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Veteran Advisor

Floor Talk, May 8, 2019

At 11am:

 

The word out of the White House is that China wants to make a trade deal. The sitdown is tomorrow.

 

What do you think? Can soybeans trade up the 65¢ limit, on a positive trade deal with China?

 

Mike

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At 9:45am:

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

July soybean futures are 2 1/2¢ lower at $8.28. November soybean futures are 2 1/4¢ lower at $8.50 3/4.

 

July wheat futures are 1¢ higher at $4.40.



 

July soymeal futures are $0.20 per short ton higher at $293.40.

July soy oil futures are $0.21 cent lower at 26.89¢ per pound.



 

In the outside markets, the NYMEX crude oil market is $0.21 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 6 points higher.

 

Al Kluis, Kluis Advisors, says that the market’s will be eyeing weather and trade news.

“Grain traders will continue to wait for further comments regarding trade discussions with China while watching storm systems work through parts of the Corn Belt. ,” Kluis told customers in a daily note.

 

Kluis added, “The six-to-ten day forecast right now has the attention of nearly every trader who participates in the grains. We could see fund managers make adjustments to short corn positions before the weekend if the wet pattern remains in the forecast.”

 

Mike

 

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6 Replies
Veteran Advisor

Re: Floor Talk, May 8, 2019

With all this rain, take a week (or more) of nice weather after it stops before can get back in field.  Rained off/on all night last night again.  80% chance today, 80% chance tomorrow.  We actually had a window in April where quite a lot of corn got planted, though much of it in wetter-than-preferred conditions, yet with all the subsequent rains, seems to be coming up okay, at least where it's not drowned out.  Personally, I don't farm a lot of ground, generally do everything in spring, and I don't plant in wet conditions, so my corn is still in the bag.  When putting on NH3, conditions were wet, and calendar already getting marginal, so only put NH3 on half of originally planned corn acres.

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Veteran Advisor

Re: Floor Talk, May 8, 2019

WCMO,

 

Thanks for sharing. Are you all sold out on old crop, then? Or, are you still sitting on old crop and waiting to price new crop.

 

Mike

 

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Honored Advisor

Re: Floor Talk, May 8, 2019

Ha Mike........the last time you were wondering about a rally was last weekend.......we all know what happened on Sunday.   Smiley Wink

 

No doubt that the market needs a spark and then more fuel to start that rocket.  Smiley Happy

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Veteran Advisor

Re: Floor Talk, May 8, 2019

Who said trade deal ?

Same bunch that just pulled an "executive privlige"
On the same investigation of himself.

Seems the word last night that China cabled that it
Pulled a number of issues off the board....that
It is a no go.

Sorry....ZERO trust in what WH says.

Folks....look at agriculture and agriculture economy,
Prices received, our input cost, and decline in rural
Communities since Trump was elected.
It's high time we stop calling things according
To party, and look at the bottom line.
The bottom lines folks that agriculture has declined
Under Trump's watch.....and many out here
Can't take much more of this ""progress"".
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Veteran Advisor

Re: Floor Talk, May 8, 2019

It means nothing in the overall picture -- have forward priced nothing -- not sold out of old crop -- bills are current -- everything prepaid except fuel and repairs -- operating loan balance -0-.

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Veteran Advisor

Re: Floor Talk, May 8, 2019

WCMO.....I'm happy for you....you have been blessed.
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