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Veteran Advisor

From the floor April 29

At the close:

The July corn futures settled 27 1/4 cents higher at $7.56 1/2. The July soybean contract closed 40 1/2 cents higher at $13.94. The July wheat futures closed 23 3/4 cents higher at $8.01 1/4. The July soybean meal futures settled $9.40 per short ton higher at $363.60. The July soyoil futures closed $1.65 higher at $58.58.


In the outside markets, the NYMEX crude oil is $1.02 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 51 points.

 

One corn trader says, "The market oversold yesterday. That flushed the funds out of the market. Today, we turned around with a return of buying and gave the losses back."
He adds, "The weather is not bearish, but it's not overly bullish either. There is still rain around the Midwest. We have the Dakota states getting slapped with a snowstorm this weekend. We're still going to have a good portion of this Corn Belt not planted by May 15. And maybe not even ready to go."


 

Mike

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At 1pm:

Corn market shoots up. It's now 29 cents higher, but remember 45¢ is the expanded limit for today. Rain in the northern Plains is helping prop up the corn market.

 

Mike

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At mid-session:

The July corn futures are 16 1/2 cents higher at $7.45 3/4. The July soybean contract is 10 cents higher at $13.63 1/2. The July wheat futures are 12 1/2 cents higher at $7.90. The July soybean meal futures are $0.33 per short ton higher at $357.50. The July soyoil futures are $0.40 higher at $57.43.


In the outside markets, the NYMEX crude oil is $0.58 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 58 points.

 

"It's almost like I saw the buying coming," one corn pit trader says.

 

One analyst says, "End-users are taking advantage of this week's pullback in prices, as they 'bargain' hunt Friday, traders say.

Looking forward, the analyst says the markets should start next week higher.

"We should trade higher Sunday and Monday on the foreseeing wet forecast and Monday's report on corn and spring wheat planting progress being bullish. That could be followed by profit-taking, again, Tuesday and Wednesday. Profit-taking should not to be as deep as this week, as traders will see the late-week rain in front of them and will be thinking about buying into the USDA crop report the week after."


Mike

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At the open:

The July corn futures opened 5 1/2 cents higher at $7.34 3/4. The July soybean contract opened 3 1/4 cents higher at $13.56 3/4. The July wheat futures opened 3 3/4 cents higher at $7.81 1/4. The July soybean meal futures opened $3.40 per short ton higher at $357.60. The July soyoil futures opened $0.30 higher at $57.26.


In the outside markets, the NYMEX crude oil is $0.13 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 33 points.

 

Mike

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At 7:35am:

News Nuggets:

--U.S. corn sales to China are up 18% vs. a year ago, as of April 21, according to the USGC.

--China canceled 1-2 Brazilian soybean cargoes Friday, due to weak demand.

--Australia's 2011-12 wheat crop is estimated at 24.8 ml tons, NAB says.

--The U.S. Dollar has fallen to new all-time lows.

--South Korea bought 55,000 metric tons of feed wheat Friday.

 

Mike

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At 6:45am:

 

A wife yelled down the hill and told her husband, "Run up here and make love to me!" He said, "I can't do both."

 

Lately, even when the market gets a rally going, it seems unable to hold it. Yesterday, corn went limit down. Today the limit is expanded to 45¢. Will it finish the week in a downward direction? One corn pit trader offers this technical look at the market: "There were several bearish patterns which were set off yesterday. We satisfied one when we traded below the weekly close and low by a distance that satisfied weekly objectives.  We also traded into gap areas; these don’t technically have to be filled within any given time frames but we will monitor as to whether we will continue to the $7.01 1/4 gap close area, at some point in the near future.  For today, we could see range expansions around the low and close."

 

Yet an analyst says the corn market is seeing some short-term pressure. "Corn is pressured by dismal export sales, nearly a $1.00 3-day break in wheat, an opening of a planting window in western Corn Belt and concern over 35K loss in open interest since early April."


Early calls: Corn 1-2 cents higher, soybeans 3-5 cents higher and wheat 1-2 cents higher.


Trackers:

Overnight grain, soybean markets=Trading higher.

Crude Oil=$0.04 higher.

Dollar=Lower.

Wall Street=Seen trading flat with a report coming out today that will show personal spending in March.

World Markets=Mixed to mostly lower.

 

In Chicago, there's something really bright in the sky, it's putting off heat. What is that? No chop.

 

More in a minute,

 

Mike

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Veteran Contributor

Re: From the floor April 29

It's positive the corn market didn't have follow through to the downside after the limit down move on Thursday, although the Integrity of the market is a little in question. 

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