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marketeye
Veteran Advisor

Floor Talk, May 1 2020

At the close:

At the close, the July corn futures closed 2 1/4¢ lower at $3.17 3/4. Dec. corn futures closed 1/2¢ lower at $3.36 3/4.

July soybean futures settled 5 1/4¢ lower at $8.49 1/2. November soybean futures ended 2 3/4¢ lower at $8.55.

July wheat futures closed 7 3/4¢ lower at $5.16 1/2.

July soymeal futures closed $2.60 per short ton lower at $292.50.

July soy oil futures settled $0.10 cent lower at 26.50¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.05 per barrel higher at $19.89 per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 588 points lower.

Mike

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At midsession:

At midsession, the July corn futures are 2 3/4¢ lower at $3.17 3/4. Dec. corn futures are 2¢ lower at $3.35.

July soybean futures are 5 1/4¢ lower at $8.50. November soybean futures are 3 1/4¢ lower at $8.54 1/2.

July wheat futures are 7 3/4¢ lower at $5.16 1/2.


July soymeal futures are $1.50 per short ton lower at $293.60.

 July soy oil futures are $0.23 cent lower at 26.37¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.32 per barrel higher at $19.16 per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 590 points lower.

 

Mike

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At 8:50am:

 

In early trading, the July corn futures are 2 3/4¢ lower at $3.17 3/4. Dec. corn futures are 2 1/4¢ lower at $3.34 3/4.

July soybean futures are 4 3/4¢ lower at $8.50 1/2. November soybean futures are 3 3/4¢ lower at $8.54.

July wheat futures are 2 3/4¢ lower at $5.21 1/2.

July soymeal futures are $0.20 per short ton lower at $294.90.

July soy oil futures are $0.37 cent lower at 26.23¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.03 per barrel higher at $19.85 per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 435 points lower.

Al Kluis, Kluis Advisors, says that the rumor is they are looking to buy more soybeans and some corn.

"U.S. grain prices had a nice bounce Thursday off the news that China stepped in to buy some soybean cargos from the U.S. Expect the market to be a bit suspicious of this news, since we have seen this happen in the past. As we close out the week, expect grain prices to be a touch lower with continued pressure on the market. It does feel as though we have a low in place for now. ," Kluis told customers in a daily note.

Kluis added, "Planting progress was fast and furious this week. Will the U.S. reach 50% planted on corn in the Monday afternoon Crop Progress report? Typically, we like to have 50% of the crop planted by May 10. We expect to be well past that pace this year."

On Friday, private exporters reported to the USDA export sales of 264,000 metric tons of soybeans for delivery to China. Of the total, 132,000 metric tons is for delivery during the 2019/2020 marketing year and 132,000 metric tons is for delivery during the 2020/2021 marketing year.

The marketing year for soybeans began Sept. 1.

 

What say you?

 

Mike

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1 Reply
illinifarmer
Advisor

Re: Floor Talk, May 1 2020

No planting this week or next week in this state Al must have been quarantined and missed the weather.  Speculative sales and talk of new lows as well as pressure from a market that just had its best month in 30 years.  This guy needs to get new material.  All these extra animals and no talk of the feed being used curious?  When it’s this cheap I guess no point in mentioning.  Ohh well as of today 70,000 less Americans  to feed than two months ago.  Passed total deaths of Vietnam and markets reaction is positive.  Gotta love the greed and lack of sympathy of the fortunate 1%.

 

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