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Veteran Advisor

From the floor April 15

Marketeye covers Illinois corn planting. Photos and full story about this week's corn planting action. See the Dust flying, corn planters roll.

 

VIDEO: Plant now, sell in Sep.

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At the close:

The May corn futures closed 12 1/4 cents lower at $7.42. The May soybean contract settled 3/4 of a cent higher at $13.31 3/4. The May wheat futures ended 3 3/4 cents higher at $7.44 1/4 per bushel. The May soybean meal futures settled $2.70 per short ton higher at $345.20. The July soyoil futures settled $0.03 lower at $56.84.


In the outside markets, the NYMEX crude oil is $1.29 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 53 points.

 

Mike

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At 12-Noon:

One analyst sees Friday's market like this: "No one wants to go home short this weekend. That is bringing in buying, as near-record rain totals for the next seven days, in the Midwest and Delta, and heavy upper Plains snow, assures we fall behind in spring wheat field work, oat planting and corn field work and planting. Dangerously low corn ending stocks could be cut in half on lower yields if planted too late."

 

Mike

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At mid-day:

The May corn futures are 6 3/4 cents lower at $7.47 1/2. The May soybean contract is 4 1/2 cents higher at $13.36. The May wheat futures are 5 3/4 cents higher at $7.46 1/4 per bushel. The May soybean meal futures are $3.60 per short ton higher at $346.10. The July soyoil futures are $0.03 lower at $56.84.
In the outside markets, the NYMEX crude oil is $1.65 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 68 points.

 

Mike

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At 10:30am:

One analyst says, "Goldman Sachs told clients to go underweight in commodities today, so we are seeing another round of spec selling. I don't really think there is anything more to it, to tell you the truth. The markets have not acted all that good this week, even though the fundamental picture remains overall bullish. The specs are selling with this advice and the overall lack of excitement that seems to be around. Not a big volume day, here today. People seem content to let the market do what it wants to do and worry about it Monday," he says.


Mike

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At the open:

The May corn futures opened 7 cents lower at $7.47 1/4. The May soybean contract opened 3 3/4 cents lower at $13.27 1/2. The May wheat futures opened lower. The May soybean meal futures opened $0.60 per short ton higher at $343.10. The July soyoil futures opened $0.15 lower at $57.72.


In the outside markets, the NYMEX crude oil is $0.39 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 22 points.

 

Mike

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9:20am:

Looking at today's corn market, one technical trader offers up these thoughts: "Well as I mentioned before, technically  we have left a few gaps below some pit only. But, market has a tendency to fill these before resuming bullish trend. We have a 'fibonacci' retracement area at 736 in May. The pit only gap which we briefly entered into yesterday and covered half the gap w/ low of 741 1/4. Bottom of gap is 738. So, support down there coupled w/ fibo 38 1/4 cent retracement @ 736 as mentioned earlier. Doesn't have to fill gap. But, giving some technicals, we go back thru 755 with resumed buying," he says.

 

Mike

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At 8:45am:

USDA announced Friday that China bought 165,000 metric tons of U.S. soybeans for 2011-12 delivery.

 

Mike

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At 6:25am:

Early calls: Corn 5-7 cents lower, soybeans 1-2 cents lower and wheat 1-2 cents lower.


Trackers:

Overnight grain, soybean markets=Trading lower.

Crude Oil=$0.10 lower.

Dollar=Higher.

Wall Street=Seen trading lower as Google missed its earnings mark.  

World Markets=Mostly lower.

 

I returned from central  and westcentral Illinois yesterday. The farmers I visited and helped to plant corn say the soil is just right. Of course, one look at the radar, this morning, and you can see rain headed for the spot I just left. Planting dates will be wide-ranging. There is talk that Decatur may run out or reach a very short supply situation in late summer. So, these guys want to be harvesting in that last week of August, first of September to capture any price-premium that will be offered in their area. Farmers shared that most of their old-crop was sold and a good portion of new-crop as well. It looks like they rewarded the market as it ran higher. Of course, many of them said they have sold some $7 corn, but wish they had more to sell. Two days of beautiful weather in Beardstown, Lovington, and Mt. Pulaski, Illinois. Oh, another theme was that farmers plan to plant more corn vs. soybeans. More on the planting coverage is coming up today, in the way of stories, slideshows and videos. I'll post a link to all the coverage later this morning. Thanks to the Hobrock, Yoder and Martin families for the tractor time. I figured I planted about 50-60 acres. Smiley Happy

 

 

More in a minute,


Mike

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5 Replies
Veteran Advisor

Re: From the floor April 15

To bet against higher grain prices in the next twelve months seems very risky to me.  Other economies are doing quite well, China, Russia, India.  Nothing in the weather cycles show any signs of returning to normal.  I think it is possible in the next year or two to have people asking how some farmers could go broke with these high of grain prices....because with the volatility and too aggressive of forward sales it will happen if we pull a short crop this year.   

 

 I think I need a helmet on to go outside in this wind today.  But, it will stimulate the economy for the roofers around here.

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Veteran Advisor

Re: From the floor April 15

The Fed says the farming industry is booming.

 

What do you think?

 

Mike

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Veteran Advisor

Re: From the floor April 15

Interesting.  One would have believed that all this equipment was being purchased with cash with all the profits being reported.  I think the most important word in the article is 'average'.  Average doesn't help the guy that makes up the bottom.  Still, ag is one of the best places to be and alot of great opportunties ahead.  

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Veteran Advisor

Re: From the floor April 15

Agriculture as a whole isn't booming. Smiley Mad

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Advisor

Re: From the floor April 15

   We do get to play with more money these days.  So do the landlords and input sales people.   What was a little mistake 4 years ago is a major one these days.

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