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Tony_Dreibus
Veteran Contributor

Floor Talk May 29

At the close:

At the close, the July corn futures finished 6¢ lower at $4.00. December futures finished 6¢ lower at $4.19. July soybean futures ended 11¢ lower at $10.30.  November soybean futures closed 11¢ lower at $10.42 1/2. July wheat futures closed 6 1/4¢ lower at $5.36 1/2. July soy meal futures ended $0.10 per short ton lower at $380.20. July soy oil futures finished 0.13 lower at 31.21¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.11 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 437 points lower.

 

Mike

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At mid-session:

At mid-session, the July corn futures are 1 1/4¢ lower at $4.04 3/4. December futures 1 1/2¢ lower at $4.23. July soybean futures are 1 3/4¢ lower at $10.39.  November soybean futures are 2 3/4¢ lower at $10.50. July wheat futures are 3 1/4¢ higher at $5.46. July soy meal futures are $4.70 per short ton higher at $385.00. July soy oil futures are 0.29 lower at 31.05¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.85 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 426 points lower.

 

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that the farm markets hit a wall.
“The markets were up overnight on the weather, but broke when the Trump administration said it was continuing to work towards tariffs on China, even as the two sides come to an agreement,” Scoville says.  
He adds, “Still trade fears have been running the show.  Still dry in the Texas Panhandle and the Black Sea for wheat, and dry in western sections of the Corn Belt.  Areas east of the Mississippi should get rains in the next few days, so no concerns there.  Ideas are that the U.S. corn and bean crop conditions are fine.”

 

Mike

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At 9:41am:

If you missed it, private exporters reported to the U.S. Department of Agriculture export sales of 231,248 metric tons of corn for delivery to unknown destinations.

 

Of the total 28,048 metric tons is for delivery during the 2017/2018 marketing year and 203,200 metric tons is for delivery during the 2018/2019 marketing year

 

The marketing year for corn began Sept. 1.

 

Mike

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At the open:

At the open, the July corn futures are 1/4¢ lower at $4.05. December futures 1/2¢ lower at $4.24. July soybean futures are 4 3/4¢ lower at $10.36.  November soybean futures are 5 1/4¢ lower at $10.48. July wheat futures are 3 1/4¢ higher at $5.46. July soy meal futures are $1.80 per short ton lower at $378.50. July soy oil futures are 0.01 lower at 31.33¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.82 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 215 points lower.

 

Mike

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Wheat futures jumped in overnight trading to a 10-month high amid concerns about adverse weather in the US, Russia and Australia. Wheat added 9 cents, corn was up 3 cents and soybeans gained a nickel overnight. Canada's foreign minister is headed to Washington this week to try to further NAFTA talks, but Mexico's trade official will be in Paris, where he actually may meet up with US Trade Representative who also will be there to talk to OPEC countries. So far, it seems there's been little progress hammering out a new NAFTA deal with Mexico's presidential elections and US Congressional elections drawing near. In weather news, the remnants of Alberto will push rainfall and storms as far north as southern Indiana after the storm hit the Gulf Coast yesterday. Get all the details in today's 3 Big Things.

 

West Texas Intermediate = down 1.4%.

Brent Crude = up 0.8%

Dollar = up 0.4%.

Wall Street = U.S. stock lower pre-market.

World Markets = Global stocks lower overnight.

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3 Replies
Canuck_2
Senior Contributor

Re: Floor Talk May 29

Read this earlier and then have been thinking....... 203,200 tonne sold for delivery next year.

 

We often hear of contracts being cancelled.

How often or what % of these sales end up being cancelled?

 

A reported sale no doubt helps prices go up but a cancelled sale later will pressure prices down.

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sw363535
Honored Advisor

Re: Floor Talk May 29

All those ships in the news this last few months that made a turn and went to a different buyer......were they canceled??  yes.... 

 

Did they matter .... No

 

It is just information that gives us a view of demand in the future or whether the current price is percieved as worth locking in... 

 

But I agree,  I would like to know the answer to your question.....

 

I would expect that the % is very low, as many of the "big" events in the news often are.  But I hope we get an answer.

 

 

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sw363535
Honored Advisor

Re: Floor Talk May 29

Did they matter........ maybe not NO......... because they told us how readily available additional demand was...

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