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Tony_Dreibus
Veteran Contributor

Floor Talk May 2

At 3pm:

USDA rates the U.S. corn planting pace at 45% vs. 30% five-year average. Also, 13% of the crop has emerged.

For soybeans, 8% of the crop is in the ground vs. a 6% five-year average.

 

Winter wheat is rated 61% good/excellent vs. 59% last week.

 

 

Mike

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At the close:

At the close, the July corn futures settled unchanged at $3.91 3/4, Dec. futures finished 1 1/4 cents higher at $3.96 1/2 per bushel. July soybean futures closed 14 cents higher at $10.43 3/4, while Nov. soybean futures ended 10 cents higher at $10.17 3/4. July wheat futures settled 3/4 of a cent lower at $4.87 3/4. July soymeal futures closed $12.50 short ton higher at $347.30. July soyoil futures ended $0.64 lower at $32.50.  In the outside markets, the Brent crude oil market is $1.15 per barrel lower, 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 trading 5 1/2 cents lower at $3.86, Dec. futures are 5 cents lower at $3.90 per bushel. July soybean futures are 2 1/2 cents higher at $10.32, while Nov. soybean futures are 3/4 of a cent lower at $10.07. July wheat futures are 4 3/4 cents lower at $4.83 3/4. July soymeal futures trade $5.00 short ton higher at $339.80. July soyoil futures are $0.55 lower at $32.59.  In the outside markets, the Brent crude oil market is $0.76 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 46 points higher.

 

Mike

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At 9:15am:

The word is that the soybean oil market is trading under the 50-day moving average and falling. In fact, the message I received was labeled "Timber". Palm oil is also falling. Let's see what this means.

 

Mike

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At the open:

At the open, the July corn futures are trading 2 1/4 cents lower at $3.89, Dec. futures are 3 1/2 cents lower at $3.91 per bushel. July soybean futures are 4 1/2 cents lower at $10.25, while Nov. soybean futures are 4 1/4 cents lower at $10.03. July wheat futures are 3 3/4 cents lower at $4.84. July soymeal futures trade $0.70 short ton lower at $334.10. July soyoil futures are $0.01 lower at $33.13.  In the outside markets, the Brent crude oil market is $0.06 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 45 points higher.

 

Mike

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Everything was slightly lower overnight as traders keep an eye on the dry weather in Argentina that's finally allowing growers into fields. We're also likely seeing some unloading of long positions after speculators last week went net-long corn for the first time since November and pushed soybean positions to the longest in two years. 

 

Looks like more rain for the Midwest and a light frost scare for the southern Plains, though temps won't drop low enough to do any damage to winter wheat. 

 

Here's what happened overnight:

 

Brent Crude Oil = 0.6% lower. 

West Texas Intermediate Crude Oil = 0.3% lower.

Dollar = down 0.2%.

Wall Street = U.S. stock futures slightly higher in pre-market trading. 
World Markets = Global stocks mixed as markets in UK, China and Hong Kong all closed.

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19 Replies
marketeye
Veteran Advisor

Re: Floor Talk May 2

Indiana's planting problems become more complex. What's it like in your area and what will the USDA say this afternoon? The markets are waiting with baited breath.

 

Full story: Eastern Corn Belt Planting Stories Diverge

 

Weeds Got Next

 

Mike

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gurly3801539
Advisor

Re: Floor Talk May 2

Extreme SWMN no change this week.  3 inches of rain.

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roarintiger1
Honored Advisor

Re: Floor Talk May 2

Here in NW Ohio not much has been planted.  I have had 3.3 inches of rain in the past 10 days or so. It has rained about every other day.   Probably less than 10% of the corn has been planted.  100% of my corn is still in the bags. 

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Blacksandfarmer
Veteran Advisor

Re: Floor Talk May 2

Mike, in my area of extreme southern Michigan/northern Indiana, I would estimate 20% of the corn and 5% of the soybeans are planted. Lots of rain and few good drying days. 

 

Mike

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infire
Veteran Contributor

Re: Floor Talk May 2

Here in Wabash co. In. I would be suprised if 5% of corn and 1% beans are planted, cold and wet last week, same this week, lot of ponds, feels very similar to last year
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Trying2Farm
Contributor

Re: Floor Talk May 2

Infire, I would guess across the line in Huntington Co, 65% of the corn and 25% of the beans are in. Not sure some of those with beans in wish theye were. We have had another 1.5" of rain this weekend. It will be next week if it does not rain this week.

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sw363535
Honored Advisor

Re: Floor Talk May 2

thanks... trying

 

 

Sw is slow, maybe 10% in ........ getting rain and loving it ............ but we are late normally 1/2 planted by now..on corn...

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infire
Veteran Contributor

Re: Floor Talk May 2

I guess south of wabash could be further along, my estimates are from what I've seen in north half of the county
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westernia80
Senior Contributor

Re: Floor Talk May 2

Harrison county IA,  SHOULD be able to start again today (Tuesday).  Havent planted since April 17th.  I'v had 7+ inches since then, other areas are over 10.

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