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Tony_Dreibus
Veteran Contributor

Floor Talk May 15

At the close:

At the close, the July corn futures settled 3 1/2¢ lower at $3.67 1/2, while December futures closed 3 3/4¢ lower at $3.85. July soybean futures finished 2 3/4¢ higher at $9.65 3/4, November soybean futures finished 1 1/4¢ higher at $9.61. July wheat futures finished 9 3/4¢ lower at $4.23. July soy meal futures closed $0.90 per short ton lower at $312.40. July soy oil futures settled $0.25 higher at 33.09¢ per pound.  In the outside markets, the Brent crude oil market is $0.99 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 93 points higher.

 

Mike

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At mid-session:

At mid-session, the July corn futures are 1¢ lower at $3.70, while December futures are 1¢ lower at $3.87. July soybean futures are 7 1/2¢ higher at $9.70, November soybean futures are 5 3/4¢ higher at $9.65. July wheat futures are 7 3/4¢ lower at $4.25. July soy meal futures are $2.10 per short ton higher at $315.40. August soy oil futures are $0.31 higher at 33.15¢ per pound.  In the outside markets, the Brent crude oil market is $1.34 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 76 points higher.

 

Dustin Johnson, EHedger LLC grain analyst, says that weather and rumors about China are moving the market.

“All we have heard is that China was rumored to be buying US beans. No confirmations on the Chinese buying and very little weather to support the market one way or another are the factors that the investors are using to place bets,” Johnson says.
Johnson adds, “There is still high conviction that soybeans are overpriced to corn and the market may be working some of those position holders out.”

 

Mike

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At the open:

In early trading, the July corn futures are 1 1/2¢ lower at $3.69, while December futures are 1 1/4¢ lower at $3.87. July soybean futures are 3 3/4¢ higher at $9.66, November soybean futures are 2 1/4¢ higher at $9.62. July wheat futures are 4¢ lower at $4.36. July soy meal futures are $0.60 per short ton lower at $313.60. August soy oil futures are $0.26 higher at 33.18¢ per pound.  In the outside markets, the Brent crude oil market is $1.70 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 50 points higher.

 

Mike

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Wheat was lower in overnight trading as investors are starting to wonder how much damage was actually done to the hard-red winter crop from the snow storm two weeks ago. In the absence of agronomic data, Chicago traders tend to take a rosy view of things as they've been burned in the past by reports of dead wheat plants that come back to life (Easter 2008, if I recall, or was it 2007?) Anyway, futures are down 4-5 cents a bushel. Corn and soybeans were off by less than a penny. 

 

In other news, oil futures jumped 3% this morning after Russia and Saudi Arabia said they'd back an extension of the OPEC oil cuts. The dollar is off by 0.4% this morning after some poor economic data last week. 

The CFTC said on Friday that money managers increased their net-short positions in corn to a 15-month high but were more bullish on soybeans. Check out the recap in today's 3 Big Things report. 

 

Here's what happened overnight:

 

Brent Crude Oil = up 3%.  

West Texas Intermediate Crude Oil = up 3.1%. 

Dollar = down 0.4%.

Wall Street = U.S. stock futures higher in pre-market trading.

World Markets = Global stocks mostly higher as oil prices jump. 

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4 Replies
roarintiger1
Honored Advisor

Re: Floor Talk May 15

Never fear.......USDA will have all of those acres that need replanting marked in the excellent category in a couple of weeks.  Smiley Wink

lsc76cat
Senior Advisor

Re: Floor Talk May 15

“There is still high conviction that soybeans are overpriced to corn and the market may be working some of those position holders out.”

 

I have a high conviction that soybeans are undervalued and that corn is way undervalued compared to soybeans,

Just saying - now we can both be convicted of something!!Smiley Wink

 

illinifarmer
Advisor

Re: Floor Talk May 15

Planting progress and weather have played 0% in this market since late march. However most of us remember at least last year same time. Weather as well as planting progress slumped the grains 75c across the board. Amazing to all how one sided these variables play into the market pricing. Yeah I'll admit there's tractors moving up here ( pulling rotory hoes ) for the guys that planted a month ago and still nothing up out if the ground. Yields potentially going lower by the day, but not to worry we have carryover piles yeah right
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JimMeade
Veteran Advisor

Re: Floor Talk May 15

Iowa is behind but planting was going heavy today.  Central and southern Iowa did not get the northern rains so it's likely there will be a lot of corn catch-up this week.  A number of farmers around here are done.

 

Corn is emerging and looking good.

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