cancel
Showing results for 
Search instead for 
Did you mean: 
marketeye
Veteran Advisor

Floor Talk May 5, 2021

At the close:

At the close, the July corn futures finished 11 3/4¢ higher at $7.08 3/4. New crop September futures finished 20 3/4¢ higher at $7.08 1/2. December corn futures ended 24 1/4¢ higher at $6.04 1/4.

July soybean futures settled 4¢ higher at $15.42 3/4. August soybean futures ended 9 1/2¢ higher at $14.91 1/2. New crop November soybean futures closed 19 1/4¢ higher at $13.82 1/4.

July wheat futures closed 17 3/4¢ higher at $7.44 3/4.

July soymeal futures finished $2.90 short ton higher at $424.40.

July soy oil futures closed -0.12 lower at 63.46¢ per pound.

In the outside markets, the NYMEX crude oil market is -0.21 lower (-0.32%) at $65.48. The U.S. dollar is higher, and the Dow Jones Industrials are 184 points higher (+0.54%) at 34,317 points.

 

Mike

-------

At midsession:

At midsession, the July corn futures are 2 1/2¢ higher at $6.99 3/4. New crop September futures are 8 1/4¢ higher at $6.18 1/2. December corn futures are 10 1/4¢ higher at $5.90 1/4.

July soybean futures are 6¢ higher at $15.44 3/4. August soybean futures are 7 1/2¢ higher at $14.89. New crop November soybean futures are 12 1/4¢ higher at $13.767 1/4.

July wheat futures are 10 3/4¢ higher at $7.37 3/4.

July soymeal futures are $3.80 short ton higher at $425.30.


July soy oil futures are +0.30 lower at 63.28¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.32 higher (+0.49%) at $66.01. The U.S. dollar is higher, and the Dow Jones Industrials are 135 points higher (+0.40%) at 34,268 points.

Mike

---------

In early trading:

 

Corn, soybean markets add to this week's gains.

 

Mike

 

0 Kudos
8 Replies
Hobbyfarmer
Honored Advisor

Re: Floor Talk May 5, 2021

"Linneman added, "It is unusual to see how prices have reached the $7 mark in corn and $15.50 in soybeans--and the market has paused. Daily ranges have been wild, but traders seem content at these higher prices."

 

Am I the only one that sees a basic problem here? The last seven words.

0 Kudos
rickgthf
Senior Advisor

Re: "These higher prices", ....

.. what are you complaining about?  Sell your corn & beans,  and then worry about growing it.

  My only question now is can we another $0.50 on top of that $5.60 new crop?

0 Kudos
roarintiger1
Honored Advisor

Re: "These higher prices", ....

The lack of discussion about these markets on a “successful farming” site astounds me.

0 Kudos
sw363535
Honored Advisor

Re: "These higher prices", ....

Roaring every call we get now is fishing for a new crop supply............. 

I think the lack of comments comes from the fact that even though some old crop deliveries are still being made, the 2021 crop has been priced and is in the pipeline........... It's over for 2020 except for the "we sold too soon" bushels still trickling in.  Then there are the 2%ers or less that are cleaning bins of unpriced jewels...... Hobby may save the last two loads if they look good (for wherever this goes),  Its a sign..... close the barn door on 2020

 

Thanks for the correction Hobby

0 Kudos
Hobbyfarmer
Honored Advisor

Re: "These higher prices", ....

2020 crop year sw

 

17cent push bid yesterday on corn = $7.50

Today 11 cent up with basis push = $7.50 posted bid.

Local screwoop came out with free price later (yea right) at their feed mills.

Don't quite understand with way north of 1 billion bu corn in excess why it is doing what it is doing.

Beans on the other hand have been supposedly in short supply and they are lolligaging along.

 

0 Kudos
Hobbyfarmer
Honored Advisor

Re: "These higher prices", ....

Roaring, not much to discuss when everybody but u and me went over the lower price buffalo jump. ( and yes I sold a bunch of <$4.52 corn. And 10 something beans)

Pretty sure those "successful writers" don't have much to print about their great advisors and advice.  ???

0 Kudos
roarintiger1
Honored Advisor

Re: "These higher prices", ....

Hahaha. Yep, laughing’ all the way to the bank.😉

Gosh, I’ve always wanted to say that. 😁

0 Kudos
rickgthf
Senior Advisor

Re: "Lack of discussion"? Well, OK then, ....

The April WASDE says that the corn carryout will be 1.35 billion bushels but $7.67 May corn is shouting something very different.  The last time the price was here the carryout was 900 million bushels but I don't see anyone saying that.

  Brazil is dry, parts of Brazil are very dry but they are getting precipitation in many places, at least in dribs & drabs.

  So, either there's way less corn than people are saying or there are outside factors that nobody's talking about.  For my part,  it seems all I can do sell some more every time it goes up another $0.50 which seems to be happening pretty frequently because I'm in the business of growing & selling grain not speculating.

0 Kudos