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Veteran Advisor

From the floor April 26

At the close:

The July corn futures settled 4 1/4 cents higher at $7.72 3/4. The July soybean contract closed 7 1/4 cents lower at $13.89 1/4. The July wheat futures settled 14 1/4 cents lower at $8.47. The July soybean meal futures settled $1.50 per short ton lower at $364.40. The July soyoil futures ended $0.20 lower at $58.62.


In the outside markets, the NYMEX crude oil is $0.20 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 108 points.

 

One trader says, "Profit-taking took place on the close, in the corn futures pit. However, because the market still remained higher, tells you of the strength in corn. Wheat was a surprise. Despite the announcement, Tuesday, that Canadian farmers will plant more wheat, the U.S. wheat regions remain under pressure."

 

For soybeans, the market is digesting a large South American crop that is nearing harvest completion and is being sold to China.

 


Meanwhile, one analyst says, "Be careful on these pre-and post-weekend weather rallies, as funds like to take profits off them. "The last two weeks saw Sunday, Monday highs give way to profit-taking on Tuesday and Wednesday."
He adds, "This week also gives us the possibility of month-end profit-taking, as many funds can take handsome bonuses on profits taken if taken before month-end."


Mike

------


At 11:45am:

 

It's confirmed. CME considers raising corn daily trade limit.

 

Mike

-------

At 11:15am:

The action on the floor is quiet. So, talking amongst the traders rises. And here's what the discussion is today. This is purely talk right now. I repeat, this is talk and if you want to call it rumor. The talk is the CME is considering increasing the daily corn trade limits from 30 cents to 50 cents. This would need approval by the CFTC. They are doing this to increase transactions/volumes. So, the questions put to a trader is will this get approval and would the commercials like this?

I'm being told, by a corn pit trader, there is talk of this happening.  A trader tells me he doesn't know why the commercials wouldn't like it. But, the full members would like it. A full member would rather trade orders in the futures pit rather than going into the options pit, on limit up days. It would help those ridiculous bids/offers on report days. He also says because of the volatility and the fact that the CME requested it, it's likely this could happen.


What do you think, should the CME raise the corn limits? Do you care?


Mike

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At mid-session:

The July corn futures are 8 1/2 cents higher at $7.77. The July soybean contract is 7 cents lower at $13.89 1/2. The July wheat futures 1 3/4 cents lower at $8.59 1/2. The July soybean meal futures $1.70 per short ton lower at $364.20. The July soyoil futures are $0.22 lower at $58.60.


In the outside markets, the NYMEX crude oil is $0.23 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 113 points.

 

Mike

--------

At 10:20am:

Corn has turned 2 cents higher, after starting lower. One floor trader says, "The bears tried to hit this market overnight, and a stronger dollar helped send corn lower. But, with the Fed getting ready to speak this week, the market is not putting in any real pattern today, yet. Keep in mind, there are no bearish fundamentals. If we keep up this weather pattern, we could be at $8.25-$8.50 on the nearby after the first of the month. Plus, with more money coming out of other markets, I'm afraid those investors will come in and buy this bullish corn picture."

 

Mike

-------

At the open:

The July corn futures opened 4 cents lower at $7.64 3/4. The July soybean contract opened 9 1/2 cents lower at $13.87. The July wheat futures opened 3 3/4 cents lower at $8.57 3/4. The July soybean meal futures opened $2.30 per short ton lower at $363.40. The July soyoil futures opened $0.10 lower at $58.70.


In the outside markets, the NYMEX crude oil is $0.07 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 66 points.

 

Mike

------------

At 8:30am:

 

R    A   I     N

e     f    s    e

a     f    t     w

l      e   a     - 

l      c    t     c

y     t    e     r

       i    s     o

       n   '      p

       g       

 

I wouldn't make a very good crossword puzzle creator. But, this word has the grain market firmly in its grip. What's your word to describe this market right now?


Mike

---------

At 7:30am:

--Iraq buys 300,000 metric tons of U.S. and Australia wheat Tuesday.

--Japan seeks 336,518 metric tons of food-wheat for May tender.

--Japan seeks 76,000 metric tons of wheat, barley.

--Ukraine's officials say a corn export quota should be lifted, due to a corn surplus.

 

 

Mike

-----------

At 7:10am:

Early calls: Corn 2-4 cents lower, soybeans 6-8 cents lower and wheat 4-5 cents lower.


Trackers:

Overnight grain, soybean markets=Trading lower.

Crude Oil=$0.05 lower.

Dollar=Higher.

Wall Street=Seen trading higher with new corporate earnings reports out today. Also,  investors await this week's Federal Open Market Committee meeting.

World Markets=Asia/Pacific stocks are lower, Europe stocks are higher.

 

Monday's Crop Progress Report showed that U.S. corn planting is 9% complete vs. 23% normal at this time of the year, and 46% complete last year. 

 

More in a minute,

 

Mike

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26 Replies
Senior Contributor

Re: From the floor April 26

Mike..... Can you explain to me as to why someone like the Ukraine would make such of an announcement? ......We always see these types of things in the trade chatter...... It sounds to me like someone finds some no name gov official somewhere and quotes them to a reporter somewhere and it make news...... Why would the Ukrainians say such a thing...... Do they just like selling for a lower price?..... p-oed

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Veteran Advisor

Re: From the floor April 26

It was the ag minister that said it to Dow Jones Newswire on the sidelines of a conference. Why they say it, who knows. But, keep your third eye on these export bans around the world. Though they might not send the markets plunging, once lifted, they could apply short-term market scares, don't you think?

 

Mike

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Veteran Advisor

Re: From the floor April 26

Got an inch and a half of that four letter word you used!  JC should get on here and ban the use of that word. I am personally offended and think it is vulgar and obscene! HE HE

awe are beter than most no big pnds but we can't handle anymore without ponding. Only good thing is no gully washers so the alfalfa seeding isn't eroding.

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Contributor

Re: From the floor April 26

we farm in C Ind...... will set the all-time rain fall for April today with over 9 inches...and its cold

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Frequent Contributor

Third slowest corn planting pace ever recorded.

Check out Meteorologist Craig Solberg's new video to see when we might get out of this cold and wet weather pattern.

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Contributor

Re: Third slowest corn planting pace ever recorded.

normally I would say thanks for the weather update but but but

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Frequent Contributor

Re: Third slowest corn planting pace ever recorded.

Don't blame me, I'm just the messenger!

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Veteran Advisor

Re: From the floor April 26

Selective news reporting to make a case for the market to go up or down is nothing new. I always try to totally disregard a story like that, since it seems to be a non-story.

 

And looking back in recent history, the big story was the Russian crop shortage of last summer, and how long it took for that news to play out was interesting, along with the rice imports that China was making from Vietnam. I don't think we get very reliable news reporting, either the facts are not readily available, or they are not quickly disseminated.

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Senior Advisor

Red Steele

you must be short............because this thing may have started with Russia last summer...........but is a much bigger deal now.........

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