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From the floor June 18
At the open, the Dec. contract is 2 1/2 cents higher at $3.80 1/2. The Nov. soybean futures are 6 3/4 cents higher at $9.31 3/4. The Sep. wheat futures are 1 3/4 cents lower at $4.61. July soybean meal futures are $0.16 higher at $287.60 per short ton. The July soyoil futures are 3 points higher at $38.08.
In the outside markets, the NYMEX crude oil is 15¢ higher per barrel, the dollar is lower, and the Dow Jones Industrials are up 44 points.
Wall Street=Seen opening flat ahead of futures and options expirations.
More in a minute,
Mike
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Re: From the floor June 18
I was a little bored this morning and noticed the corn/soybean price ratio is off. I use 2.5:1, with dec. corn at 3.78, that means nov. soybeans should be 9.45, almost 20 cents higher. Or done the other way 9.27/2.5, puts dec corn at 3.70. I know it isn't a big difference but has anybody else noticed this? Or is the ratio a changing?
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Re: From the floor June 18
Does the ratio mean anything right now since it can no longer influence a corn vs. bean planting decision in 2010??
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Re: From the floor June 18
Some are still planting and replanting. Can still replant corn, last year worked, maybe this year will too.
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Re: From the floor June 18
Marketeye, any talk on the floor about the cattle on feed report coming out this afternoon. Cash live cattle took a $9 drop the last 6 weeks and I have more ready to go. What to do?
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Re: From the floor June 18
If there ready sell them and reown them with paper if you like.Not the easiest time of the year to put weight on esp. if there ready.
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Re: From the floor June 18
I think it's good to check the ratio and decide on relative sales if you are debating what to sell, but the ratio to me always seemed to be normal between the range of 2.3 to 2.7.....if it gets out of whack , it might be a signal to hedge with the other commodity...ie if soybeans are trading in the out months at 3 to 1 corn, it might be a signal to sell beans...if the ration gets close to 2 to 1, then look at cleaning out your corn.
Otherwise, I think anything in the 2.3 to 2.7 range is "normal". And a lot now depends on where the processers and endusers are located relative to where you are. A soybean crushing plant in your backyard might add 20 cents or more...same with an Ethanol plant.
the only thing that stays the same is that there is always going to be change....embrace it, flow with it, let it be your friend.