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marketeye
Veteran Advisor

Floor Talk May 14, 2021

At the open:

Corn, soybean prices rebound Friday.

 

Mike

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At 6:19am:

In overnight trading, the July corn futures moved 6 1/2¢ higher at $6.81. September corn futures traded 11¢ higher at $5.94. New crop December corn futures moved 12 1/2¢ higher at $5.70 3/4.

July soybean futures traded 24 3/4¢ higher at $16.08. July soybean futures moved 24 3/4¢ higher at $15.47. New crop November soybean futures moved 13 1/4¢ higher at $14.09 1/4.

July wheat futures moved 18¢ higher at $7.19 1/4.

In the outside markets, the U.S. dollar is lower, and the Dow Jones Industrials futures 147 points higher at 34,085 points.

Bob Linneman, Kluis Advisors, says that the markets were hit with a surprise this week.

“The big slide, Thursday, is primarily being blamed on a news report that barge traffic on the Mississippi was backed up due to engineering issues with a bridge. This headline likely scared a few longs into profit-taking. That quickly escalated as momentum sellers (and probably also algorithm trading systems) jumped on the selling bandwagon,” Linneman stated in a daily note to customers.

Linneman added, "Weather forecasts for the dry section of Brazil are suggesting possible rains just over a week from now. Is it too late? Some rain is better than none, but traders will want to see rainfall hitting the ground before they get too excited about changing opinion about the crop.

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5 Replies
Hobbyfarmer
Honored Advisor

Re: Floor Talk May 14, 2021

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cborman11
Senior Contributor

Re: Floor Talk May 14, 2021

July corn is down 14,with what happened yesterday just proves my point on how stupid some of you people are especially the traders.

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Hobbyfarmer
Honored Advisor

Re: Floor Talk May 14, 2021

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k-289
Senior Advisor

Re: Floor Talk May 14, 2021

Grain  elevator  explosion  in  Jefferson  Iowa  ( WOWT  television news ) , details  forthcoming  ,  BA  might  have  some  info  -  -  - 

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Hobbyfarmer
Honored Advisor

Re: Floor Talk May 14, 2021

Blew the side out of one of the cement tubes of a multi silo concrete elevator.

35 ft tall inspection port in it now.

No fatalities.

 

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