 48 row planter.  I don`t care who`s in the white house, that`s pretty tough competition.   John Henry beat the steam hammer, but had a heart attack doing it.

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Senior Advisor
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Registered: ‎05-20-2010
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Re: Floor Talk, March 6, 2019

Pretty insightful BA...thanks for the images

Contributor
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Registered: ‎03-07-2019
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Re: Floor Talk, March 6, 2019

Awww someone got butt hurt and blocked me from this site what a bunch of damn babies.
Honored Advisor
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Registered: ‎07-18-2011
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Re: Floor Talk, March 6, 2019

Mike it’s nice your back but I can’t read you most of the time because the Firestone add covers the face of my cell phone after I read a little bit.
I’ll stop reading that add soon.