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Veteran Advisor

Floor Talk May 12, 2021 (Report Day)

USDA Report full story:

 

USDA tightens corn supply, leaves soybean ending stocks unchanged.

 

 

Mike

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At midsession:

At midsession, the July corn futures are 4 1/4¢ higher at $7.17 1/4. New crop September futures are 5 1/4¢ lower at $6.29 1/2. December corn futures are 8 3/4¢ lower at $6.02 1/4.

July soybean futures are 29¢ higher at $16.44. August soybean futures are 21 1/2¢ higher at $15.75 1/2. New crop November soybean futures are 12 3/4¢ higher at $14.44 1/4.

July wheat futures are 8¢ lower at $7.33 3/4.

July soymeal futures are $3.50 per short ton higher at $450.50.

July soy oil futures are $1.25 higher at 66.05¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.69 higher (+1.06%) at $65.97. The U.S. dollar is higher, and the Dow Jones Industrials are 427 points lower (-1.25%) at 33,841 points.

Mike

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At 8:45am;

 

Soybeans add to week's gains Wednesday.

 

 

Mike

 

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6 Replies
roarintiger1
Honored Advisor

Re: Floor Talk May 12, 2021

Oh yeah. USDA report day is always met with such optimism. 

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cborman11
Senior Contributor

Re: Floor Talk May 12, 2021

A Bs report on the corn side .

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rickgthf
Senior Advisor

Re: May corn in the $7.50 range and you're ....

May corn in the $7.50 range and you're telling me the carryout is 1.20 billion bushels, who do you think you're kidding?

  In 2013, corn was in the range of $7.50-$8,00 and the carryout was 950 million bushels.  

  Brazil's second-crop corn estimate is 72 MMT down from 90 MMT and they're already bringing in wheat to feed.

  

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Hobbyfarmer
Honored Advisor

Re: May corn in the $7.50 range and you're ....

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nitefarm
Advisor

Re: May corn in the $7.50 range and you're ....

Isn’t it strange, ironic, pathetic   how we have been told for deck-aides that the numbers that the government reports to the world are (gospel) and that they won’t be questioned just traded on, and now it’s changed to they are not believed but still traded on as if they were. 

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sw363535
Honored Advisor

Re: May corn in the $7.50 range and you're ....

nitefarm,  agree.

It is the welfare to retirement managers to keep financials from collapsing,   originally.   Now it is just a money transfer we can't get out of---- using usda  data to justify.

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