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Tony_Dreibus
Veteran Contributor

Floor Talk May 4

At the close:

At the close, the July corn futures settled 8¢ lower at $3.66 3/4, while December futures finished 7 3/4¢ lower at $3.84 1/4. July soybean futures closed 1¢ lower at $9.74 1/4, November soybean futures finished 5 1/4¢ lower at $9.64 3/4. July wheat futures ended 16 1/4¢ lower at $4.37. July soy meal futures closed $0.20 per short ton lower at $318.60. July soy oil futures settled $0.06 lower at 32.50¢ per pound.  In the outside markets, the Brent crude oil market is $2.42 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 23 points lower.

 

Mike

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At mid-session:

At mid-session, the July corn futures are 7 1/2¢ lower at $3.67, while December futures are 7 1/4¢ lower at $3.85. July soybean futures are 5 1/2¢ lower at $9.69, November soybean futures are 8 3/4¢ lower at $9.61. July wheat futures are 16 1/4¢ lower at $4.37. July soy meal futures are $2.40 per short ton lower at $316.40. July soy oil futures are $0.06 lower at 32.50¢ per pound.  In the outside markets, the Brent crude oil market is $1.86 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 32 points lower.

 

Mike

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At 9:22am:

If you missed it, here is the USDA Weekly Export Sales Report. Wheat sales beat, while soybean sales missed.

 

Wheat= 821,800 metric tons vs. the trade’s expectations of between 200,000-550,000 mt.

Corn= 795,700 mt. vs. the trade’s expectations of between 700,000-1,100,000 metric tons.

Soybeans= 331,300 mt. vs. the trade’s expectations of between 350,000-1,000,000 metric tons.

Soybean meal= 109,900 mt.  vs. the trade’s expectations of between 100,000-200,000 metric tons.  

 

Mike

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At 9AM:

In early trading, the July corn futures are 5¢ lower at $3.69, while December futures are 5 1/4¢ lower at $3.87. July soybean futures are 4¢ lower at $9.71, November soybean futures are 6 1/2¢ lower at $9.63. July wheat futures are 7 3/4¢ lower at $4.46. July soy meal futures are $3.00 per short ton lower at $315.80. July soy oil futures are $0.01 lower at 32.55¢ per pound.  In the outside markets, the Brent crude oil market is $1.34 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 29 points lower.

 

Mike

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Soybeans were lower overnight after Informa raised its outlook for Brazil production again, this time bumping it to 113 million metric tons. Beans lost 4 cents, corn was down about 3 cents and wheat lost 5-6 cents overnight. In case you hadn't heard, it's raining in much of the central Midwest and according to the latest weather forecasts, it's not going to stop anytime soon. Much of eastern Illinois and all of Indiana are expected to see 2-4 inches of rain today, which will make the already-bad flooding even worse. Looks like there'll be a lot of replanting, or maybe a switch in some areas to beans? 

 

Here's what happened overnight:

 

Brent Crude Oil = down 1.2%.  

West Texas Intermediate Crude Oil = down 1.1%. 

Dollar = down 0.1%.

Wall Street = U.S. stock futures higher in pre-market trading.

World Markets = Global stocks mixed on French uncertainty, declining oil.

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4 Replies
Blacksandfarmer
Veteran Advisor

Re: Floor Talk May 4

Tony, even with large planters to get the job done timely, most farmers in my region of Michiana will struggle to get all intended corn acres planted. We still have time to plant a good soybean crop, but corn is running out of time.

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roarintiger1
Honored Advisor

Re: Floor Talk May 4

If I was on the trading floor talking today, I'm afraid they wouldn't like what I had to say...........Of course, nobody would be there to hear me anyways.

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timetippingpt
Honored Advisor

Re: Floor Talk May 4

Roar...best comment of the day...still laughing.

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JimMeade
Veteran Advisor

Re: Floor Talk May 4

Yeah, electrons don't make hardly any noise when they snicker.

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