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Veteran Advisor

From the floor May 13

VIDEO: Corn prices to get a $1.00-$1.25 per bushel bump from China buying U.S. corn, analyst says.

 

Here's the link:   http://bit.ly/10AYLd

 

 

Mike

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At 10am:
USDA announces Thursday that China bought 369,000 metric tons of U.S. corn for 2010 and 2011 deliveries.

Also, USDA announced a sale of 174,000 tons of U.S. corn for delivery to unknown destinations. Of that total, 58,000 tons are for delivery in the 2009-10 marketing year and 116,000 tons are for delivery in the 2010-11 marketing year. The corn marketing year began Sept. 1.

Mike

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At the open:
The July corn futures opened 1/4 of a cent higher at $3.78 1/2.  The Dec corn contract is up 1 1/4 cents at $3.85 1/2. The July soybean futures contract opened 2 1/2 cents lower at $9.63 per bushel. The July wheat futures opened 6 1/4 cents lower at $4.85 1/4. July soybean meal futures opened $0.10 per short ton higher at $279.80 per short ton. The July soyoil futures opened 6 points lower at $38.37.

In the outside markets, the NYMEX crude oil is $1.58 per barrel lower, the dollar is higher, and the Dow Jones Industrials are up 9 points.

Outside markets are going against the grains. Prices are weakening.

Mike

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At 7:55am:
Export Sales Thursday were within trade estimates for corn and wheat, lower for soybeans.
USDA estimated corn export sales at 940,000 metric tons, the trade expected 800-1,350,000 Metric Tons (MT).
For soybeans, USDA announced export sales of 474,000 metric tons, the trade expected between 500-800,000 MT.
For soymeal, the gov't estimated weekly export sales at 93,300 metric tons, the trade expected between  75-150,000 MT.
For soyoil, the USDA estimated weekly export sales at 9,600 metric tons.
For wheat, the USDA says 244,400 metric tons for the week, the trade expected between 150-450,000 MT.
Mike
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At 6:30am:
Early calls: Corn up 1-2 cents, soybeans down 2-4 cents, and wheat down 1-2 cents.  
Trackers:
Overnight grain=Trading mostly lower.
Crude oil=Trading $0.58 lower.
U.S. Dollar=Trading higher.
World Markets=Higher.
Wall Street=Seen opening lower on shaky technology shares and anticipated jobless data report. Meanwhile, the Wall Street Journal reports that the U.S. attorney general is investigating eight banks to determine whether they provided misleading data to rating agencies on mortgage securities. J.P. Morgan Chase & Co., Citigroup Inc., Deutsche Bank AG and UBS Ag have all received subpoenas from the SEC. These banks are added to the list already made up of Goldman Sachs and Morgan Stanley.
More in a minute,
Mike

 

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6 Replies
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Veteran Advisor

Re: From the floor May 13

At 12:15pm:
The July corn futures are 3 cents lower at $3.75 1/4. The July soybean futures contract is 2 cents higher at $9.67 1/2 per bushel. The July wheat futures are 8 cents lower at $4.83 1/2. July soybean meal futures are trading $3.20 per short ton higher at $282.90 per short ton. The July soyoil futures are 28 points lower at $38.15.

In the outside markets, the NYMEX crude oil is $0.29 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 21 points.

The news of China buying corn was already in the market yesterday, one trader says. Anybody that knows anything knew about this yesterday. Otherwise, the outside markets are still weighing on the grain prices.

Mike

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Advisor

Re: From the floor May 13

Dont know the old setup was pretty good.

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Senior Contributor

Re: From the floor May 13

Mike..... Not a pretty close...... Is any body rethinking there S & D's with this new China corn business?....... p-oed

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Veteran Advisor

Re: From the floor May 13

At the close:
The July corn futures settled 5 1/4 cents lower at $3.73. The July soybean futures contract closed 1 cent lower at $9.64 1/2 per bushel. The July wheat futures closed 12 1/2 cents lower at $4.79. July soybean meal futures ended $1.70 per short ton higher at $281.40 per short ton. The July soyoil futures closed 38 points lower at $38.05.

In the outside markets, the NYMEX crude oil is $1.17 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 19 points.

 

One floor analyst says, "The floor was quiet today. Chinese sales permeate the air. I've lost track...is it 10, 15, or 25 cargoes? Weather for HRW looks fantastic. Outsides had minor influence with crude off a touch and a stronger $ index. Corn appears range bound unless we can get an infusion of new money. The middle of a 20-25 cent range."

 

Mike

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Veteran Advisor

Re: From the floor May 13

Yes. I will post on the Marketeye page, in a few minutes, a video interview with a senior grain analyst that says the China corn buys will put on $1 in the corn market. I will post the link.

 

Mike

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Veteran Contributor

Re: From the floor May 13

Im with you buck,maybe take some getting use to we wil see.Reminds me , Forty five year old woman went to the doc.She said doc. I got troubles two weeks ago i was going pee and quarters just came out ,last week when I was going dimes all that came out ,now this week nickles.Doc said nothing to worry about your just going through change.

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