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Veteran Advisor

Floor Talk, May 8, 2020

At the close:

 

At the close, the July corn futures finished 1 1/4¢ higher at $3.19 1/4. Dec. corn futures closed 1 3/4¢ higher at $3.35 1/4.

July soybean futures finished 6 1/4¢ higher at $8.50 1/2. November soybean futures closed 7 1/4¢ higher at $8.55 1/4.

July wheat futures settled 1/2¢ lower at $5.22.

July soymeal futures ended $2.70 cents per short ton higher at $290.80.

July soy oil futures closed $0.28 cent higher at 26.54¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.08 per barrel higher at $24.63 per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 455 points higher.

Mike

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At midsession:

At midsession, the July corn futures are 4¢ higher at $3.22. Dec. corn futures are 3 1/2¢ higher at $3.37 1/4.

July soybean futures are 10¢ higher at $8.54 1/2. November soybean futures are 10¢ higher at $8.58 1/4.

July wheat futures are 2 1/4¢ lower at $5.20 1/2.

July soymeal futures are $2.60 cents per short ton higher at $290.70.

 July soy oil futures are $0.40 cent higher at 26.66¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.37 per barrel lower at $23.92 per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 370 points higher.

 

Mike

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At 9:11am:

In early trading, the July corn futures are 2 1/4¢ higher at $3.20 1/4. Dec. corn futures are 1 3/4¢ higher at $3.35 1/4.

July soybean futures are 5 3/4¢ higher at $8.50 1/2. November soybean futures are 6¢ higher at $8.54 1/4.

July wheat futures are 1¢ higher at $5.23 1/2.

July soymeal futures are $1.60 cents per short ton higher at $289.70.

July soy oil futures are $0.32 cent higher at 26.58¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.74 per barrel lower at $23.45 per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 289 points higher.

On Friday, private exporters reported to the USDA export sales of 120,000 metric tons of soybeans for delivery to unknown destinations during the 2019/2020 marketing year.

The marketing year for soybeans began Sept. 1.


Al Kluis, Kluis Advisors, says that investors are watching how harsh this weekend's frost might be toward the crops.

"Grain prices bounced Thursday, as traders weighed the impact of cool temperatures this weekend across a large area of the northern Plains. Traders are also optimistic that China may step in and buy more U.S. grains ahead of the planned "phase one" trade deal meeting. Every time we have discussed trader optimism about that trade deal, it hasn't been long until we discussed how they were let down once again. Will the meeting next week be more of the same," Kluis told customers in a daily note.

 

Mike

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5 Replies
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Advisor

Re: Floor Talk, May 8, 2020

Thanks fellas, keep up the good work happy Friday.  If Wall Street can ignore the biggest job loss and highest unemployment in history, CBOT can ignore a few piles of old grain.  Stay warm out there.

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Veteran Advisor

Re: Floor Talk, May 8, 2020

SCMN - chance of frost the next 4 nights with some snow Saturday nite into Sunday morning.

Alot of corn has emerged in our area and some followed right behind the corn with planting beans.

Haven't noticed any beans up yet but plan to do a little drive around this afternoon.

 

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Veteran Advisor

Re: Floor Talk, May 8, 2020

Frost expected here for next

Several days...32 one night.....

Yes grasshopper....it is may.

 

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Senior Advisor

Re: Floor Talk, May 8, 2020

28 here this morning. Hard ice on the cow tank.

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Advisor

Re: Floor Talk, May 8, 2020

35* here, some say they saw a little frost.  We should be ok.  C IA.  Seems like the coldest was east of here.  I checked New Pairs IN 25* ouch!!  My corn is starting to turn yellow from the cold.  I called a farmer in PA 29* had a quarter inch of ice on the bird water.  Sunday night more frost and then it should be clear.  Still have some 10% of 2019 crop left to sell.  I will not sell that until I see a crop.

  

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