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marketeye
Veteran Advisor

Floor Talk May 11, 2021

At the close:

At the close, the July corn futures finished 10 3/4¢ higher at $7.22 1/4. New crop September futures ended 6¢ higher at $6.35. December corn futures settled 2¢ higher at $6.11 1/4.

July soybean futures closed 27 1/2¢ higher at $16.14. August soybean futures ended 24 3/4¢ higher at $15.53 1/2. New crop November soybean futures settled 17 1/2¢ higher at $14.31 1/4.

July wheat futures closed 11¢ higher at $7.41 3/4.

July soymeal futures are $4.70 per short ton higher at $447.00.


July soy oil futures are $0.96 higher at 64.80¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.46 higher (+0.71%) at $65.38. The U.S. dollar is lower, and the Dow Jones Industrials are 495 points lower (-1.43%) at 34,247 points.

 

 

Mike

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At midsession:

At midsession, the July corn futures are 18 3/4¢ higher at $7.30. New crop September futures are 9 1/2¢ higher at $6.38 1/2. December corn futures are 6¢ higher at $6.15.

July soybean futures are 32 1/2¢ higher at $16.20. August soybean futures are 25 3/4¢ higher at $15.54 1/2. New crop November soybean futures are 17 1/2¢ higher at $14.31 1/4.

July wheat futures are 11¢ higher at $7.41 3/4.


July soymeal futures are $7.20 per short ton higher at $449.50.


July soy oil futures are $0.95 higher at 64.79¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.04 higher (+0.06%) at $64.96. The U.S. dollar is lower, and the Dow Jones Industrials are 469 points lower (-1.35%) at 34,273 points.

Mike

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At 8:45am:

 

$16 soybeans Tuesday.

 

Mike

 

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6 Replies
lsc76cat
Veteran Advisor

Re: Floor Talk May 11, 2021

"The crop is going in at a near-record pace in ideal conditions"

Now that's funny.  Maybe we should take a survey on that one.

For many in our area the corn went into ground colder than it should be and some has been re-planted.

We need heat.  When they're putting wind chill readings in May forecasts that's not so good.

Hobbyfarmer
Honored Advisor

Re: Floor Talk May 11, 2021

Finally some life in the grain with the shortest supply. 

Not bad coupled with a +60 basis...

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Hobbyfarmer
Honored Advisor

Re: Floor Talk May 11, 2021

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rickgthf
Senior Advisor

Re: $14.34 divided by $6.15 is 2.33

The ratio is finally starting to move up.  I guess there's enough corn bought now, time to buy some beans.

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illinifarmer
Advisor

Re: Floor Talk May 11, 2021

Future headline: Patience is a virtue, as record replant occurs in ideal conditions for first planting.

sw363535
Honored Advisor

Re: Floor Talk May 11, 2021

Traditionally, historically, well known local fact......... pick your introduction..... 

The day the best field 0f corn is planted in the southwest was over two weeks ago..... and as much as three weeks ago.  May is the month for beans, cotton, early milo, etc. not corn we are loosing yield the minute the Mexicans start celebrating.  April 15-25 best average planting dates.  We can plant and harvest a crop until June 20 but 240 bu corn becomes 140 bushel corn in June.... sub 180 in mid May is best hope.  This is good irrigation, where we make those record crops--here and southern Nebraska.  It was 43 for a high and below 40 for a low yesterday with a cold wind and clouds the next few days--- warms up a little end of the week but not enough to hurry it out of the ground.

So the hopeful/plenty of time to plant folks are right.... but not for a record average crop.... We already took 12-15% off that possibility.   Today--May 12-- we have a few acres planted..... very few out of the ground and lots of acres ahead of us.  

And if we want a national average above 175 we need the good irrigation areas of the ogallah aquifer.  The platt river basin,  southern Mississippi River ,  River bottoms, California delta region, Washington state Columbia irrigation.

If the top 25% of our yielders miss their dates by a month..... we ain't going to go over 170 average -----especially if the three I states miss their best yield dates also.... 

We have proven what many of us have said for years in the last 3 years....... the only place there will be record yields is in DC.  So you folks who Bow to US Mecca(DC) can depend on them.... The rest of us got cows, hogs and foul to feed.

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