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Veteran Advisor

Floor Talk, May 21, 2019

At midday:

At midday, the July corn futures are 6¢ higher at $3.95. Dec. corn futures are 6 1/2¢ higher at $4.10.

July soybean futures are 6 1/4¢ higher at $8.38. November soybean futures are 6 3/4¢ higher at $8.64 1/2.

 

July wheat futures are 4 1/2¢ higher at $4.82 3/4.



 

July soymeal futures are $1.10 per short ton higher at $298.40.

 July soy oil futures are $0.06 cent lower at 27.44¢ per pound.



 

In the outside markets, the NYMEX crude oil market is $0.16 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 142 points higher.

 

Mike

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At 9:18am:

 

In early trading, the July corn futures are 8¢ higher at $3.97. Dec. corn futures are 6 1/2¢ higher at $4.10.

July soybean futures are 5 1/2¢ higher at $8.37. November soybean futures are 5 3/4¢ higher at $8.63 1/2.

 

July wheat futures are 8 3/4¢ higher at $4.87.



 

July soymeal futures are $2.00 per short ton higher at $299.30. 

July soy oil futures are $0.04 cent lower at 27.46¢ per pound.



 

In the outside markets, the NYMEX crude oil market is $0.16 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 126 points higher.

 

Al Kluis, Kluis Advisors, says that the slow planting progress brings up a lot of questions for investors.

 

“The most bullish part of the USDA Crop Progress report on Monday was that soybeans are only 19% planted,” Kluis told customers in a daily note.

 

Kluis added, “How much corn will get planted by late this week? In the northern Corn Belt, corn planted after Memorial Day only has 77% of the normal yield potential. I estimate that over 32 million acres of corn in the US will be planted after the Memorial Day holiday. This make the prevent plant alternative more attractive all the time."

 

Thanks,

 

Mike

 

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7 Replies
Honored Advisor

Re: Floor Talk, May 21, 2019

77% of USDA's predicted yield will be around 136 bpa.  Of course according to Mr. Kluis, about 60 million acres of corn will be planted by Memorial Day.  However, much of it planted in less than ideal conditions.  

Who would of thought that we would be talking about rationing demand in 2019?   

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Veteran Advisor

Re: Floor Talk, May 21, 2019

Today, beans hit $9.00, for July 2020. And, August 2021 contract has hit $9.40.

 

 

Mike

 

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Esteemed Advisor

Re: Floor Talk, May 21, 2019

Quite a few people actually expected it roaring... Smiley Wink

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Esteemed Advisor

Re: Floor Talk, May 21, 2019

And your point is....we should race to plant $9 beans? Put a $12 up there and we'll think about it....

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Honored Advisor

Re: Floor Talk, May 21, 2019

No reality or understanding.

$9.04 futures gives $8.49  @ ADM across town in des Moines...woo-hoo.

Pencil that out on late planted reduced yield $8000+ land.

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Veteran Contributor

Re: Floor Talk, May 21, 2019

Great time for a trade deal. More demand in this market would make it react even greater to the weather news. 

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Senior Contributor

Re: Floor Talk, May 21, 2019

And the markets finish lower?? These f$$$$$ guys!
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