Floor Talk May 6
At the close:
At the close, the July corn futures settled 3 3/4 cents higher at $3.77 1/2, Dec. futures closed 3 1/4 cents higher at $3.84 3/4 per bushel. July soybean futures finished 22 1/2 cents higher at $10.34 3/4, while Nov. soybean futures ended 20 1/2 cents higher at $10.22. July wheat futures closed 1/2 of a cent higher at $4.63 3/4. July soymeal futures closed $6.00 short ton higher at $342.80. July soyoil futures settled $0.80 higher at $33.06. In the outside markets, the Brent crude oil market is $0.31 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 62 points higher.
Mike North, Commodity Risk Management Group, says that Friday's trade was truly a defense of the $10 threshold with soybeans.
The November soybean futures completed a successful break of $10 overnight, as buyers were willing to step to the plate ahead of the Tuesday USDA report. This returned prices back into the range that is confined them for the past two weeks,” North says.
He adds, “Given the outcome of the Kansas wheat tour, we took a dismal approach to Friday's trade. The scouts’ number suggests an even larger wheat crop than last year, following a decline in acreage.”
Corn prices were caught in the middle, as fundamentals continue to way against upward momentum, he says.
“Meanwhile, outside money players continue to eye the opportunity provided by an inflation story, softer dollar and broader market commodities play.”
At mid-session, the July corn futures are trading 4 cents higher at $3.77, Dec. futures are 3 1/2 cents higher at $3.85 per bushel. July soybean futures are 17 1/2 cents higher at $10.29 3/4, while Nov. soybean futures are 15 3/4 cents higher at $10.17 1/4. July wheat futures are 3 1/4 cents higher at $4.66 1/2. July soymeal futures trade $6.80 short ton higher at $343.60. July soyoil futures are $0.45 higher at $32.71. In the outside markets, the Brent crude oil market is $0.48 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 22 points lower.
July soybeans are up 16¢ Friday. The soybean market is inverted. That usually means end-users want beans now vs. later. Are you getting calls for your soybeans?
If you missed it, the USDA announced Friday that Isreal bought some U.S. corn.
Private exporters reported to the U.S. Department of Agriculture export sales of 132,000 metric tons of corn for delivery to Israel during the 2015/2016 marketing year.
The marketing year for corn began Sept. 1.
At the open:
At the open, the July corn futures are trading 3 3/4 cents higher at $3.77, Dec. futures are 3 cents higher at $3.84 per bushel. July soybean futures are 2 cents higher at $10.14, while Nov. soybean futures are 1/2 of a cent higher at $10.02. July wheat futures are 2 cents higher at $4.65. July soymeal futures trade $2.40 short ton higher at $349.20. July soyoil futures are $0.03 higher at $33.29. In the outside markets, the Brent crude oil market is $0.64 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 72 points lower.
Export sales were mixed yesterday as corn and wheat tanked while soybeans flew off the shelves. It looks like `unknown buyers' needed beans (we could all speculate on who those buyers really are) while nobody needed corn nor wheat. Prices were little changed overnight as investors are stuck between a rock and a hard place, fundamentally, as Brazil's dry weather threatens its second corn crop but global stockpiles pressure prices.
Here's what happened overnight:
Brent Crude Oil = 0.6% lower.
West Texas Intermediate Crude Oil = 0.6% lower.
Dollar = down 0.2%.
Wall Street = U.S. stock futures lower in pre-market trading ahead of jobs data.
World Markets = Global stocks lower as oil gives up gains.
Re: Floor Talk May 6
Got news for you. Soybeans can't fly. But they possibly could roll off the shelves.
It didn't seem to matter to the traders that USDA's guess on exports will have to be raised.
Full again, full again, local coop (pronounced "kaup" , sound cow doing makes as it hits the ground)
Is again full of corn, recurring issue here. Price closed at $3.38 yesterday.
Good news is that that while capped mountain of corn at the local grain terminal next town down the road is down to maybe only two unit trains from gone.
Re: Full again
Any other area buyers indicating that they are also full up on corn? Is this a widespread issue in your area?
Re: Full again
Cargil plant in Blair Ne has reduced dumping hours a couple of times a week for a while now, also no Saturday this last week. They are full even though they grind 320,000+ a day.