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Veteran Contributor

Floor Talk May 11

At the close:

At the close, the July corn futures finished 5 1/2¢ lower at $3.96 1/2. December futures finished 5¢ lower at $4.14 1/4. July soybean futures settled 18¢ lower at $10.03.  November soybean futures ended 16 1/4¢ lower at $10.14. July wheat futures ended 7 3/4¢ lower at $4.98. July soy meal futures finished $7.50 per short ton lower at $378.60. July soy oil futures closed 0.18 higher at 31.31¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.65 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 56 points higher.

 

Mike

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At mid-session:

At mid-session, the July corn futures are 4 3/4¢ lower at $3.97. December futures 4 1/4¢ lower at $4.15. July soybean futures are 17 3/4¢ lower at $10.03.  November soybean futures are 17 1/4¢ lower at $10.13. July wheat futures are 8¢ lower at $4.98. July soy meal futures are $7.30 per short ton lower at $378.80. July soy oil futures are 0.02 lower at 31.11¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.36 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 30 points higher.

 

Mike

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At 9:00am:

In early trading, the July corn futures are 4 3/4¢ lower at $3.97. December futures 4 1/4¢ lower at $4.15. July soybean futures are 13¢ lower at $10.08.  November soybean futures are 12 1/4¢ lower at $10.18. July wheat futures are 5 1/2¢ lower at $5.01. July soy meal futures are $5.10 per short ton lower at $381.00. July soy oil futures are 0.03 higher at 31.16¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.22 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 99 points higher.

 

Mike

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Wheat was lower overnight after the USDA said spring and durum crops would rise 34%, outweighing output declines in winter wheat and boosting production beyond expectations. Soybeans fell amid further concerns about China after the country said it would curb imports of the oilseeds for the first time in 15 years. The weekly export sales report was missing China from its rolls yesterday as sales of soybeans missed forecasts. Grain sales weren't stellar, either. In weather news, it's going to be stormy in parts of Minnesota and Iowa today, while in the southern Plains it'll be dry with the possibility of "dry lightning," the National Weather Service said. Get all the details in today's 3 Big Things

 

West Texas Intermediate = down 0.1%.

Brent Crude = down 0.3%

Dollar = down 0.1%.

Wall Street = U.S. stock mixed pre-market.

World Markets = Global stocks mixed overnight.

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9 Replies
Veteran Advisor

Re: Floor Talk May 11

Forecast calls for mid to upper 90's in sw KS and the panhandles of OK and TX today.

As dry as it is there I would guess the last thing they need is "dry lightning".

Like Hobby said - "Average by extremes".

Somewhere between here and there somebody must be having a stellar spring!!

 

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Honored Advisor

Re: Floor Talk May 11

Central and southern iowa are off to a good start.
Still lots of acres to be planted yet. Mainly by the bto's
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Veteran Advisor

Re: Floor Talk May 11

A 34% increase in spring wheat ??
Will offset HRWW ????

So, first are we saying there is a problem
With HRWW ???

Second
Beans are beans, corn is corn, wheat is wheat

Two different types and classes, and different
Uses.....

Looks like successful farming staff don't even
Know that !
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Honored Advisor

Re: Floor Talk May 11

.24" not a lot but we'll take it and hope/ wish for a little more..

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Senior Contributor

Re: Floor Talk May 11

There is not going to be a 34% increase. USDA has their heads up their nether regions. It’s a number the pulled out of the same area and they are running with it. It wasn’t going to be that from the getgo and sure is heck is lower with fertilizer availability problems(switching to beans), current price, and the late start in areas that need it in early. Also, durum included is laughable. It is nonexistent in my region this year and I hear many others.
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Honored Advisor

Re: Floor Talk May 11

mid 90's the for most of a week now...

 

Cheapo your close to the point....

 

Obviously SF and the "trade" folks who believes their recycled manure, have no idea what the relationship is between HRWW and spring wheat is.....   A 50% increase in spring wheat bushels will be what % of HRWW average crop bushels??

One thing for sure is the owners of SF don't have any idea..... and  

 

This is like having to discuss ag economics in a hair salon.  media's spiral downward continues and is totally self induced.  Eventually our combined mismanagement of responsibility will be paid for.  Commodities are ripe for a new information format.   Without standards for what we print and broadcast we will continue to see this kind of nonsense produced.

 

 

the two commodities will not interchange in the demand side of the market, or in the seed box.  But repeating ignorance has no accountability......................... there is no pride in the workplace.

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Veteran Contributor

Re: Floor Talk May 11

Wow another great day huh,hope the traders have a nice relaxing weekend after their 20-25 hrs thet put in this week. Don't worry the farmers will still continue to struggle to get the crop in so you idiots can come back to work monday and trade our livlihood.
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Senior Contributor

Re: Floor Talk May 11

50 degrees here guys still planting corn, myself included with plenty of soybeans to go in yet. Lots of rain and great prices looks to be just another year lol, on top of that better hold onto your hats Gas to increase by 50c minimum nation wide. Almost feel like Griswold just handing other people money and getting kicked in the nuts for the effort.
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Veteran Advisor

Re: Floor Talk May 11

Oh now don't forget, it's going to be a HUGE
Wheat crop....that's why it dropped 18 cents.

At least that's what we are told
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