Floor Talk May 27

[Tony_Dreibus]

Yesterday's export sales were quite boring as they were pretty much on par with the four-week average, and that's not necessarily a bad thing with all the price volatility we've seen lately. What's not boring is the weather outside. Storms rolled through Nebraska and Kansas last night and will continue today. Illinois and Iowa will get rain as well. Hope everybody has a safe and productive (or relaxing) Memorial Day weekend.

Here's what happened overnight:

Brent Crude Oil = 1.1% lower. 

West Texas Intermediate Crude Oil = 0.7% lower.

Dollar = up 0.1%.

Wall Street = U.S. stock futures marginally higher in pre-market trading. 
World Markets = Global stocks mixed ahead of Yellen's Harvard speech.

[Hobbyfarmer]

You are in the wrong line of work when a 6,768,000 by pile of corn is boring. That was just the immediate delivery amount. More was sold for later.

That is four or more of those white topped mountains here in Iowa. 

I think it's GREAT especially since all you experts, said we were over priced and would never sell any most likely ever again.

I have no idea why you would be in a job where you just hit the minimum requirements and don't promote any good news to the hard working members of the sector you are cashing your paycheck from.

We are the cheapest and have an abundant amount of an important life giving product and you are bored...all concerned might be happier and better off if you found a more exciting environment.

[roarintiger1]

And now........China buys US corn!     They must be worried about a smaller supply out of Brazil.........or, they need good corn to blend with their damaged millions of bushels.   

[Tony_Dreibus]

Prices were modestly higher at midday:

Corn futures for July delivery rose 3¢ to $4.11 1/4 a bushel in Chicago.

Soybean futures for July delivery rose 1/4¢ to $10.80 a bushel on the Chicago Board of Trade. Soy meal fell $8.40 to $401.20 per short ton, while soy oil added 0.39¢ to 31.43¢ a pound.

Wheat futures for July delivery lost 1¢ to $4.80 1/4 a bushel in Chicago. Kansas City wheat declined 2¢ to $4.60 1/4 a bushel overnight.

[sw363535]

Now we know........... or at least suspect at a high level......

The trend is up in corn, like it or not, we're stuck with it.... Sure hate to see those farmers benefit before we get a chance to take away private property rights and save the planet from the greed of profit.

At the risk of a cut in pay,   I will say it................. the trend is up in corn officially

[Hobbyfarmer]

SW:  careful you'll be labeled a heretic...

[sw363535]

Well we can relax.... it will be two years before the trend will be recognized with the statement "It's over"