Floor Talk May 7
At the close:
The July futures corn contract settled 3 cents higher at $6.39. New-crop Dec. futures finished 1 cent higher at $5.39. The July soybean futures contract ended 13 cents higher at $13.82, new-crop Nov. soybeans finished 7 cents higher at $12.14. July wheat futures finished 6 cents higher at $7.09 per bushel. The July soymeal futures ended $2.10 per short ton higher at $403.30. The July soyoil futures closed $0.38 higher at $49.14.
In the outside markets, the NYMEX crude oil is $0.64 per barrel lower, the dollar is lower and the Dow Jones Industrials are 69points higher.
Higher markets to finish. One analyst says, "Really hard to draw much from today’s action except to say that the market obviously has no fear of late corn planting at this point. At 12% and no market reaction, I have to wonder what it will take to get a rally going. The action in corn is very disappointing. There’s still plenty of time to get the crop in but in my estimation only 30% will be planted by May 15th. After that, the remaining 70% will be subject to yield loss. Market doesn’t seem to care.
In beans, I’m bearish new crop and will use this rally to get short. As far as old crop is concerned, it’s pretty obvious there are very little, if any, old crop beans in the US and the Brazilians have been slow to meet other demand. Don’t see much of a trade there.
In wheat, there’s also nothing to say. July will not travel far from $7.00 until harvest. I like wheat to the upside, just don’t think it’s time to pull the trigger," he says.
The July futures corn contract is trading 1 cent higher at $6.38. New-crop Dec. futures are trading 5cent lower at $5.32. The July soybean futures contract is trading 7 cents higher at $13.77, new-crop Nov. soybeans are trading 1 cent higher at $12.07. July wheat futures are trading 3 cents lower at $6.99 per bushel. The July soymeal futures are trading $3.10 per short ton higher at $404.30. The July soyoil futures are trading $0.04 higher at $48.80.
In the outside markets, the NYMEX crude oil is $0.68 per barrel lower, the dollar is lower and the Dow Jones Industrials are 36 points higher.
Ken Smithmier, The Hightower Report analyst, says the market brushed aside the slow planting pace and is looking ahead to a more favorable 6-10 day outlook for planting progress.
"There also seems to be a few more June weather outlooks floating around that suggest cooler temperatures as compared with year ago levels. There might be some directional bias to the downside because of those forecasts," Smithmier says.
The outside markets aren’t helping with metal and energy markets failing to extend upside gains, he says. "Plus, the downside move in the CRB Index continues to suggest negative commodity sentiment is here to stay, at least for the short term," he says.
At the open:
The July futures corn contract opened 1/4 of a cent lower at $6.36. New-crop Dec. futures opened 1 cent lower at $5.37. The July soybean futures contract opened 3 cents higher at $13.73, new-crop Nov. soybeans opened 2 cents higher at $12.10. July wheat futures opened 2 cents higher at $7.04 per bushel. The July soymeal futures opened $1.10 per short ton higher at $402.30. The July soyoil futures opened $0.12 higher at $48.88.
In the outside markets, the NYMEX crude oil is $0.47 per barrel lower, the dollar is lower and the Dow Jones Industrials are 34 points higher.
Early calls: Corn is seen 3-5 cents higher, soybeans 10-12 cents higher, and wheat 7-9 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.54 per barrel lower.
Wall Street=Seen opening higher, as the government's quatantitative easing supports the stock market, analysts say.
World=Asia/Pacific stocks were higher and Europe's stocks are higher.
More in a minute,
Re: Floor Talk May 7
What are the boys at Iowa state saying about 11 inchs of snow on just planted corn ? Just wondering - never seen that much on corn after it was planted .