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marketeye
Veteran Advisor

From the floor June 21

At the close:

At the close, nearby corn was 7 cents higher at $7.07 1/2 per bushel, while nearby soybeans ended the day 13 cents higher at $13.48 3/4, according to Barchart.com. Nearby wheat futures closed 15 cents higher at $6.74 1/4 per bushel.

 

Rich Feltes, RJ O'Brien research specialist says, "The corn market recovered 50% of its freefall from $7.23 high spurred on by dollar plunge, rumors of PRC buying US corn, concern over super-saturated Midwest soils and delayed crop development."

 

Mike

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In early trading:

The July corn futures are trading 14 1/2 cents higher at $7.15. The July soybean contract is trading 12 1/2 cents higher at $13.48 1/4. The July wheat futures are 12 cents higher at $6.71 1/4. The July soybean meal futures are trading $2.10 per short ton higher at $352.10 and July soyoil futures are trading $0.53 higher at $56.55.

 

In the outside markets, the NYMEX crude oil is $0.57 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 98 points.

 

Mike

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

At 8:55am:

A technical corn pit trader says the purchases are giving support to Tuesday's market outlook. But, that is not all. He says, "The demand is partially it. But, macro-economics are providing even more support with a weaker dollar. And again, technicals are poised for next rally. Stay tuned!"

 

Mike

-------

At 7:50am:

What happens when you take $1.00 off the corn market? I think this is the answer:

--Japan bought 300,000 metric tons of U.S. corn Tuesday.

--A S. Korea buyer purchased 55,000 mt of corn Tuesday.

--Japan seeks 103,252 metric tons of wheat for August delivery.

 

China bought soybeans yesterday. So, wala, overnight grain and soybean prices jump and Tuesday's trade is set to be 'off to the races'.

 

Mike

--------

At 7:25am:

Early calls: Corn 10-11 cents higher, soybeans 8-10 cents higher and wheat 7-8 cents higher.


Trackers:

Overnight grain, soybean markets=Traded higher.

Crude Oil=$1.19 higher.

Dollar=Lower.

Wall Street=Seen trading higher as Greece's debt problems fade.

World Markets=Higher.

 

More in a minute,

 

Mike

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9 Replies
jrsiajdranch
Veteran Advisor

Re: From the floor June 21

How the heck did Greeces debt problems fade?  Morning Mike got another 1.4 inches last night. Kinda glad I still haven't been able to get back in to sidedress N it would all be gone!

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marketeye
Veteran Advisor

Re: From the floor June 21

Essentially, Greece has been given until July 3 to get its ducks in order. If they do, a bailout awaits them. First step, Greece needs a vote of confidence for their new finance chief. And that vote is expected to come today.

 

Mike

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marketeye
Veteran Advisor

Re: From the floor June 21

I'm hearing that guys are having a heck of a time getting into spray. In fact, some cornfields have the canopy closing and side-dressing could become real tough to do. The rain needs to stop. And this is getting way off topic, but it might be a signal, and that is Iowa's sweetcorn will not be ready by July 4th. Late developing sweetcorn.

 

Mike

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Mizzou_Tiger
Senior Advisor

Re: From the floor June 21

demand's game of cat and mouse..........it appears export sales for wheat are getting off to a good start too..........I contend that $8 corn is not rationing anything when we break down to $6 and $7 with opportunities in new crop even better..........livestock market is awake too, never went away, just hiding the shadows............

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marketeye
Veteran Advisor

Re: From the floor June 21

Mizzou_Tiger,

 

The market is experiencing 'Turnaround Tuesday', one analyst says. "There are several issues. The condition report was bullish when broken down, corn in IL, PA, TX, MN, ND & SD all declined with IA unchanged. Beans saw declines in IL, IA, MN, SD, and WI. What happened to 'rain makes grain'? It's been too wet, but that’s changing to talk of getting too hot in the western Corn Belt and the drought continuing in the Southwest. There's no real progressive news on the weather. Japan is in recovery from their disaster and with ports in full operation. It's business as usual now and they are playing catch up. The condition report is getting this closer look. Because prices are so low, if we were up a dollar the report would be bearish," he says.

 

 

Mike

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OK_Grains
Contributor

Re: From the floor June 21

Well here comes the usual demand response Elephant:

 

FWIW this one comes from a floor trader with good contacts in China, but they couldn't support the rumor at all:

 

"Rumor floating that Sino Grain bot 1.0 to 1.5 mln Sep/oct corn"

 

Cant see what would motivate them to buy right in front of their own harvest, but throws question marks over their beginning stocks at state level. Considering Sino grain shouldn't pay VAT to import corn, US still should be cheaper than their local crop

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SouthWestOhio
Senior Contributor

Re: From the floor June 21

Won't be any Ohio sweet corn by the 4th of July either.

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Jim Meade / Iowa City
Senior Advisor

Re: From the floor June 21

"So, wala, overnight grain and soybean prices jump"

Mike, indeed, it does sound like "wala", but to appease our French visitors we need to note that it is spelled voila.  Smiley Happy 

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marketeye
Veteran Advisor

Re: From the floor June 21

Voila, there's the correct spelling!"

 

Thanks Jim.  Smiley Happy

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