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marketeye
Veteran Advisor

Floor Talk May 17, 2021

At the close:

At the close, the July corn futures finished 8 3/4¢ higher at $6.52 3/4. New crop September futures finished 3 1/2¢ higher at $5.66 1/2. December corn futures closed 5 1/2¢ lower at $5.37 3/4.

July soybean futures settled 1 1/4¢ higher at $15.87 1/4. August soybean futures closed 2¢ lower at $15.25. New crop November soybean futures ended 3 3/4¢ lower at $13.97.

July wheat futures 7 1/2¢ lower at $6.99 1/2.

July soymeal futures finished $3.60 per short ton lower at $414.90.


July soy oil futures closed $1.39 higher at 68.97¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.84 higher (+1.28%) at $66.21. The U.S. dollar is lower, and the Dow Jones Industrials are 81 points lower (-0.24%) at 34,300 points.

 

Mike

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At midsession:

At midsession, the July corn futures are 2 1/2¢ higher at $6.46 3/4. New crop September futures are 1/2¢ lower at $5.62 1/2. December corn futures are 3 1/2¢ lower at $5.37 3/4.

July soybean futures are 1¢ higher at $15.87 1/4. August soybean futures are 5 3/4¢ lower at $15.22 1/4. New crop November soybean futures are 10 1/2¢ lower at $13.90 1/4.

July wheat futures are 10¢ lower at $6.97 1/2.

July soymeal futures are $1.60 per short ton lower at $416.90.


July soy oil futures are $1.00 higher at 68.58¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.73 higher (+1.12%) at $66.10. The U.S. dollar is lower, and the Dow Jones Industrials are 198 points lower (-0.58%) at 34,183 points.

 

PJ Quaid, independent broker, says that the market is reacting negatively to investors that are holding long positions and are selling.

"Longs have lost interest and have exited. Option volatility was down all session. The moment corn turned negative, volatility was positive. The fear is to the downside. The weather looks good and things look to be calming down. Volume in corn is pretty low considering the size of the moves. Also, lumber prices are down hard and traders have been using lumber prices as a little barometer to the heat of the market," Quaid says.

 

Mike

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At the open:

Corn rises double-digits, soybeans near $16 Monday.

 

Mike

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At 7am:

 

I did a little road hunting outside of Mooresville, North Carolina Sunday. Corn looks good, pasture's are mowed and ready for bailing. And, there was a little crop dusting going on. This corn should be ready for that September market.

 

 

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4 Replies
cborman11
Senior Contributor

Re: Floor Talk May 17, 2021

Corn should be limit up with these huge sales.

tree fmr
Advisor

Re: Floor Talk May 17, 2021

Getting some welcoming rain in gods country. Will this affect markets? Is there planting still needed that might get done after the expected perfection date? Either way, prices in the + is ok with me!

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sw363535
Honored Advisor

Re: Floor Talk May 17, 2021

Kluis added, “Will China continue to cancel old-crop corn purchases and roll those long positions out to new crop? If more old-crop cancellations are announced this week, then expect July to continue to drop compared with the December contract.”

I did a fair amount of reading this morning and Al is marketing fake news.   And displaying an ajenda?  

He never forms the words "I predict".  but he should.

 

rickgthf
Senior Advisor

Re: He says, ...

Will China continue to cancel old crop positions and roll ...?  Has this actually been reported?

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