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Veteran Advisor
Posts: 4,175
Registered: ‎05-03-2010
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Floor Talk, May 15, 2019

[ Edited ]

At the close:

 

At the close, the July corn futures finished 3/4¢ higher at $3.69 1/2. Dec. corn futures finished 1¢ higher at $3.88 3/4.

July soybean futures finished 4¢ higher at $8.35 1/2. November soybean futures closed 3 1/4¢ higher at $8.59 3/4.

 

July wheat futures finished 1/4¢ higher at $4.48 3/4.



 

July soymeal futures ended $1.80 per short ton higher at $299.80.

 July soy oil futures closed $0.24 cent higher at 27.24¢ per pound.



 

In the outside markets, the NYMEX crude oil market is $0.34 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 165 points higher.

 

Mike

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At 11:38am:

According to a Renewable Fuels Association press release:

 

According to EIA data analyzed by the Renewable Fuels Association for the week ending May 10, ethanol production expanded 15,000 barrels per day (b/d), a 1.4% increase, at an average of 1.051 million barrels per day (b/d)—equivalent to 44.14 million gallons daily. That is the largest volume in 17 weeks, yet 7,000 b/d under year ago levels. The four-week average ethanol production rate moved 0.9% higher to 1.040 million b/d—equivalent to an annualized rate of 15.94 billion gallons and the highest rate in 20 weeks.
 
Ethanol stocks narrowed 1.0% to 22.3 million barrels. This is the smallest volume in 41 weeks (since Aug. 2018), although stocks remain 3.5% greater than year ago reserves.
 
Mike
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At midsession:

 

At midsession, the July corn futures are 7 3/4¢ higher at $3.76 1/2. Dec. corn futures 6 3/4¢ higher at $3.94 1/2.

July soybean futures are 8¢ higher at $8.39 1/2. November soybean futures are 7 1/2¢ higher at $8.64.

 

July wheat futures are 9 1/2¢ higher at $4.58.



 

July soymeal futures are $2.70 per short ton higher at $300.70.

 July soy oil futures are $0.45 cent higher at 27.45¢ per pound.



 

In the outside markets, the NYMEX crude oil market is $0.41 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 131 points higher.

 

Mike

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At 9:18am:

In early trading, the July corn futures are 9¢ higher at $3.77. Dec. corn futures 7 3/4¢ higher at $3.95 1/2.

July soybean futures are 9 1/4¢ higher at $8.40 1/2. November soybean futures are 8 1/2¢ higher at $8.65.

 

July wheat futures are 13¢ higher at $4.61 1/2.



 

July soymeal futures are $4.10 per short ton higher at $302.10.

 July soy oil futures are $0.27 cent higher at 27.27¢ per pound.



 

In the outside markets, the NYMEX crude oil market is $0.41 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 151 points lower.

 

Al Kluis, Kluis Advisors, says that investors are heading to the exit doors.

 

“This week is exactly what the bulls needed. Some grain charts have posted key reversals and gaps higher already this week. These are chart formations that don’t happen very often, let alone on back-to-back days. The swing in momentum has been surprising, but don’t forget that the funds were holding over 700,000 combined short positions in the grain and oilseed complex as of the most recent Commitments of Traders reports. That is a lot of fuel to burn once the short-covering rally gets rolling,” Kluis told customers in a daily note.

 

Kluis added, “The big day in July corn on Tuesday marked the largest daily volume since the March "Prospective Plantings" report day. This indicates to me a major move by the funds as they look for the exit door."

 

 

Mike

Frequent Contributor
Posts: 32
Registered: ‎01-06-2015
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Re: Trump is one lucky son of a gun.

Trump is one lucky son of a gun.  A few more weeks of prices falling like they have been and farmers would have lynched him from the nearest grain leg.  As it is, prices are going up and the weather is top of mind now.

  Another week of wet weather and there won't be any carryout to worry about, no crop to sell but what you do get, you'll get paid well for.

Frequent Contributor
Posts: 32
Registered: ‎01-06-2015
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Re: The problem with those ethanol volumes is....

The problem with those ethanol volumes is that they are based on cheap corn.  Refineries didn't mind blending ethanol when it was as cheap as it is.  What happens when the price of corn goes up and the illegal RINs exemptions come into play.   The exemptions will give the blenders the perfect out and perfect excuse.

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Veteran Advisor
Posts: 4,175
Registered: ‎05-03-2010
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Re: The problem with those ethanol volumes is....

You might have a good point there, coach.

 

Mike