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Veteran Advisor
Posts: 4,169
Registered: ‎05-03-2010
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Floor Talk, May 6, 2019

[ Edited ]

At the close:

 

At the close, the July corn futures finished 6 1/2¢ lower at $3.64 3/4. Dec. corn futures ended 5 3/4¢ lower at $3.82.

July soybean futures settled 12¢ lower at $8.30. November soybean futures ended 11 1/4¢ lower at $8.53.

 

July wheat futures finished 3/4¢ lower at $4.37.



 

July soymeal futures closed $1.60 per short ton lower at $296.60.

 July soy oil futures closed $0.22 cent lower at 27.13¢ per pound.

 



In the outside markets, the NYMEX crude oil market is $0.92 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 62 points lower.

 

Mike

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At 12:19pm:

If you miss it, the USDA Weekly Export Inspection report, Monday, showed strong soybean inspections for shipment.

 

Soybean= 22 million bushels vs. the trade's expectations of between 14-22 million bushels.

 

Corn= 38.4 million bushels vs. the trade's expectations of between 27-47 mill. bu.

 

Wheat= 17.5 mill. bushels vs. the trade's expectations of between 14-29 mill. nu.

 

 

Mike

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At 12-Noon:

At midsession, the July corn futures are 7 1/2¢ lower at $3.63 3/4. Dec. corn futures are 5 3/4¢ lower at $3.82.

July soybean futures are 13 1/2¢ lower at $8.29. November soybean futures are 13 1/4¢ lower at $8.51.

 

July wheat futures are 1/4¢ lower at $4.37.



 

July soymeal futures are $2.20 per short ton lower at $296.00.

 July soy oil futures are $0.18 cent lower at 27.17¢ per pound.

 



In the outside markets, the NYMEX crude oil market is $0.13 lower, the U.S. dollar is even, and the Dow Jones Industrials are 221 points lower.

 

Jack Scoville, PRICE Futures Group, agrees that the markets face pressure from the news on China trade tariffs.

 

“It’s a twitter kind of Monday. The futures moved to the lows overnight, due to the twitter announcements about China. They then tested the lows, this morning, for the American crowd. China’s trade delegation still plans to come to the U.S. for this week’s meeting and that is supportive to the futures.

 

Scoville adds, “Things could get real ugly around here, if China’s folks change their minds. Both sides need a deal, so I expect one sooner or later. Specs were knee jerk sellers last night, been buying today. And the weather is still important with rains in the forecast for almost all week. Not much fieldwork will get done and for corn that is of increasing importance,” Scoville says.

 

Mike

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At 9:17am:

 

In early trading, the July corn futures are 7 1/2¢ lower at $3.63 3/4. Dec. corn futures are 6 1/4¢ lower at $3.81.

July soybean futures are 17 1/2¢ lower at $8.24 1/4. November soybean futures are 17 3/4¢ lower at $8.46 1/2.

 

July wheat futures are 6 1/2¢ lower at $4.31.



 

July soymeal futures are $3.00 per short ton lower at $295.20.

 July soy oil futures are $0.46 cent lower at 26.89¢ per pound.

 



In the outside markets, the NYMEX crude oil market is $0.18 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 317 points lower.

 

Al Kluis, Kluis Advisors, says that the market is falling, due to President Trump’s announcement of raising tariffs on China.

 

“The pair of tweets on Sunday that President Trump would ramp up tariffs on more Chinese imports is taking the U.S., Chinese, and global stock and commodity markets sharply lower,” Kluis told customers in a daily note.

 

Kluis added, “Trump's threats are all about trying to get the best deal possible. A deal will get done in late May or June.”

 

What say you?

 

Mike

Senior Contributor
Posts: 468
Registered: ‎08-02-2012
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Re: Floor Talk, May 6, 2019

Ha told you all this two years ago. Nothing like a tweet to shift the markets negative again what is this the 20th time. Mike how many times in the last year and a half have you mentioned “when a deal gets done”? Wake up people this is why you were warned about this guy in 2016. How do we as farmers help correct this market is the question? Stop growing for a year or two? Can’t sell anything even close to break even, Henderson the relief payments on grain last year. So, soybeans were 9$ last year and farmers got 1.67$ per bu. To give them a fighting chance at 10.67$. ???? Can’t get 8$ this morning from local coop., with basis and freight of course. Corn I have said since 2015 is 4$ or bust. Now what? Wheat has gotten pummeled lately. I’ve already taken every line of credit possible to last this long through this sh-tshow.
Veteran Advisor
Posts: 4,348
Registered: ‎02-10-2013
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Re: Floor Talk, May 6, 2019

So....there is no problem....seed still in the sack
And the markets go DOWN.

THEN....someone says MORE tariffs...

Secy of ag says no more market adjustment
Payments needed.

I'm going too bed.....all of this is giving me a
Headache and stomach ache.