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Tony_Dreibus
Veteran Contributor

Floor Talk May 30

At the close:

At the close, the July corn futures finished 6 1/2¢ lower at $3.93 1/2. December futures closed 5 3/4¢ lower at $4.13. July soybean futures ended 7 1/2¢ lower at $10.23.  November soybean futures are 6¢ lower at $10.36 1/2. July wheat futures finished 14 1/2¢ lower at $5.22. July soy meal futures closed $3.30 per short ton lower at $376.90. July soy oil futures finished 0.27 higher at 31.48¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.53 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 343 points higher.

 

Mike

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At mid-session:

At mid-session, the July corn futures are 8 3/4¢ lower at $3.91. December futures 7 3/4¢ lower at $4.11. July soybean futures are 12¢ lower at $10.18.  November soybean futures are 10 1/4¢ lower at $10.32. July wheat futures are 16 1/4¢ lower at $5.20. July soy meal futures are $5.20 per short ton lower at $375.00. July soy oil futures are 0.23 higher at 31.44¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.56 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 275 points higher.

 

Mike

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At 9:00am:

In early trading, the July corn futures are 4¢ lower at $3.96. December futures 3 3/4¢ lower at $4.15. July soybean futures are 11¢ lower at $10.19.  November soybean futures are 9 1/4¢ lower at $10.33. July wheat futures are 14 3/4¢ lower at $5.21. July soy meal futures are $6.80 per short ton lower at $373.40. July soy oil futures are 0.24 higher at 31.45¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.47 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 107 points higher.

 

Mike

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Wheat futures dropped amid profit taking after prices reached a 10-month high yesterday. Fundamentally, not much has changed in the past 24 hours. Rainfall in the southern Plains isn't likely to develop, but thunderstorms may spur strong winds including isolated tornadoes, the National Weather Service said. The remnants of Tropical Storm Alberto are still causing flooding in several areas along the Gulf Coast. The storm is expected to cause rainfall and potentially more flooding further inland. In other news, export inspections were higher for corn and wheat but down for soybeans. Check out all the details in today's 3 Big Things

 

West Texas Intermediate = up 0.5%.

Brent Crude = up 0.8%

Dollar = down 0.6%.

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

World Markets = Global stocks mixed overnight.

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7 Replies
illinifarmer
Advisor

Re: Floor Talk May 30

Crooks
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elcheapo
Veteran Advisor

Re: Floor Talk May 30

Yes it is a fundamental market....""profit taking""
Down double digits..wheat in bad shape,
Wheat has been yoyo for last month.

Yes it is a ""commodity"" market...when are we
Going to grow up and stop this farce, and say
It is a market ??
Going to all computer, has hidden all, at least
In open outcry, we saw who was buying/selling
And could figure it out.

I don't think we're in America anymore
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cborman11
Senior Contributor

Re: Floor Talk May 30

Wow great 2 days here you traders rock keep up the great work.
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elcheapo
Veteran Advisor

Re: Floor Talk May 30

New market rule of thumb drive

Hail makes grain

Flood makes grain
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deasmatt90
Senior Contributor

Re: Floor Talk May 30

El cheapo, it is not hidden! Just now its "in a different language." Who will be the ones to conquer? The ones who master the new language.
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deasmatt90
Senior Contributor

Re: Floor Talk May 30

Am I worried about the price swings lower in the corn market at this time? No. Why? Because the facts support higher prices. The technicals support higher prices. Corn is currently in a channel uptrend on the weekly charts. If trend continues we will continue to have higher highs and higher lows!
We can't find anymore information from open outcrys than we can becoming masters of technical analysis. The markets will continue to move with emotion the same as they always have. The difference now going forward will be developing the ability to interpret the sentiment with price, volume, and further technical analysis.
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deasmatt90
Senior Contributor

Re: Floor Talk May 30

Most every chart posted on these websites are bar charts. Candlesticks were introduced in the early nineties from the east. They were created over one thousand years ago to track and record the price of rice in Asian countries. They are much better indicators of market sentiment when learned and used properly. There are many books written on this price charting tool and many free websites, and videos on u tube that teach how to read them. Once one gets familiar with them they are great indicators!
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